U.S. Overhead Traveling Crane, Hoist, And Monorail System Market. Analysis And Forecast to 2025
The Recovery of U.S. Overhead Traveling Crane, Hoist, and Monorail System Imports Goes on, with China Becoming a Major Supplier
Photo: © hansenn / Bigstockphoto
The U.S. ranks first in global imports of overhead traveling crane, hoist, and monorail system, accounting for a 9% share (based on USD). It was followed by China (7%) and Germany (6%). In 2015, U.S. imports of overhead traveling crane, hoist, and monorail system totaled 1,499 million USD, which was 101 million USD (7%) more than the year before.
From 2007 to 2015, U.S. overhead traveling crane, hoist, and monorail system imports showed mixed dynamics. A drop in 2009 was enormous, declining by 44% to the previous year. It continued in 2010, when imports fell by another 10%. The recovery started in 2011 and continued over the recent five years. There were several fluctuations over 2011-2015, though the overall trend remained upward, with an annual increase of +8.7% throughout the recovery period from 2011 to 2015.
Despite a considerable increase, imports still have to grow another 9% to reach the pre-recession peak level achieved in 2008.
Considering an upward import trend, the U.S. continues to be one of the biggest markets for global exporters.
China was the main supplier of overhead traveling crane, hoist, and monorail system into the U.S., with a 31% share of total U.S. imports in 2015, based on USD. It was distantly followed by Canada (13%) and Mexico (10%). China was the fastest growing supplier (+4.1 % per year) from 2007 to 2015, while imports from Canada and Mexico declined by -1.8% per year and -2.3% per year, respectively. China strengthened its position in the U.S. import structure by +7 percentage points from 2007 to 2015, while the other major supplying countries saw their shares reduced.
From 2007 to 2015, the U.S. was a net importer of overhead traveling crane, hoist, and monorail system. Moreover, imports grew faster than exports on average over the period under review.
Net US imports of overhead traveling crane, hoist, and monorail system tracked significant fluctuations over the period under review. After a huge drop over 2009-2010, a new upward trend was recorded, but the level was far below the pre-crisis peaks. In 2015, this industry ran a trade deficit of 318 million USD.
Source: IndexBox AI Platform
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