ASEAN: Lifting Equipment Market 2024

Lifting Equipment Market Size in ASEAN

The ASEAN lifting equipment market rose sharply to $X in 2023, with an increase of X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2023, consumption remained at a lower figure.

Lifting Equipment Production in ASEAN

In value terms, lifting equipment production rose rapidly to $X in 2023 estimated in export price. The total production indicated modest growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2023, production failed to regain momentum.

Lifting Equipment Exports

Exports in ASEAN

In 2023, overseas shipments of lifting equipment decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. In general, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, lifting equipment exports soared to $X in 2023. Over the period under review, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

Singapore was the largest exporting country with an export of around X units, which amounted to X% of total exports. It was distantly followed by Vietnam (X units), generating a X% share of total exports. Malaysia (X units), Thailand (X units) and Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to lifting equipment exports from Singapore stood at X%. At the same time, Indonesia (X%), Thailand (X%) and Vietnam (X%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2023. By contrast, Malaysia (X%) illustrated a downward trend over the same period. While the share of Vietnam (X p.p.), Thailand (X p.p.) and Indonesia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Singapore (X p.p.) and Malaysia (X p.p.) displayed negative dynamics.

In value terms, Singapore ($X) remains the largest lifting equipment supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by Indonesia, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Singapore totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (X% per year) and Indonesia (X% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2023, picking up by X% against the previous year. Over the period under review, the export price showed a perceptible increase. The level of export peaked at $X per unit in 2014; however, from 2015 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced more modest paces of growth.

Lifting Equipment Imports

Imports in ASEAN

In 2023, after two years of growth, there was significant decline in overseas purchases of lifting equipment, when their volume decreased by X% to X units. Over the period under review, imports recorded a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, lifting equipment imports declined remarkably to $X in 2023. In general, imports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when imports increased by X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

Singapore represented the largest importing country with an import of around X units, which recorded X% of total imports. Indonesia (X units) held the second position in the ranking, distantly followed by Vietnam (X units), Myanmar (X units) and Thailand (X units). All these countries together took approx. X% share of total imports. The Philippines (X units) and Malaysia (X units) took a relatively small share of total imports.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Indonesia ($X), Vietnam ($X) and Singapore ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports.

Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2023, growing by X% against the previous year. In general, the import price, however, saw a perceptible shrinkage. The pace of growth was the most pronounced in 2013 when the import price increased by X%. As a result, import price attained the peak level of $X per unit. From 2014 to 2023, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per unit), while Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform