The import value of hydraulic jacks and hoists, excluding those for garages to China, shows a consistent downward trend from 2024 to 2028. In 2023, the import value stood at an undisclosed amount. Forecasted figures highlight a significant year-on-year decrease, suggesting a declining demand or increased local production.
Between 2024 and 2025, the value drops by 22.8%, continuing with 29.0% in 2026, 40.0% in 2027, and finally, a steep 65.4% by 2028. The compound annual growth rate (CAGR) over these five years reveals a negative trend, indicating a shrinking market.
Future trends to watch for:
- Increased domestic manufacturing capacity may continue to reduce dependence on imports.
- Technological advancements and cost competitiveness in local production could further impact import levels.
- Trade policies and tariffs might also influence future import trends.
