The Philippine Lifting Equipment Market Soars to $X in 2021, Growing X% YoY. This figure reflects the total revenue of producers and importers (excluding logistics costs, retail marketing costs and retailer profits, which will be included in the final consumer price). Overall, however, consumption continued to show a slight setback. Lifting equipment consumption peaked at $X in 2013; however, consumption is at a lower level from 2014 to 2021.
Overseas shipments of Philippine lifting equipment increased for the seventh consecutive year, increasing by X% to X units in 2021. During the period under review, exports increased significantly. The growth rate was most significant in 2016, with exports increasing by X% year-on-year. During the period under review, exports hit an all-time high in 2021 and are expected to keep growing in the near future.
In value terms, hoisting equipment exports surged to $X in 2021. Overall, exports showed strong growth. The growth rate was most pronounced in 2015, when exports increased by X%. Exports peaked in 2021 and may see steady growth in the short term.
Hong Kong SAR (unit X), United Arab Emirates (unit X) and Japan (unit X) were the main destinations for Philippine lifting equipment exports, together accounting for X% of total exports.
From 2012 to 2021, the largest increase was in Japan (+X% CAGR), while the other leaders saw more modest growth in shipments.
In value terms, Singapore ($X) remains the leading foreign market for Philippine lifting equipment exports, accounting for X% of total exports. In second place is Hong Kong Special Administrative Region ($X), which accounts for X% of total exports. It is followed by the United Arab Emirates with an X% share.
Average annual growth in value to Singapore from 2012 to 2021 is +X%. Exports to other major destinations recorded the following average annual export growth rates: Hong Kong SAR (-X% per annum) and the United Arab Emirates (+X% per annum).
In 2021, the import of lifting equipment in the Philippines surged to X units, an increase of X% year-on-year. During the period under review, imports showed a relatively stable trend. The most significant growth rate occurred in 2017, when imports increased by X%. Imports peaked at X units in 2013; however, from 2014 to 2021, imports decreased slightly.
Lifting equipment imports surged to $X in 2021 in value terms. Overall, imports have grown significantly. The growth rate was most notable in 2017, when imports increased by X% over the previous year. Imports peaked at $X in 2013; however, imports declined slightly from 2014 to 2021.
The United Arab Emirates (unit X) and Japan (unit X) are the main suppliers of lifting equipment imports to the Philippines.
From 2012 to 2021, the largest increase is Japan (CAGR +X value, Japan ($X) is the largest supplier of lifting equipment to the Philippines, accounting for X% of total imports. The second place was United Arab Emirates (USD X) accounted for X% of total imports.
From 2012 to 2021, the average annual growth rate of value from Japan is +X%.
Japan is the Philippines' largest supplier of lifting equipment by value, accounting for 82% of total imports. In second place is the United Arab Emirates with 0% of total imports.
In value terms, Singapore remains the main foreign market for Philippine lifting equipment exports, accounting for 81% of total exports. In second place is the Hong Kong Special Administrative Region, which accounts for 10% of total exports. It is followed by the United Arab Emirates with a share of 4.2%.
The average export price of hoisting equipment in 2021 is US$3,278 per unit, up 40% from the previous year.
The average import price of lifting equipment in 2021 is $19,041 per unit, unchanged from the previous year.
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