Sri Lanka: Crane Market 2024

Crane Market Size in Sri Lanka

In 2022, the Sri Lankan crane market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption posted a tangible increase. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Crane Exports

Exports from Sri Lanka

Crane exports from Sri Lanka surged to X units in 2022, increasing by X% compared with the previous year's figure. In general, exports, however, recorded a mild downturn. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, crane exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate temperate growth. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

India (X units) was the main destination for crane exports from Sri Lanka, accounting for a X% share of total exports. Moreover, crane exports to India exceeded the volume sent to the second major destination, Singapore (X units), twofold. Maldives (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to India totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and Maldives (X% per year).

In value terms, India ($X) remains the key foreign market for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with a X% share of total exports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2022, the average annual growth rate of value to India totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

In 2022, the average crane export price amounted to $X per unit, rising by X% against the previous year. Overall, the export price enjoyed prominent growth. Over the period under review, the average export prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Maldives ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Sri Lanka

In 2022, overseas purchases of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports enjoyed temperate growth. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, crane imports skyrocketed to $X in 2022. In general, imports posted noticeable growth. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of crane to Sri Lanka, with a X% share of total imports. Moreover, crane imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), sevenfold. The third position in this ranking was held by Japan (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to Sri Lanka, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by the Netherlands, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and the Netherlands (X% per year).

Import Prices by Country

In 2022, the average crane import price amounted to $X per unit, jumping by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Italy ($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 Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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