Impact of COVID-19 on the Global Construction Lift Market
The COVID-19 pandemic has spread across the globe and has considerably affected the construction lift market. In March 2020, the declaration of coronavirus as a pandemic has resulted in lockdowns being imposed in most of the countries. The restrictions imposed by government authorities have compelled the industry players to allow their employees to work remotely. However, the adoption of automated technologies to minimize human interaction in manufacturing facilities is expected to support the growth of the global construction lift market over the projected timeframe. The use of technologies, including automated machinery and advanced electronics during the pandemic, has not only ensured the continuity of businesses but has also enhanced work productivity across the globe.
Several emerging and developed economies have implemented countrywide partial or complete lockdowns to maintain social distancing. Many of the sale outlets and e-commerce services were shut down to curb the spread of the pandemic. The manufacturing of construction-related products and the provision of related services was restricted to permitted limits during the lockdown. The production of construction lift was also affected, resulting in a demand and supply gap. The COVID-19 pandemic has affected the supply chains, limiting the growth of the global construction lift market. These factors have severely impacted the global economy and the revenue generation of the construction industry.
Sales of construction lifts play a vital role in generating revenue for the construction industry, owing to their high usage in the erection of commercial and residential buildings & offices. The reduced demand for construction lifts across the globe due to the ongoing crisis is expected to affect the construction equipment market share over the projected timeframe. However, industry participants are expected to improve their production capacities with the stabilizing market scenario over the projected timeframe. According to the MRF analysis, the global construction industry is expected to witness slow growth in the coming year, which is likely to affect the demand for construction lifts and related products across the globe. The construction lifts market is expected to recover in the Q1 of 2021.