Hydraulic Jack Market

Driven by increasing demand worldwide, the hydraulic jack market is expected to grow steadily over the next eight years. Despite a slight contraction in 2022, the market has shown resilience and expansion in both volume and value terms. Countries like China, the US, and India lead in consumption, while China dominates production and exports. Import prices vary by country, with France recording the highest average price. Global exports are led by China and France, with the Netherlands experiencing a downward trend in volume and value. Overall, the market shows promising growth prospects and steady expansion in the years to come.

Market Forecast

Driven by increasing demand for hydraulic jacks and hoists for raising 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 +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 73M 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 $10.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hydraulic Jacks And Hoists For Raising Vehicles

Global hydraulic jack consumption contracted modestly to 58M units in 2022, which is down by -1.8% compared with the previous year. Overall, the total consumption indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +60.8% against 2013 indices. Global consumption peaked at 60M units in 2021, and then shrank modestly in the following year.

The global hydraulic jack market revenue rose modestly to $7.5B in 2022, growing by 2% 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). Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +87.0% against 2013 indices. Over the period under review, the global market attained the maximum level in 2022 and is likely to see steady growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (13M units), the United States (7.4M units) and India (5.8M units), together accounting for 45% of global consumption. Japan, Brazil, France, Russia, Turkey, Indonesia, the Philippines, Germany, South Korea and the UK lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +27.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($1.3B) led the market, alone. The second position in the ranking was held by Turkey ($575M). It was followed by China.

In India, the hydraulic jack market expanded at an average annual rate of +7.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+4.0% per year) and China (+7.3% per year).

The countries with the highest levels of hydraulic jack per capita consumption in 2022 were France (31 units per 1000 persons), Japan (22 units per 1000 persons) and the United States (22 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the Philippines (with a CAGR of +25.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Hydraulic Jacks And Hoists For Raising Vehicles

In 2022, approx. 60M units of hydraulic jacks and hoists for raising vehicles were produced worldwide; shrinking by -3% against the year before. The total output volume increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 15%. Over the period under review, global production reached the peak volume at 62M units in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, hydraulic jack production reduced to $7.2B in 2022 estimated in export price. Over the period under review, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +64.0% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of 13%. As a result, production reached the peak level of $7.5B, and then reduced in the following year.

Production By Country

China (38M units) constituted the country with the largest volume of hydraulic jack production, accounting for 64% of total volume. Moreover, hydraulic jack production in China exceeded the figures recorded by the second-largest producer, India (5.1M units), sevenfold. France (4.7M units) ranked third in terms of total production with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +3.4%. In the other countries, the average annual rates were as follows: India (+7.3% per year) and France (+19.9% per year).

Imports

World Imports of Hydraulic Jacks And Hoists For Raising Vehicles

In 2022, approx. 32M units of hydraulic jacks and hoists for raising vehicles were imported worldwide; reducing by -4.2% against the previous year's figure. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 18%. Global imports peaked at 34M units in 2021, and then fell in the following year.

In value terms, hydraulic jack imports expanded to $1.9B in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 17%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The United States represented the largest importing country with an import of about 7.6M units, which accounted for 24% of total imports. It was distantly followed by Russia (1.7M units), making up a 5.2% share of total imports. Germany (1,336K units), France (1,120K units), India (1,119K units), Indonesia (1,099K units), the UK (1,067K units), the Philippines (1,004K units), Mexico (908K units), Japan (903K units), Poland (831K units), Canada (805K units) and the Netherlands (750K units) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to hydraulic jack imports into the United States stood at +4.1%. At the same time, India (+35.6%), the Philippines (+27.5%), Poland (+12.4%), the UK (+7.8%), Mexico (+4.7%), Indonesia (+3.7%), Canada (+2.3%) and Japan (+1.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +35.6% from 2012-2022. Russia and Germany experienced a relatively flat trend pattern. By contrast, the Netherlands (-2.4%) and France (-5.6%) illustrated a downward trend over the same period. The United States (+3.4 p.p.), India (+3.3 p.p.), the Philippines (+2.8 p.p.) and Poland (+1.6 p.p.) significantly strengthened its position in terms of the global imports, while France saw its share reduced by -4.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($471M) constitutes the largest market for imported hydraulic jacks and hoists for raising vehicles worldwide, comprising 24% of global imports. The second position in the ranking was held by France ($153M), with a 7.9% share of global imports. It was followed by Canada, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States totaled +4.8%. The remaining importing countries recorded the following average annual rates of imports growth: France (+1.8% per year) and Canada (+5.1% per year).

Import Prices By Country

In 2022, the average hydraulic jack import price amounted to $60 per unit, surging by 7.2% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 18% against the previous year. As a result, import price attained the peak level of $63 per unit. From 2017 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($137 per unit), while the Philippines ($6.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hydraulic Jacks And Hoists For Raising Vehicles

In 2022, global hydraulic jack exports dropped to 34M units, with a decrease of -6.1% compared with the previous year's figure. The total export volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 14% against the previous year. Over the period under review, the global exports attained the maximum at 36M units in 2021, and then declined in the following year.

In value terms, hydraulic jack exports rose slightly to $2.3B in 2022. The total export value increased at an average annual rate of +3.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, China (25M units) was the key exporter of hydraulic jacks and hoists for raising vehicles, committing 74% of total exports. It was distantly followed by France (3.8M units), constituting an 11% share of total exports. The Netherlands (615K units) held a minor share of total exports.

Exports from China increased at an average annual rate of +2.6% from 2012 to 2022. At the same time, France (+6.5%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the world, with a CAGR of +6.5% from 2012-2022. By contrast, the Netherlands (-20.9%) illustrated a downward trend over the same period. While the share of China (+10 p.p.) and France (+4.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the Netherlands (-19.1 p.p.) displayed negative dynamics.

In value terms, China ($1.3B) remains the largest hydraulic jack supplier worldwide, comprising 56% of global exports. The second position in the ranking was held by France ($211M), with a 9.1% share of global exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +6.9%. In the other countries, the average annual rates were as follows: France (+0.4% per year) and the Netherlands (-8.8% per year).

Export Prices By Country

The average hydraulic jack export price stood at $69 per unit in 2022, increasing by 9.3% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2021 when the average export price increased by 13%. The global export price peaked in 2022 and is expected to retain growth in years to come.

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 the Netherlands ($132 per unit), while China ($52 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+15.3%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform