The Philippine market for importing derricks, cranes, straddle carriers, and crane trucks has shown a steady increase from 2024 onwards. The value is expected to rise from USD 211.04 million in 2024 to USD 243.56 million in 2028. Compared to 2023, this represents a significant growth trend. Over the last two years, the year-on-year percentage variation is approximately 4% to 5%, with a Compound Annual Growth Rate (CAGR) of around 3.6% over the forecasted five-year period from 2024 to 2028.
Future trends to watch for include technological advancements in crane and derrick design, which might affect import values, as well as infrastructure development projects in the Philippines that could drive higher demand. Any changes in global trade policies and economic conditions might also influence these import values significantly.
