The construction lifts market size was valued at $376.4 million in 2020, and is projected to reach $723.0 million by 2030, growing at a CAGR of 6.8% from 2021 to 2030. Construction lifts are lifting machinery that are used to transport material as well as humans vertically on construction sites. These lifts have an aerial platform, which is supported by frame of extensions and is mounted on a vehicle or ground. Construction lifts are used for moving materials during the different stages of a project and to lift workers to reach areas to making fine finishing details.
The major driving factor of construction lifts market is growing construction market in developing countries. In emerging economies, infrastructural development is creating a need for construction lifts and positively influencing the market for construction lifts. In addition, renovation of old structures is also contributing to the growth of the construction lifts market. In addition, efficient transportation of building material is another factor that drives the construction lifts market. Construction material such as cement, gravel, bricks, and other things used in construction can be transported to high rise floors on the construction sites in less time. Whereas, manually carrying of these material is difficult in case of high rise buildings or skyscrapers. However, the construction lifts carry a variety of material and this causes them to get dirty. Owing to this a regular cleaning is needed. In addition, the frame withholds heavy load of the material and therefore, has to be regularly checked during maintenance and servicing to avoid failure or any mishaps. This rises the maintenance cost of the construction lifts and thus act as restraint to the market. Moreover, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and transport industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of construction lifts as well as their demand in the market, thereby restraining growth of the construction lifts market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of construction lifts companies at their full-scale capacities, which is expected to help the construction lifts market to recover by end of 2021.
Furthermore, new technologies such as IoT installed in the construction equipment has made it easy for the construction lifts companies to track the operations of the construction lifts. This will open up several new opportunities for the growth of construction lifts market during the forecast period.
Residential sector segment is projected to grow at a significant CAGR
The construction lifts market is segmented into capacity, end-user, business type, construction type and building type. By capacity, the market is segregated into less than 6000 lbs and more than 6000 lbs. The end-user covered in the study include residential sector and non-residential sector. On the basis of business type, the market is divided into new equipment sales and aftermarket sales. By construction type, the market is segregated into new construction and renovation. By building type, the market is differentiated into low rise and mid & high rise. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
On the basis of capacity, in 2020, the more than 6000 lbs segment dominated the construction lifts market, in terms of revenue and is expected to witness growth at the highest CAGR during the forecast period.
By Business Type
Aftermarket sales segment is expected to grow at a significant rate during the forecast period.
By end-user, the residential sector segment led the market in 2020, in terms of revenue and is anticipated to register highest CAGR during the forecast period. Depending on business type, the new equipment sales segment led the market in 2020, in terms of revenue. Conversely, the aftermarket sales segment is anticipated to exhibit the highest CAGR in the coming years. On the basis of construction type, in 2020, the new construction segment dominated the construction lifts market, in terms of revenue, whereas the renovation segment is expected to witness growth at the highest CAGR during the forecast period. By building type, the mid & high rise segment led the market in 2020, in terms of revenue and is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.
The major players profiled in the construction lifts market include Alimak Group AB, CABR Construction Machinery Technology Co. Ltd, Electroelsa Srl, Fraco Products Ltd., Gaoli Engineering Machinery Co., Ltd, GEDA GmbH, Maber, Saeclimber, STROS - Sedlcanské strojírny, a. s. and XL Industries. Major companies in the market have adopted product launch as their key developmental strategy to offer better products and services to customers in the construction lifts market.
Asia-Pacific holds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current trends, future estimations, and dynamics of the construction lifts market.
- In-depth construction lifts market analysis is conducted by estimations for the key segments between 2021 and 2030.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The market forecast analysis from 2021 to 2030 is included in the report.
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry.
Key Market Segments
- Less than 6000 lbs
- More than 6000 lbs
- Residential Sector
- Non-residential Sector
By Business Type
- New Equipment Sales
- Aftermarket Sales
By Construction Type
- New Construction
By Building Type
- Low Rise
- Mid & High Rise
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
- Alimak Group AB
- CABR Construction Machinery Technology Co. Ltd
- Electroelsa Srl
- Fraco Products Ltd.
- Gaoli Engineering Machinery Co., Ltd
- GEDA GmbH
- STROS - Sedlcanské strojírny, a. s.
- XL Industries
The construction lifts market size was valued at $376.4 million in 2020, and is projected to reach $723.0 million by 2030, growing at a CAGR of 6.8% from 2021 to 2030. Growth of construction lifts market is majorly driven by increase in expenditure on construction of residential, non-residential and infrastructural activities majorly in emerging countries. In addition, the efficient transportation of building material on the construction sites reduces work time, manpower and cost of the entire project.
However, high maintenance and servicing cost of construction lifts acts as a major restraint of the construction lifts market. On the contrary, integration of IoT in construction lifts is expected to create opportunities for growth of the construction lifts market during the forecast period.
Major companies in the market have adopted strategy such as product launch, to offer better services to customers in the construction lifts market.