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. The construction lifts are equipment that are used in construction sites to transport material at higher floors during construction. In addition, these lifts are also useful to carry workers to reach areas for making fine finishing details.
Factors such as surge in the construction market in developing economies and efficient transport systems to carry building material drive the global construction lifts market. However, high maintenance cost of construction lifts creates hindrances in the market growth. The introduction of IoT is expected to create opportunities for market players.
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- The Covid-19 pandemic has affected various sectors of the economy including the construction, hotel, and transport industries.
- Manufacturing activities of construction lifts got affected along with transportation and supply chain on the global scale.
- As the lockdown restrictions are getting lifted, manufacturing activities will be on track. This is expected to help the global construction lifts market to grow.
The report offers detailed segmentation of the global construction lifts market based on capacity, end-user, business type, construction type, building type, and region.
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Based on capacity, the more than 6000 lbs segment accounted for the largest market share in 2020, contributing to more than half of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 7.0% from 2021 to 2030. The report also talks about the less than 6000 lbs segment.
Based on the end-user, the residential sector segment contributed to the largest share in 2020, accounting for more than three-fifths of the global construction lifts market. The same segment is expected to lead the market, manifesting the highest CAGR of 7.1% from 2021 to 2030. The report also covers the non-residential sector segment.
Based on region, Asia-Pacific, followed by North America and Europe, contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, LAMEA is expected to portray the fastest CAGR of 8.1% during the forecast period.
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Leading players of the global construction lifts market analyzed in the research include Fraco Products Ltd., Alimak Group AB, Electroelsa Srl, Gaoli Engineering Machinery Co., Ltd, GEDA GmbH, CABR Construction Machinery Technology Co. Ltd, Saeclimber, Maber, STROS – Sedlcanské strojírny, a. s. and XL Industries.
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