The Singapore lifting equipment market rapidly shrinks to $X in 2021, down -X% y-o-y. During the period under review, however, consumption increased moderately. As a result, spending reached the highest level of X dollars. From 2018 to 2021, the market growth rate will remain at a low level.
In value terms, 2021 hoisting equipment production is estimated at X USD at export prices. Overall, there was a sudden drop in production. The fastest growth in 2014 was X% over the previous year. As a result, production reached a peak level of X dollars. Production growth will remain low from 2015 to 2021.
In 2021, Singapore's hoisting equipment exports surged to X units, an increase of X% from 2020. During the review period, however, exports dropped suddenly. Growth was the fastest in 2019, up X%. During the period under review, 2014 saw a record high of X units; however, from 2015 to 2021, the export volume was at a lower level.
Lifting equipment exports soar to $X in 2021 by value. But overall, exports continued to show a marked contraction. The fastest growth rate in 2019, with a year-on-year increase of X%. During the period under review, exports peaked at a value of $X in 2014; however, from 2015 to 2021, export volumes were at lower levels.
Taiwan (China) (X units), Indonesia (X units) and the Philippines (X units) were the main destinations for Singapore's lifting equipment exports, accounting for X% of total exports. This is followed by Malaysia, South Korea, the United States, and Thailand, which have seen further growth in shipments from 2012 to 2021, with the most significant growth rate among major destination countries being South Korea (compound). +X% annual growth), while other leaders have seen more modest growth.
By value, Taiwan (China) (USD X), Indonesia (USD X), and the United States (USD X) were the largest markets for Singapore's global exports of lifting equipment, together accounting for X% of total exports. This is followed by Malaysia, Thailand, South Korea and the Philippines, which together account for the X number of major destination countries, with Thailand registering a CAGR of +X% and the highest export value growth rate, outpacing other leaders during the review period. The growth rate of shipments was more moderate.
In 2021, after two years of growth, overseas purchases of hoisting equipment dropped significantly, with the number decreasing by -X% to X units. Overall, imports continued to decline slightly. The growth rate was most notable in 2015, with an X% increase. During the period under review, the import volume in 2017 reached a record high of X units; however, from 2018 to 2021, imports remained at a low level.
In value terms, hoisting equipment imports rose significantly to $X in 2021. Imports continued to show sharp contractions during the period under review. The most significant growth rate occurred in 2017, when imports increased by X%. Imports peaked at $X in 2013; however, imports declined slightly from 2014 to 2021.
In 2021, Norway (X units) is the largest lifting equipment supplier in Singapore, accounting for X% of total imports. Furthermore, imports of lifting equipment from Norway were seven times higher than the number recorded by the second largest supplier, China (X units). Third in the ranking is Malaysia (X units) with an X% share. From 2012 to 2021, the average annual growth rate of shipments from Norway is +X%. The average annual growth rates of imports for the remaining suppliers are as follows: China (-X% per annum) and Malaysia (-X% per annum).
By value, Singapore's largest suppliers of lifting equipment are Norway ($X), China ($X) and Germany ($X), which together account for X% of total imports.
During the period under review, in terms of major suppliers, Norway had the highest import value growth with a CAGR of +X%, while procurement from other leaders showed a mixed trend.
By value, Singapore's largest suppliers of lifting equipment are Norway, China and Germany, which together account for 62% of total imports.
The largest markets for Singapore's lifting equipment exports by value are Taiwan, Indonesia and the United States, which together account for 82% of total exports. This is followed by Malaysia, Thailand, South Korea and the Philippines, which together account for 13%.
The average export price of hoisting equipment in 2021 will be US$5,650 per unit, a year-on-year increase of 16%.
The average import price of hoisting equipment in 2021 is US$5,561 per unit, an increase of 12% over the previous year.
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