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Construction Lifts Market to Witness Exponential Growth by 2027
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The construction lifts market is expected to witness significant growth, owing to the anticipated increase in investments in building refurbishment and new construction activities across the globe during the forecast period. Construction Lifts are essential equipment utilized for the transportation of labor and construction materials in construction activities. The size of a construction lift may vary depending on the site and its application. Essentially, a construction lift is an appliance that transports people or materials from one floor to another vertically with the help of a guided car or platform. Construction lifts are necessary during the construction of any residential and nonresidential construction activity, owing to their quick and efficient features that save the time as well as labor cost.

Construction Lifts Market: Dynamics

Increasing construction activity in the residential sector around the globe is expected to be a key driving factor for the growth of the construction lifts market. Increasing population and the rise in purchasing power parity of individuals in developed countries have fueled the demand for construction, which in turn is accelerating the growth of the construction lifts market. The construction lifts market is anticipated to witness positive growth, owing to the development of smart cities. Immigration of population from rural areas to urban areas also leads to the growth of construction activities and adoption of innovative technologies in construction processes, which is estimated to propel the demand for construction lifts and subsequently, contribute to the growth of the construction lifts market. Moreover, simple and attractive equipment financing options are also significantly boosting the growth of the construction lifts market. Additionally, the trend of high-rise buildings is expected to propel the demand for construction lifts during the forecast period.

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The high cost incurred in preventive maintenance and lack of skilled labor are expected to hamper the growth of the construction lifts market during the forecast period.

In the current scenario, the rental system is expected to gain traction in the construction lifts market. The demand for construction equipment rentals in medium and small sized enterprises is quite high and hence, prominent vendors in the equipment manufacturing sector are providing construction lifts on rent.

Construction Lifts Market: Segmentation

The construction lifts market can be segmented on the basis of product type and end use.

On the basis of the product type, the construction lifts market can be segmented into:

  • Construction Hoists
  • Material Hoists
  • Work Platform

On the basis of the end use, the construction lifts market can be segmented into:

  • Residential
  • Non Residential
  • Infrastructure

Construction Lifts Market: Regional Overview

The global construction lifts market can be divided into seven geographical regions, namely North America, Latin America, Asia Pacific Excluding Japan, Western Europe, Eastern Europe, Japan, Middle East and Africa. The market in North America is expected to witness a high growth rate, owing to the increase in construction activities in both, residential and commercial sectors. Asia Pacific is also estimated to hold a prominent share in the global construction lifts market, due to rapid urbanization and industrialization in the region. The market in the Middle East and Africa region is anticipated to grow, owing to the introduction of many key events, such as a FIFA World Cup 2022 and Qatar and Dubai Expo 2020. Some of the prominent economies in Europe, such as Germany, Italy, the U.K., France and Russia, among others are expected to hold significant shares in the said market during the forecast period.

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Construction Lifts Market: Market Participants

Examples of some of the market participants identified across the value chain of the global construction lifts market include:

  • Alimak Group AB
  • Fraco Products Ltd.
  • Gaoli Engineering Machinery Co., ltd
  • Geda USA Elevator and Material Lift Company, LLC
  • Bocker Maschinenwerke GmbH
  • CABR Construction Machinery Technology Co., Ltd
  • Electroelsa Srl
  • MABER Hoists Srl
  • Anka Hoist USA Inc.
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