Lifting Equipment Market

The global lifting equipment market is projected to grow steadily from 2022 to 2030, with an anticipated CAGR of +1.2% in volume and +2.9% in value. Consumption and production have shown varying trends over the years, with China, Italy, and the United States leading in both consumption and production. Import and export data reveal interesting patterns, with China being the main exporter of lifting equipment. The average export price has seen fluctuations across major exporting countries.

Market Forecast

Driven by increasing demand for lifting equipment worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 1.2M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market value to $21.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Lifting Equipment

In 2022, consumption of lifting equipment increased by 2% to 1.1M units, rising for the second year in a row after two years of decline. The total consumption volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 7.5%. Over the period under review, global consumption hit record highs in 2022 and is likely to see steady growth in the immediate term.

The global lifting equipment market size shrank slightly to $16.9B in 2022, falling by -1.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $17.2B, and then contracted slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (196K units), Italy (144K units) and the United States (126K units), together accounting for 41% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +8.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.6B), the United States ($1.7B) and Japan ($1.7B) were the countries with the highest levels of market value in 2022, with a combined 36% share of the global market. Russia, Indonesia, Italy, Germany, India, France, South Korea, Brazil and Bangladesh lagged somewhat behind, together accounting for a further 36%.

Italy, with a CAGR of +9.2%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of lifting equipment per capita consumption was registered in Italy (2,425 units per million persons), followed by Germany (446 units per million persons), France (396 units per million persons) and the United States (376 units per million persons), while the world average per capita consumption of lifting equipment was estimated at 144 units per million persons.

In Italy, lifting equipment per capita consumption increased at an average annual rate of +8.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+1.8% per year) and France (+0.3% per year).

Production

World Production of Lifting Equipment

In 2022, the amount of lifting equipment produced worldwide reached 1.1M units, picking up by 2.5% on the previous year. The total output volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2019 when the production volume increased by 9.9% against the previous year. Global production peaked in 2022 and is expected to retain growth in years to come.

In value terms, lifting equipment production shrank to $16B in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 14% against the previous year. Over the period under review, global production attained the peak level at $16.5B in 2021, and then contracted in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (215K units), Italy (145K units) and the United States (108K units), together comprising 44% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Italy (with a CAGR of +8.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Lifting Equipment

In 2022, purchases abroad of lifting equipment decreased by -1.5% to 114K units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, continue to indicate a perceptible expansion. The pace of growth was the most pronounced in 2018 with an increase of 128% against the previous year. As a result, imports reached the peak of 182K units. From 2019 to 2022, the growth of global imports failed to regain momentum.

In value terms, lifting equipment imports declined to $656M in 2022. In general, imports continue to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2021 with an increase of 23% against the previous year. Over the period under review, global imports reached the maximum at $904M in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, the United States (20K units), Australia (17K units) and Canada (16K units) represented the key importer of lifting equipment in the world, mixing up 46% of total import. It was distantly followed by Singapore (8.1K units), generating a 7.1% share of total imports. Mexico (3.9K units), Chile (3.6K units), France (3.5K units), South Africa (3K units), the UK (2.8K units), Indonesia (2.7K units), Norway (2.6K units), Brazil (2.3K units) and Argentina (2.1K units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by France (with a CAGR of +32.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest lifting equipment importing markets worldwide were the United States ($54M), the UK ($41M) and Indonesia ($30M), together comprising 19% of global imports. France, Singapore, Norway, South Africa, Brazil, Canada, Chile, Australia, Mexico and Argentina lagged somewhat behind, together comprising a further 22%.

In terms of the main importing countries, South Africa, with a CAGR of +30.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average lifting equipment import price amounted to $5,738 per unit, shrinking by -9.6% against the previous year. Over the period under review, the import price saw a abrupt setback. The growth pace was the most rapid in 2019 an increase of 107%. Global import price peaked at $11,811 per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($14,350 per unit), while Australia ($483 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+13.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Lifting Equipment

In 2022, approx. 50K units of lifting equipment were exported worldwide; picking up by 2.9% compared with 2021. Over the period under review, exports, however, showed a slight downturn. The pace of growth appeared the most rapid in 2014 when exports increased by 76%. As a result, the exports reached the peak of 87K units. From 2015 to 2022, the growth of the global exports failed to regain momentum.

In value terms, lifting equipment exports dropped to $626M in 2022. Overall, exports, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2016 when exports increased by 34%. Over the period under review, the global exports reached the maximum at $963M in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, China (19K units) was the main exporter of lifting equipment, comprising 38% of total exports. Thailand (3K units) ranks second in terms of the total exports with a 6.1% share, followed by Belgium (6%) and Germany (5.3%). The Netherlands (2.1K units), Italy (1.8K units), the United States (1.8K units), the UK (1.5K units), Slovenia (1.5K units), Brazil (1.1K units), Singapore (1.1K units), Austria (0.9K units) and Gabon (0.8K units) held a relatively small share of total exports.

Exports from China increased at an average annual rate of +14.9% from 2012 to 2022. At the same time, Gabon (+59.4%), Thailand (+52.6%), Brazil (+8.0%), the Netherlands (+7.4%), the UK (+6.5%), Belgium (+6.4%) and Slovenia (+5.2%) displayed positive paces of growth. Moreover, Gabon emerged as the fastest-growing exporter exported in the world, with a CAGR of +59.4% from 2012-2022. By contrast, Italy (-6.6%), Germany (-8.0%), Austria (-9.8%), the United States (-11.8%) and Singapore (-20.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Thailand, Belgium, the Netherlands, Gabon and the UK increased by +30, +6, +3.2, +2.5, +1.7 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($77M), Germany ($69M) and Slovenia ($60M) appeared to be the countries with the highest levels of exports in 2022, with a combined 33% share of global exports. China, Italy, Belgium, the UK, Austria, the United States, Singapore, Brazil, Thailand and Gabon lagged somewhat behind, together accounting for a further 38%.

Gabon, with a CAGR of +35.3%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average lifting equipment export price amounted to $12,610 per unit, with a decrease of -15.1% against the previous year. In general, the export price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 80% against the previous year. The global export price peaked at $16,550 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Slovenia ($40,196 per unit), while Gabon ($1,431 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+7.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform