Thailand: Market for Lifts, Elevators, Moving Stairways and Draglines 2025

Market Size for Lifts, Elevators, Moving Stairways and Draglines in Thailand

For the third consecutive year, the Thai market for lifts, elevators, moving stairways and draglines recorded growth in sales value, which increased by 4.3% to $X in 2022. Over the period under review, consumption recorded a resilient increase. Lift, elevator, stairway and dragline consumption peaked in 2022 and is likely to see gradual growth in the near future.

Production of Lifts, Elevators, Moving Stairways and Draglines in Thailand

In value terms, lift, elevator, stairway and dragline production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when the production volume increased by 17% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports from Thailand

Lift, elevator, stairway and dragline exports from Thailand was estimated at X units in 2022, therefore, remained relatively stable against 2021 figures. In general, exports, however, recorded a mild slump. The most prominent rate of growth was recorded in 2016 with an increase of 20% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, lift, elevator, stairway and dragline exports dropped to $X in 2022. Over the period under review, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2018 when exports increased by 11% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X units), Malaysia (X units) and Solomon Islands (X units) were the main destinations of lift, elevator, stairway and dragline exports from Thailand, with a combined 36% share of total exports. The Philippines, Chile, Egypt, India, Indonesia, Saudi Arabia, Singapore, the United Arab Emirates, Israel and Cambodia lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cambodia (with a CAGR of +49.9%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for lifts, elevators, moving stairways and draglines exports from Thailand, comprising 22% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 9.3% share of total exports. It was followed by Singapore, with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam amounted to +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-1.6% per year) and Singapore (-9.2% per year).

Export Prices by Country

The average export price for lifts, elevators, moving stairways and draglines stood at $X per unit in 2022, falling by -11.8% against the previous year. In general, the export price saw a perceptible decline. The most prominent rate of growth was recorded in 2018 when the average export price increased by 27%. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Israel ($X per unit), while the average price for exports to Solomon Islands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Israel (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports into Thailand

For the third consecutive year, Thailand recorded growth in purchases abroad of lifts, elevators, moving stairways and draglines, which increased by 14% to X units in 2022. In general, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 107% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, lift, elevator, stairway and dragline imports shrank to $X in 2022. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 32% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of lift, elevator, stairway and dragline to Thailand, accounting for a 73% share of total imports. Moreover, lift, elevator, stairway and dragline imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sevenfold. The third position in this ranking was held by Sweden (X units), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+23.5% per year) and Sweden (+53.3% per year).

In value terms, China ($X) constituted the largest supplier of lifts, elevators, moving stairways and draglines to Thailand, comprising 71% of total imports. The second position in the ranking was taken by Japan ($X), with a 7.5% share of total imports. It was followed by South Korea, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.4% per year) and South Korea (+3.4% per year).

Import Prices by Country

The average import price for lifts, elevators, moving stairways and draglines stood at $X per unit in 2022, waning by -18.2% against the previous year. Over the period under review, the import price continues to indicate a deep reduction. The pace of growth was the most pronounced in 2015 an increase of 46%. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-12.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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