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. The lifts have been driving component such as motors or hydraulic systems that can lift the material. In addition, these lifts can be used in low rise as well as mid & high rise construction projects to save the transportation time and labor cost, thus reducing the construction cost.
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Growing urbanization and industrialization in developing countries has led to increase in construction activities. The infrastructures in the emerging countries are growing as people are migrating toward cities. Therefore, requirement of residential buildings as well as commercial complexes has increased. This leads to rise in demand for construction lifts in the market. In addition, the construction lifts increase the efficiency of the construction projects as the material is transported to any desired height in less time as well as saves manpower. Thus, efficient transportation of the material on construction sites has increased the demand for construction lifts in the market. However, the timely maintenance and servicing of these lifts has to be done to avoid malfunctioning and mishaps on the construction sites. This factor acts as a major restraint to the construction lifts. Furthermore, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, which hinders the growth of the construction lifts market industry.
However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities. On the contrary, adoption of Internet of Things (IoT) construction lifts is expected to propel the demand for these lifts, which is expected to act as a major opportunity for the construction lifts market growth.
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).
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Leading Players:
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 market.
Key Findings Of The Study
- By capacity, the more than 6000 lbs segment was the highest revenue contributor in 2020.
- By end-user, the residential sector segment was the highest revenue contributor in 2020.
- By business type, the new equipment sales segment was the highest revenue contributor in 2020.
- By construction type, the new construction segment was the highest revenue contributor in 2020.
- By building type, the mid & high rise segment dominated the market in 2020.
- By region, Asia-Pacific generated the highest revenue in 2020.
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