Turkey: Lifting Equipment Market 2024

Lifting Equipment Market Size in Turkey

The Turkish lifting equipment market surged to $X in 2021, picking up by 32% against the previous year. Over the period under review, consumption recorded a significant increase. Over the period under review, the market reached the maximum level in 2021 and is likely to see gradual growth in years to come.

Lifting Equipment Production in Turkey

In value terms, lifting equipment production surged to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 147%. Lifting equipment production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Lifting Equipment Exports

Exports from Turkey

In 2021, overseas shipments of lifting equipment decreased by -22.5% to X units for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 129%. The exports peaked at X units in 2020, and then shrank notably in the following year.

In value terms, lifting equipment exports rose remarkably to $X in 2021. In general, exports, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 150%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Free Zones (X units), Vietnam (X units) and Tanzania (X units) were the main destinations of lifting equipment exports from Turkey, together comprising 18% of total exports. These countries were followed by Russia, Liberia, India, Serbia, Jordan, Senegal, Mexico, South Africa, Iraq and Azerbaijan, which together accounted for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Serbia (with a CAGR of +52.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lifting equipment exported from Turkey were Russia ($X), India ($X) and Free Zones ($X), with a combined 35% share of total exports. Serbia, Vietnam, Azerbaijan, Jordan, Iraq, Senegal, South Africa, Tanzania, Mexico and Liberia lagged somewhat behind, together accounting for a further 25%.

South Africa, with a CAGR of +105.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average lifting equipment export price stood at $X per unit in 2021, surging by 37% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Liberia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Tanzania (+17.9%), while the prices for the other major destinations experienced more modest paces of growth.

Lifting Equipment Imports

Imports into Turkey

After three years of growth, supplies from abroad of lifting equipment decreased by -53.2% to X units in 2021. Overall, imports saw a deep slump. The most prominent rate of growth was recorded in 2015 when imports increased by 184% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, lifting equipment imports declined dramatically to $X in 2021. In general, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 322% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Ireland (X units), Ethiopia (X units) and Serbia (X units) were the main suppliers of lifting equipment imports to Turkey, with a combined 48% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ethiopia (with a CAGR of +76.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lifting equipment suppliers to Turkey were Norway ($X), Italy ($X) and Serbia ($X), with a combined 34% share of total imports.

Serbia, with a CAGR of +223.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average lifting equipment import price stood at $X per unit in 2021, growing by 60% against the previous year. Overall, the import price recorded a significant expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 75%. The import price peaked in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Norway ($X per unit), while the price for Ethiopia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Serbia (+51.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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