Asia: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Asia

In 2023, the Asian mechanical shovel and excavator market decreased by X% to $X, falling for the second year in a row after eight years of growth. Over the period under review, consumption, however, posted a buoyant increase. Over the period under review, the market reached the peak level at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Production of Mechanical Shovels, Excavators And Shovel Loaders in Asia

In value terms, mechanical shovel and excavator production reached $X in 2023 estimated in export price. Over the period under review, production saw prominent growth. The growth pace was the most rapid in 2019 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports in Asia

In 2023, shipments abroad of mechanical shovels, excavators and shovel loaders increased by X% to X units, rising for the third consecutive year after two years of decline. In general, exports showed a strong increase. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The volume of export peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, mechanical shovel and excavator exports expanded notably to $X in 2023. Over the period under review, exports recorded perceptible growth. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked in 2023 and is likely to continue growth in the near future.

Exports by Country

China was the major exporting country with an export of around X units, which finished at X% of total exports. Japan (X units) took the second position in the ranking, distantly followed by South Korea (X units). All these countries together took near X% share of total exports. India (X units) held a minor share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by India (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2023, with a combined X% share of total exports. These countries were followed by India, which accounted for a further X%.

In terms of the main exporting countries, India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per unit in 2023, waning by X% against the previous year. In general, the export price recorded a pronounced contraction. The most prominent rate of growth was recorded in 2016 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 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.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports in Asia

In 2023, purchases abroad of mechanical shovels, excavators and shovel loaders decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. In general, imports, however, posted a strong expansion. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X units in 2022, and then reduced in the following year.

In value terms, mechanical shovel and excavator imports rose notably to $X in 2023. Over the period under review, imports recorded a slight shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

Malaysia was the major importing country with an import of about X units, which accounted for X% of total imports. It was distantly followed by Singapore (X units), Indonesia (X units), the Philippines (X units), Thailand (X units) and Turkey (X units), together generating a X% share of total imports. Vietnam (X units), the United Arab Emirates (X units), Kazakhstan (X units), Taiwan (Chinese) (X units) and India (X units) held a relatively small share of total imports.

Malaysia was also the fastest-growing in terms of the mechanical shovels, excavators and shovel loaders imports, with a CAGR of X% from 2012 to 2023. At the same time, Singapore (X%), the Philippines (X%), Taiwan (Chinese) (X%), India (X%), Vietnam (X%), Thailand (X%), Turkey (X%), Kazakhstan (X%) and Indonesia (X%) displayed positive paces of growth. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. Malaysia (X p.p.), Singapore (X p.p.) and the Philippines (X p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates and Indonesia saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest mechanical shovel and excavator importing markets in Asia were Turkey ($X), Indonesia ($X) and Vietnam ($X), with a combined X% share of total imports. The Philippines, Thailand, Malaysia, India, Kazakhstan, the United Arab Emirates, Singapore and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, the Philippines, with a CAGR of X%, saw the highest growth rate of 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

In 2023, the import price in Asia amounted to $X per unit, rising by X% against the previous year. In general, the import price, however, continues to indicate a abrupt contraction. The level of import peaked at $X per unit in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Turkey ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform