In 2021, the Cuban lifting equipment market finally saw its first rise to $X since 2017, ending a three-year downward trend. Overall, however, there has been a sharp decline in consumption. During the period under review, the market reached its highest level of $X in 2017; however, from 2018 to 2021, consumption was at a lower level.

Import Scale of Cuban Lifting Equipment
In 2021, the foreign supply of lifting equipment will increase by X% to X units, the second consecutive year of growth after two years of decline. Overall, however, imports have decreased significantly. The growth rate was most pronounced in 2015, when imports increased by X% over the previous year. During the period under review, imports reached a maximum of X units in 2017; however, from 2018 to 2021, imports decreased slightly.

Lifting equipment imports surge to $X by value in 2021. During the period under review, however, there was a sudden decline in imports. The most significant growth rate occurred in 2019, when imports increased by X% over the previous year. During the period under review, imports peaked at $X in 2012; however, from 2013 to 2021, imports have been at lower levels.

Italy (X units) and Spain (X units) are the main suppliers of lifting equipment imports to Cuba.

From 2012 to 2021, among the major suppliers, Italy has achieved the most significant growth rate in purchases (CAGR +X value, Italy ($X) is the largest supplier of lifting equipment to Cuba, accounting for X% of the total. In second place is Spain ($X) with X% of the total imports.

From 2012 to 2021, the average annual growth in value from Italy totals +X%.

In 2021, the average import price of hoisting equipment is X USD/unit, an increase of X% over the previous year. However, import prices continued to decline significantly during the period under review. The most significant growth rate occurred in 2019, when the average import price rose by X%. During the period under review, average import prices peaked at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum. There are significant differences in average prices between major supplier countries. In 2021, the country with the highest price is Italy (X USD per unit), while Spain is at X USD per unit.

Statistics of various crane suppliers in Cuban
Italy is Cuba’s largest supplier of lifting equipment by value, accounting for 75% of total imports. In second place is Spain, which accounts for 25% of total imports.

In 2021, the average import price of lifting equipment will be US$5,431/unit, an increase of 8.3% year-on-year.

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Cuba: 2022 Lifting Equipment Market Analysis