Jacks And Hoists Market

The global market for jacks and hoists is expected to grow in the coming years, with a forecasted increase in consumption and value. Key findings include a slight decline in consumption in 2022, with notable growth in production in previous years. The United States and China lead in consumption and production, while China dominates in exports. Prices have shown an upward trend, with variations across different countries. Learn more about the market trends and factors impacting the global jacks and hoists industry.

Market Forecast

Driven by rising demand for jacks and hoists worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 81M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $6.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Jacks And Hoists For Raising Vehicles

In 2022, the amount of jacks and hoists for raising vehicles consumed worldwide declined slightly to 68M units, with a decrease of -1.6% on the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, global consumption hit record highs at 74M units in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

The global jacks and hoists market size expanded modestly to $4.6B in 2022, with an increase of 3.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a mild slump. Global consumption peaked at $5.6B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (15M units), China (15M units) and India (5.6M units), with a combined 52% share of global consumption. France, Mexico, Spain, Brazil, Japan, Russia, Germany, the UK and Australia lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by France (with a CAGR of +12.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($449M), France ($417M) and Japan ($336M) were the countries with the highest levels of market value in 2022, with a combined 26% share of the global market.

Among the main consuming countries, France, with a CAGR of +20.5%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of jacks and hoists per capita consumption in 2022 were France (77 units per 1000 persons), the United States (46 units per 1000 persons) and Spain (45 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +11.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Jacks And Hoists For Raising Vehicles

Global jacks and hoists production reduced slightly to 70M units in 2022, standing approx. at the previous year. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 6.7% against the previous year. Global production peaked at 76M units in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, jacks and hoists production contracted modestly to $3.9B in 2022 estimated in export price. Overall, production continues to indicate a pronounced setback. The growth pace was the most rapid in 2016 with an increase of 26% against the previous year. Global production peaked at $5.6B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

China (36M units) constituted the country with the largest volume of jacks and hoists production, accounting for 51% of total volume. Moreover, jacks and hoists production in China exceeded the figures recorded by the second-largest producer, India (5.9M units), sixfold. France (5.1M units) ranked third in terms of total production with a 7.3% share.

In China, jacks and hoists production increased at an average annual rate of +1.4% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+4.2% per year) and France (+4.7% per year).

Imports

World Imports of Jacks And Hoists For Raising Vehicles

In 2022, global jacks and hoists imports declined sharply to 36M units, waning by -17.6% against 2021. Over the period under review, imports saw a slight decrease. The most prominent rate of growth was recorded in 2015 when imports increased by 18% against the previous year. As a result, imports attained the peak of 49M units. From 2016 to 2022, the growth of global imports failed to regain momentum.

In value terms, jacks and hoists imports declined to $1.1B in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 20%. Global imports peaked at $1.1B in 2018; afterwards, it flattened through to 2022.

Imports By Country

The United States prevails in imports structure, resulting at 19M units, which was near 52% of total imports in 2022. It was distantly followed by Mexico (3.3M units), making up an 8.9% share of total imports. Canada (1,365K units), the UK (1,122K units), Australia (1,106K units), Brazil (962K units), Germany (864K units), Thailand (810K units), Russia (687K units) and Poland (593K units) took a little share of total imports.

Imports into the United States increased at an average annual rate of +1.1% from 2012 to 2022. At the same time, Mexico (+8.2%), Australia (+3.5%) and Brazil (+2.2%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in the world, with a CAGR of +8.2% from 2012-2022. By contrast, Thailand (-1.2%), Canada (-2.6%), Poland (-3.6%), the UK (-4.8%), Russia (-7.1%) and Germany (-14.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States and Mexico increased by +10 and +5.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($374M) constitutes the largest market for imported jacks and hoists for raising vehicles worldwide, comprising 35% of global imports. The second position in the ranking was taken by Germany ($59M), with a 5.5% share of global imports. It was followed by Canada, with a 5.2% share.

In the United States, jacks and hoists imports expanded at an average annual rate of +3.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (-3.1% per year) and Canada (+2.9% per year).

Import Prices By Country

In 2022, the average jacks and hoists import price amounted to $30 per unit, jumping by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($68 per unit), while Mexico ($10 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+14.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Jacks And Hoists For Raising Vehicles

In 2022, global exports of jacks and hoists for raising vehicles declined sharply to 39M units, shrinking by -15.2% on 2021. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 9.4% against the previous year. As a result, the exports attained the peak of 51M units. From 2019 to 2022, the growth of the global exports remained at a lower figure.

In value terms, jacks and hoists exports expanded modestly to $1.1B in 2022. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 22% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China was the major exporting country with an export of around 22M units, which recorded 56% of total exports. It was distantly followed by Canada (5.5M units) and the United States (3.3M units), together making up a 23% share of total exports. Germany (1.7M units), Turkey (1.2M units), India (0.8M units) and Mexico (0.6M units) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to jacks and hoists exports from China stood at +2.5%. At the same time, India (+25.2%) and Germany (+11.4%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.2% from 2012-2022. Canada, the United States and Turkey experienced a relatively flat trend pattern. By contrast, Mexico (-16.4%) illustrated a downward trend over the same period. China (+16 p.p.), Germany (+3 p.p.), Canada (+2.3 p.p.) and India (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while Mexico saw its share reduced by -6.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($419M) remains the largest jacks and hoists supplier worldwide, comprising 37% of global exports. The second position in the ranking was held by Germany ($136M), with a 12% share of global exports. It was followed by Canada, with an 8.9% share.

In China, jacks and hoists exports expanded at an average annual rate of +6.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-3.2% per year) and Canada (+4.6% per year).

Export Prices By Country

In 2022, the average jacks and hoists export price amounted to $30 per unit, increasing by 22% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($81 per unit), while Turkey ($18 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+17.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform