Canadian lifting equipment market surges to $X in 2021, growing X% year over year. Overall, however, consumption showed a relatively flat trend pattern. Lifting equipment consumption peaked at $X in 2012; however, consumption has remained low from 2013 to 2021.
In value terms, hoisting equipment production is estimated to contract significantly to $X in 2021 at export prices. During the period under review, production faced severe setbacks. The growth rate was most pronounced in 2020, when production increased by X%. Lifting equipment production peaked at $X in 2012; however, production has remained low from 2013 to 2021.
In 2021, Canada's hoisting equipment exports fell sharply to X units, a -X% decrease compared to the previous year's figure. Exports continued to contract significantly during the review period. The most significant growth rate occurred in 2020, when exports increased by X% over the previous year. Exports peaked at X units in 2017; however, from 2018 to 2021, exports have remained low.
In value terms, hoisting equipment exports fell to X dollars in 2021. Overall, exports continued to decline significantly. 2017 appears to have seen the fastest growth, with an X% increase over the previous year. During the period under review, exports peaked at $X in 2015; however, from 2016 to 2021, exports have remained at lower levels.
The United States (X units) is the leading destination for Canadian hoisting equipment exports, accounting for X% of total exports. In addition, exports of lifting equipment to the United States exceeded exports to the second largest destination, the United Arab Emirates (X units) by more than ten times.
From 2012 to 2021, the average annual growth rate of exports to the U.S. will total -X%. Exports to other major destinations recorded the following average annual export growth rates: United Arab Emirates (+X% per annum) and Dominican Republic (+X% per annum).
In value terms, the United States ($X) remains the leading foreign market for Canadian lifting equipment exports, accounting for X% of total exports. In second place is the Dominican Republic ($X) with X% of total exports.
From 2012 to 2021, average annual growth in value to the U.S. has been relatively modest. Exports to other major destinations recorded the following average annual export growth rates: Dominican Republic (+X% per annum) and United Arab Emirates (+X% per annum).
In 2021, after a three-year decline, the foreign supply of hoisting equipment saw a significant increase, with the number increasing by X% to X units. During the period under review, imports grew strongly. As a result, imports peaked and may continue to grow in the short term.
Lifting equipment imports surge to $X by value in 2021. Overall, imports showed a marked increase. The growth rate was most pronounced in 2019, when imports rose by X%. As a result, imports peaked at X dollars. In 2020-2021, import growth momentum failed to recover.
In 2021, China (X units) is Canada's largest supplier of lifting equipment, accounting for X% of total imports. In addition, imports of lifting equipment from China were more than ten times higher than the number recorded by the second largest supplier, the United States (X units). Sweden (X units) occupies third place in this ranking with an X% share.
From 2012 to 2021, the average annual growth rate of sales from China is +X%. The average annual growth rates of imports for the remaining suppliers are as follows: the United States (-X% per year) and Sweden (+X% per year). By value, Canada's largest suppliers of lifting equipment are the United States ($X), China ($X), and Slovenia ($X), which together account for X% of total imports. Slovenia, with a CAGR of +X%, experienced the highest growth in import value among the major suppliers during the period under review, while other leaders saw more modest growth in purchases.
The US, China and Slovenia are Canada's largest suppliers of lifting equipment by value, together accounting for 69% of total imports.
The U.S. remains the leading foreign market for Canadian hoisting equipment exports by value, accounting for 70% of total exports. In second place is the Dominican Republic, which accounted for 8.6% of total exports.
The average export price of lifting equipment in 2021 is $14,341 per unit, an increase of 38% over the previous year
The average import price of hoisting equipment in 2021 is $435 per unit, down -36.3% from the previous year.
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