GCC: Lifting Equipment Market 2024

Lifting Equipment Market Size in GCC

The GCC lifting equipment market reduced to $X in 2022, waning by X% against the previous year. The total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Lifting Equipment Production in GCC

In value terms, lifting equipment production dropped slightly to $X in 2022 estimated in export price. In general, production, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Lifting Equipment Exports

Exports in GCC

In 2022, shipments abroad of lifting equipment decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, lifting equipment exports fell markedly to $X in 2022. In general, exports, however, continue to indicate a perceptible expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X units) and Oman (X units) dominates exports structure, together mixing up X% of total exports. Kuwait (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of X%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the United Arab Emirates ($X) remains the largest lifting equipment supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Oman ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (X% per year) and Kuwait (X% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, growing by X% against the previous year. In general, the export price posted a buoyant increase. The pace of growth was the most pronounced in 2015 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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 the United Arab Emirates ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced mixed trends in the export price figures.

Lifting Equipment Imports

Imports in GCC

In 2022, supplies from abroad of lifting equipment decreased by X% to X units, falling for the second consecutive year after four years of growth. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, lifting equipment imports reduced dramatically to $X in 2022. Over the period under review, imports faced a drastic downturn. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Qatar (X units), Oman (X units) and the United Arab Emirates (X units) represented roughly X% of total imports in 2022. It was distantly followed by Kuwait (X units), achieving a X% share of total imports.

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

In value terms, the United Arab Emirates ($X), Oman ($X) and Kuwait ($X) constituted the countries with the highest levels of imports in 2022, together comprising X% of total imports. These countries were followed by Qatar, which accounted for a further X%.

In terms of the main importing countries, Qatar, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, declining by X% against the previous year. Over the period under review, the import price saw a abrupt contraction. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2014; however, from 2015 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 Kuwait ($X per unit), while Qatar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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