Updated Nov 14, 2022 17:19

Truck Crane Market in South Africa

Market Overview
In , the South African truck crane market increased by % to $, rising for the sixth year in a row after two years of decline. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $. From 2014 to , the growth of the market remained at a somewhat lower figure.

In value terms, truck crane production contracted slightly to $ in estimated in export price. Over the period under review, production, however, recorded prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of %. Truck crane production peaked at $ in , and then contracted modestly in the following year.


Consumption
In , consumption of truck cranes decreased by -% to units, falling for the second consecutive year after five years of growth. Over the period under review, consumption recorded a relatively flat trend pattern. Truck crane consumption peaked at units in 2008; however, from 2009 to , consumption stood at a somewhat lower figure.

The revenue of the truck crane market in South Africa fell to $ in , stabilizing at 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, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $. From 2014 to , the growth of the market failed to regain momentum.


Market Forecast
Depressed by shrinking demand for truck crane in South Africa, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to units by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Affected by an intensive growth in domestic production, which will gradually displace imported products from the market, the share of imports decreased from % in 2007 to % in . South Africa domestic supply is expected to continue its growth. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
South Africa remains a net exporter of truck crane; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a trade surplus of units, which was equal to $. Those figures reflect the fact that neither imports nor exports don’t dominate the trade balance, and the country may export not only the product manufactured domestically, but also re-export some previously imported goods.