Vehicle-Mounted Lifting Equipment Market

The global market for vehicle-mounted lifting equipment is forecast to continue growing steadily over the period from 2022 to 2030, with an anticipated CAGR of +3.4% in volume and +5.1% in value terms. Despite a slight decline in 2022, overall consumption, production, imports, and exports of lifting equipment designed for mounting on road vehicles have shown resilient growth over the past decade. Key consuming countries include Belgium, China, the United States, India, Italy, and Brazil, while major exporting countries include Italy, Austria, Poland, and Finland. Prices vary by country, with Austria having the highest export price per unit. Overall, the market is expected to see continued growth in the near future.

Market Forecast

Driven by increasing demand for lifting equipment designed for mounting on road vehicles worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market volume to 1.2M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $17.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Lifting Equipment Designed For Mounting On Road Vehicles

In 2022, after eight years of growth, there was decline in consumption of lifting equipment designed for mounting on road vehicles, when its volume decreased by -1.7% to 894K units. Over the period under review, consumption, however, recorded resilient growth. Over the period under review, global consumption reached the maximum volume at 909K units in 2021, and then dropped in the following year.

The global vehicle-mounted lifting equipment market value dropped to $11.6B in 2022, shrinking by -6% 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, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.6% against 2020 indices. Over the period under review, the global market hit record highs at $12.5B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Belgium (191K units), China (124K units) and the United States (74K units), with a combined 44% share of global consumption. India, Italy, Brazil, Japan, Bangladesh, Poland, Russia, the UK, Canada and France lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Poland (with a CAGR of +19.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.2B), the United States ($1.2B) and Brazil ($633M) appeared to be the countries with the highest levels of market value in 2022, with a combined 35% share of the global market. India, Japan, Bangladesh, Italy, Russia, the UK, France, Canada, Belgium and Poland lagged somewhat behind, together comprising a further 30%.

Poland, with a CAGR of +17.6%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of vehicle-mounted lifting equipment per capita consumption was registered in Belgium (16 units per 1000 persons), followed by Italy (0.8 units per 1000 persons), Poland (0.6 units per 1000 persons) and Canada (0.5 units per 1000 persons), while the world average per capita consumption of vehicle-mounted lifting equipment was estimated at 0.1 units per 1000 persons.

In Belgium, vehicle-mounted lifting equipment per capita consumption increased at an average annual rate of +6.4% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+14.6% per year) and Poland (+20.0% per year).

Production

World Production of Lifting Equipment Designed For Mounting On Road Vehicles

In 2022, production of lifting equipment designed for mounting on road vehicles decreased by -3.9% to 876K units for the first time since 2013, thus ending a eight-year rising trend. Over the period under review, production, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 18% against the previous year. Over the period under review, global production attained the maximum volume at 912K units in 2021, and then fell in the following year.

In value terms, vehicle-mounted lifting equipment production fell to $12.2B in 2022 estimated in export price. In general, production, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 26% against the previous year. Over the period under review, global production attained the maximum level at $12.9B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Belgium (188K units), China (126K units) and the United States (75K units), together comprising 44% of global production. Italy, India, Poland, Brazil, Japan, Bangladesh, Russia, South Korea, Ethiopia and Austria lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +14.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Lifting Equipment Designed For Mounting On Road Vehicles

In 2022, global vehicle-mounted lifting equipment imports soared to 113K units, with an increase of 20% on the previous year's figure. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when imports increased by 40%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, vehicle-mounted lifting equipment imports rose sharply to $2.3B in 2022. The total import value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 25% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports By Country

Canada (17K units) and the UK (12K units) represented roughly 26% of total imports in 2022. Germany (6.1K units) took the next position in the ranking, followed by Belgium (5.7K units) and France (5.5K units). All these countries together held approx. 15% share of total imports. Russia (5K units), Australia (4.8K units), the United States (4.2K units), the Netherlands (3.9K units), Austria (3.5K units), Portugal (2.9K units), Spain (2.8K units) and Sweden (2.7K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Portugal (with a CAGR of +21.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($219M), France ($203M) and the United States ($161M) appeared to be the countries with the highest levels of imports in 2022, together comprising 25% of global imports. The UK, Russia, Canada, the Netherlands, Austria, Sweden, Spain, Belgium, Australia and Portugal lagged somewhat behind, together accounting for a further 38%.

Among the main importing countries, Spain, with a CAGR of +16.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average vehicle-mounted lifting equipment import price stood at $20,556 per unit in 2022, shrinking by -10.6% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 34%. Over the period under review, average import prices attained the peak figure at $22,992 per unit in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($38,144 per unit), while Portugal ($5,791 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Lifting Equipment Designed For Mounting On Road Vehicles

In 2022, approx. 96K units of lifting equipment designed for mounting on road vehicles were exported worldwide; dropping by -1.5% against the previous year. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 14%. The global exports peaked at 112K units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, vehicle-mounted lifting equipment exports stood at $2.4B in 2022. Overall, total exports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +24.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 23% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

Italy (17K units) and Austria (14K units) were the major exporters of lifting equipment designed for mounting on road vehicles in 2022, recording approx. 18% and 15% of total exports, respectively. It was distantly followed by Poland (6.2K units), Finland (6.2K units), Slovakia (4.9K units), Spain (4.9K units), Denmark (4.9K units), South Korea (4.7K units) and the United States (4.7K units), together comprising a 38% share of total exports. Estonia (4.2K units), France (4.2K units), Belgium (2.8K units) and China (2.2K units) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +41.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Austria ($562M), Italy ($500M) and Poland ($139M) were the countries with the highest levels of exports in 2022, together comprising 49% of global exports. Spain, Finland, South Korea, Denmark, Slovakia, the United States, France, Belgium, Estonia and China lagged somewhat behind, together accounting for a further 36%.

In terms of the main exporting countries, Slovakia, with a CAGR of +42.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average vehicle-mounted lifting equipment export price amounted to $25,563 per unit, surging by 3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.5%. The growth pace was the most rapid in 2019 an increase of 11% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Austria ($39,394 per unit), while Estonia ($11,021 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+12.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform