Philippines: Truck Crane Market 2022

Truck Crane Market Size in the Philippines

In 2021, the Philippine truck crane market increased by 3.9% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Truck Crane Exports

Exports from the Philippines

Truck crane exports from the Philippines totaled X units in 2012, flattening at the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern. The exports peaked in 2012 and are expected to retain growth in years to come.

In value terms, truck crane exports stood at $X in 2012. Overall, exports saw a relatively flat trend pattern. The exports peaked in 2012 and are expected to retain growth in the near future.

Exports by Country

Timor-Leste (X units) was the main destination for truck crane exports from the Philippines, with a 75% share of total exports. Moreover, truck crane exports to Timor-Leste exceeded the volume sent to the second major destination, China (X units), threefold.

From 2012 to 2012, the average annual growth rate of volume to Timor-Leste was relatively modest.

From 2012 to 2012, the average annual growth rate of value to Timor-Leste was relatively modest.

Truck Crane Imports

Imports into the Philippines

In 2021, purchases abroad of truck cranes increased by 21% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, total imports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -16.4% against 2018 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 65% against the previous year. Over the period under review, imports attained the peak figure at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, truck crane imports shrank to $X in 2021. Over the period under review, imports, however, continue to indicate a mild setback. The most prominent rate of growth was recorded in 2016 with an increase of 79%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of truck crane to the Philippines, with a 59% share of total imports. Moreover, truck crane imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold. South Korea (X units) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from Japan totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.9% per year) and South Korea (+1.0% per year).

In value terms, China ($X) constituted the largest supplier of truck crane to the Philippines, comprising 53% of total imports. The second position in the ranking was held by Japan ($X), with a 21% share of total imports. It was followed by Germany, with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+11.2% per year) and Germany (+1.6% per year).

Import Prices by Country

The average truck crane import price stood at $X per unit in 2021, reducing by -27.6% against the previous year. Overall, the import price recorded a noticeable slump. The most prominent rate of growth was recorded in 2016 when the average import price increased by 98% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+18.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :