The Cuban Transport and Overhead Crane Market will grow X% to X dollars in 2021, rising for the fifth consecutive year after two years of decline. Overall, however, consumption continued to show a marked contraction. During the period under review, the market peaked at $X in 2012; however, from 2013 to 2021, consumption was at lower levels.
Foreign purchases of transport cranes, gantry cranes and overhead cranes increased by X% to X units in 2021, the fifth consecutive year of growth after two years of declines. However, imports continued to show a clear downward trend during the period under review. The most significant growth rate occurred in 2014, when imports increased by X%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.
In value terms, imports of transport and overhead cranes fell to $X in 2021. Overall, however, there was a sudden setback in imports. The fastest growth in 2020, with an X% increase in imports. Imports peaked at $X in 2012; however, imports declined slightly from 2013 to 2021.
In 2021, Turkey (X units) is the largest supplier of transport and overhead cranes to Cuba, accounting for X% of total imports. In addition, transport and overhead cranes imported from Turkey were three times higher than the figures recorded by the second largest supplier, Spain (X units).
The average annual growth rate in Turkey from 2012 to 2021 was relatively modest. The average annual growth rates of imports for the remaining suppliers are as follows: Spain (-X% per annum) and Italy (+X% per annum).
Spain ($X), Italy ($X) and Turkey ($X) are Cuba's largest suppliers of transport and overhead cranes by value, together accounting for X% of total imports. In terms of major suppliers, Italy had the highest import value growth rate during the period under review, with a CAGR of +X%, while procurement from other leading countries showed a mixed trend.
Spain, Italy and Turkey are Cuba's largest suppliers of transport and overhead cranes by value, accounting for 98% of total imports.
The average import price for transport and overhead cranes in 2021 is $3,995 per unit, down -27% from the previous year.
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