Eastern Asia: Crane Market 2024

Crane Market Size in Eastern Asia

The East Asian crane market declined modestly to $X in 2023, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Crane Production in Eastern Asia

In value terms, crane production rose rapidly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Crane Exports

Exports in Eastern Asia

In 2023, crane exports in Eastern Asia soared to X units, growing by X% compared with the previous year. Total exports indicated a buoyant expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, crane exports skyrocketed to $X in 2023. Total exports indicated perceptible growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the key exporting country with an export of about X units, which accounted for X% of total exports. It was distantly followed by Japan (X units), creating a X% share of total exports. South Korea (X units) took a relatively small share of total exports.

China was also the fastest-growing in terms of the derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports, with a CAGR of X% from 2012 to 2023. At the same time, Japan (X%) displayed positive paces of growth. By contrast, South Korea (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of China increased by X percentage points.

In value terms, China ($X) remains the largest crane supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with an X% share of total exports.

In China, crane exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Japan (X% per year) and South Korea (X% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2023, waning by X% against the previous year. Over the period under review, the export price recorded a perceptible setback. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced a decline in the export price figures.

Crane Imports

Imports in Eastern Asia

After three years of growth, purchases abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by X% to X units in 2023. Over the period under review, imports, however, continue to indicate a mild expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The volume of import peaked at X units in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

In value terms, crane imports stood at $X in 2023. Overall, imports continue to indicate a slight decrease. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

Imports by Country

South Korea was the largest importer of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in Eastern Asia, with the volume of imports reaching X units, which was near X% of total imports in 2023. Taiwan (Chinese) (X units) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Hong Kong SAR (X%), China (X%) and Japan (X%).

From 2012 to 2023, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crane importing markets in Eastern Asia were South Korea ($X), Taiwan (Chinese) ($X) and Hong Kong SAR ($X), with a combined X% share of total imports.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of X%, recorded the highest rates of growth with regard to 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 Eastern Asia stood at $X per unit in 2023, increasing by X% against the previous year. In general, the import price, however, showed a pronounced downturn. The level of import peaked at $X per unit in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Japan ($X per unit) and China ($X per unit), while South Korea ($X per unit) and Taiwan (Chinese) ($X per unit) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform