Construction Lift Market Size was valued at USD 2.1 billion in 2022. The Construction Lift market industry is projected to grow from USD 2.2491 billion in 2023 to USD 3.89335 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.10% during the forecast period (2024 - 2032). Increased demand for residential and non-residential constructions and rapidly increasing building innovations are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In constructing skyscrapers, elevators play a vital role in efficiently transporting workers, equipment, and materials. These essential pieces of equipment are carefully planned based on building height, construction sequence, and potential interferences. Consequently, the growth of new skyscrapers directly impacts the construction lift industry. The rapid pace of urbanization in recent decades has fueled the construction of tall structures and skyscrapers, particularly in emerging economies. The scarcity of land in densely populated urban areas has become a significant economic driver for the development of tall buildings. Additionally, the competition to construct the tallest building at the city, national, regional, or level has also spurred the construction of tall structures worldwide. This factor drives market CAGR.
Additionally, ongoing developments in commercial and residential sectors aim to meet consumers' evolving needs, consequently driving the growth of the construction lift market. Emerging economies, particularly in the APAC region, are experiencing significant growth in the construction lift market, primarily due to substantial investments and funding by governments to develop robust market infrastructure. Additionally, the emergence of smart cities is pivotal in advancing the construction lift industry, as there is a rising demand for efficient urban environments, particularly in densely populated areas. Thus, driving the Construction Lift market revenue.Â
The Construction Lift market segmentation, based on Product, includes Construction Hoists, Material Hoists, and Work Platforms. The construction hoists segment dominated the market due to its wide range of applications and higher demand in the construction industry. Construction hoists are essential for the vertical transportation of personnel and materials on construction sites, providing efficient and safe access to different building levels under construction. They offer higher load capacity and versatility than material hoists and work platforms, making them the preferred choice for various construction projects. Also, construction hoists are designed to meet strict safety standards and regulations, further enhancing market dominance.
Based on Application, the Construction Lift market segmentation includes Residential, Non-Residential. The non-residential segment dominates the market due to the extensive use of construction lifts in various non-residential projects such as commercial buildings, industrial facilities, and infrastructure development. Non-residential construction involves larger-scale projects that require transporting heavy materials and equipment to multiple levels, making construction lifts essential. Additionally, non-residential construction projects often have strict timelines and budget constraints, and using construction lifts helps improve efficiency, productivity, and overall project completion time. The demand for construction lifts in the non-residential sector is driven by the growth of commercial activities, industrial development, and infrastructure projects in developed and emerging economies.
Figure1: Construction Lift Market, by Application, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific Construction Lift Marketarea will dominate this market; The increasing urbanization and industrialization in developing countries drive the growth of the construction lift market. This trend is particularly evident in the Asia-Pacific region, where China has the largest market share and the Indian market is experiencing the fastest growth. These countries' rapid urbanization and industrial development have created a high demand for construction lifts, contributing to their market dominance. This growth is projected to continue as the Region's urbanization and industrialization trends persist.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: GLOBAL CONSTRUCTION LIFT MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Europe Construction Lift market holds the second-largest market share, primarily driven by the growing demand for both residential and non-residential construction projects and the rapid advancements in building technologies. Further, the German Construction Lift market held the largest market share, and the UK Construction Lift market was the fastest-growing market in the European Region.
North America is estimated to grow at the fastest CAGR from 2023 to 2032. This is due tohas wide manufacturing base for construction lifts in this region. Further, the US Construction Lift market held the largest market share, and the Canada Construction Lift market was the fastest-growing market in the region.
Prominent companies in the construction lift market are making substantial investments in research and development to enhance their product portfolios and drive further growth. These market players also actively engage in strategic initiatives to expand their presence. Noteworthy market developments include introducing new products, entering into contractual agreements, mergers and acquisitions, increased investments, and collaborations with other organizations. These initiatives demonstrate the industry's commitment to innovation and market expansion. To expand and survive in a more competitive and rising market climate, the Construction Lift industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Construction Lift industry to benefit clients and increase the market sector. In recent years, the Construction Lift industry has offered some of the most significant advantages to medicine. Major players in the Construction Lift market,Alimak Group AB (Sweden), Fraco Products Ltd (Canada), XL Industries (France), Maber (Nottingham), STROS(Czech Republic), Electroelsa SRL (Italy), GAOLI Engineering Machinery Co. Ltd (Jiangsu), GEDA USA, LLC (U.S.), Ningbo Hongda Elevator Co. Ltd. (China), KAISAB Company Ltd. (Saudi Arabia), KONE Corporation (Finland)., and others, are attempting to increase market demand by investing in research and development operations.
KONE is a renowned leader in the elevator and escalator industry, offering a comprehensive range of products and services, including elevators, escalators, automatic building doors, and maintenance and modernization solutions. Their main focus is to enhance the value of buildings throughout their entire lifespan by providing efficient People Flow solutions that prioritize safety, convenience, and reliability for occupants in increasingly tall and technologically advanced structures. Demonstrating their commitment to innovation and sustainability, KONE collaborated with YIT Corporation, a Finnish construction company, to develop cutting-edge and environmentally friendly solutions for construction sites. This collaboration aimed to introduce groundbreaking temporary elevator systems to enhance efficiency and safety during construction activities.
Alimak is a recognized leader and innovator in developing, designing, manufacturing, and servicing vertical access solutions using rack and pinion technology. Their comprehensive range of products includes high-quality rack and pinion elevators, traction elevators, construction hoists, and work platforms, primarily catering to the industrial and construction sectors. With a robust presence in over 90 countries, Alimak has established a well-regarded sales, service, and distribution network. In an exciting development, Alimak Group collaborated with Baker Hughes, a renowned energy technology company, to deliver cutting-edge vertical access solutions tailored for the oil and gas industry. By leveraging Alimak's expertise in construction lifts and Baker Hughes' industry knowledge, this collaboration aimed to provide advanced solutions for vertical access in the oil and gas sector.
March 2021:Â KONE, a leading provider of elevators and escalators, announced a collaboration with YIT Corporation, a Finnish construction company. The collaboration aimed to develop innovative and sustainable solutions for construction sites, including temporary elevator systems, to improve efficiency and safety.
August 2020:Â Alimak Group, a provider of vertical access solutions, announced a collaboration with Baker Hughes, a leading energy technology company. The collaboration aimed to provide advanced vertical access solutions for the oil and gas industry, leveraging Alimak's expertise in construction lifts and Baker Hughes' industry knowledge.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.1 billion |
| Market Size 2023 | USD 2.2491 billion |
| Market Size 2032 | USD 3.89335 billion |
| Compound Annual Growth Rate (CAGR) | 7.10% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Alimak Group AB (Sweden), Fraco Products Ltd (Canada), XL Industries (France), Maber (Nottingham), STROS(Czech Republic), Electroelsa SRL (Italy), GAOLI Engineering Machinery Co. Ltd (Jiangsu), GEDA USA, LLC (U.S.), Ningbo Hongda Elevator Co. Ltd. (China), KAISAB Company Ltd. (Saudi Arabia), KONE Corporation (Finland) |
| Key Market Opportunities | Increase in construction activities. Increase in industrialization |
| Key Market Dynamics | Demand for residential and non-residential constructions |
Frequently Asked Questions (FAQ) :
The Construction Lift Market size was valued at USD 2.1 Billion in 2022.
The Construction Lift Market is estimated to grow at a CAGR of 7.10% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the Construction Lift Market.
The major players in the market areAlimak Group AB (Sweden), Fraco Products Ltd (Canada), XL Industries (France), Maber (Nottingham), STROS(Czech Republic), Electroelsa SRL (Italy), GAOLI Engineering Machinery Co. Ltd (Jiangsu), GEDA USA, LLC (U.S.), Ningbo Hongda Elevator Co. Ltd. (China), KAISAB Company Ltd. (Saudi Arabia), KONE Corporation (Finland).
The Construction Hoists Construction Lift category dominated the Construction Lift Market in 2022.
The Non-Residential had the largest share in the Construction Lift Market.
Research Analyst Level II I have about two years of experience working in the consumer goods and retail industries and i am a biotech graduate.a tech-savvy analytically focused professional with a strong capabilities in identification, concept generation, and strategy evaluation. i can produce data-driven solutions while fusing unusual viewpoints with original concepts. i have been extensively working on business case studies, competitive & comparative analyses, and strategic reports. my primary areas of experience include client management, financial analysis, supply chain evaluation, market entry strategy evaluation, and estimating and forecasting market size.
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