Construction Elevators Market
Construction Elevators Market Analysis by Capacity (Up to 2000 Kg, 2000 Kg to 4000 Kg, and 4000 Kg and above), by Buyer Type (Construction Companies and Rental Services), by Elevator Life Stage (New Elevators and Used Elevators) and by Region - Global Market Insights 2023 to 2033
Analysis of Construction Elevators Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Construction Elevators Market Outlook (2023 to 2033)
Newly-released construction elevators market analysis report by Fact.MR reveals that the global sales of construction elevators in 2022 were held at US$ 684.8 Million. With 4.7% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 1.1 Billion by the end of forecast period.
Construction elevators with 2000 Kg to 4000 Kg capacity is expected to be the significant revenue generator, projected to grow at a CAGR of over 4.1% from 2023 to 2033.
Construction Elevators Market Size (2022)
US$ 684.8 Million
Construction Elevators Market Size (2033)
US$ 1.1 Billion
Construction Elevators Market CAGR (2023-2033)
U.S. Construction Elevators Market CAGR (2023 – 2033)
Key Companies Covered
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Revenue of Construction Elevators from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033
As per the research of construction elevators market by Fact.MR - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of construction elevators increased at around 4.7% CAGR. With an absolute dollar opportunity of US$ 439.9 Million, the market is projected to reach a valuation of US$ 1.1 Billion by 2033.
What are the Key Drivers Influencing Construction Elevators Market's Expansion?
Construction Elevators, also known as construction hoists, building hoists, or construction lifts are installed outside of the construction project to efficiently move material as well as workers on different levels of construction. They play a crucial role in improving safety, and productivity in construction sites, particularly in projects involving high-rise buildings, infrastructure development, and maintenance work.
The rapid pace of urbanization, coupled with population growth, has led to increased demand for urban spaces. To accommodate growing populations, countries are turning to vertical growth through the construction of skyscrapers. Construction elevators are essential for efficient vertical transportation in these tall structures, making them a crucial component of skyscraper construction projects.
Skyscrapers enable high-density development, allowing for efficient land use and maximizing the available space in urban areas. Countries such as China, the US, and UAE are prominent in building skyscrapers. Since 2000, more than 185 structures of height more than 300 meters are built globally with China accounting for 52%, UAE accounting for 17%, and the US accounting for 9%.
The number of skyscrapers built per year has been growing with 8% CAGR since 1950s to 2021. This growing number of skyscraper construction represents significant opportunities for construction elevators to streamline the construction project.
Worker safety is of paramount importance in the construction industry, and regulatory frameworks are continually evolving to ensure a safe working environment. Regulations governing height and fall protection play a crucial role in ensuring the safety of construction workers working at elevated levels as falls from heights during construction work are estimated to be the cause of 30% of deaths on construction sites.
The Occupational Safety and Health Administration (OSHA) in the United States requires employers to provide fall protection systems when workers are exposed to vertical drops of six feet or more. To comply with these regulations, construction firms often utilize construction elevators as a safe and efficient means of vertical transportation. Construction elevators help minimize fall risks by providing secure and controlled transportation between different levels of the construction sites.
Besides new construction, renovation, and redevelopment projects also contribute to the demand for construction elevators. Refurbishing older buildings often requires temporary vertical transportation systems during construction. Renovation projects often involve significant structural modifications, additions, or refurbishments of existing buildings. Such projects require efficient vertical transportation solutions to move workers, tools, and materials within the confined spaces of the building.
Construction elevators offer a practical and safe solution for vertical transportation during renovation projects, facilitating task's smooth and timely completion. For instance, the renovation project of the Eiffel Tower in France used a customized construction elevator by Alimak. The increasing number of renovation projects is driving the demand for construction elevators in the construction industry.
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Which Region Is Projected to Offer the Largest Construction Elevators?
North America is a prominent shareholder in the market with a market size of US$ 217.8 Million in 2022. It is projected that North America will have a market worth US$ 329.2 Million by 2033.
The North American construction industry is subject to stringent safety regulations. OSHA has specific regulations pertaining to fall protection in construction under 29 CFR 1926 Subpart M. The regulations are intended to prevent fall-related accidents and injuries, which are among the leading causes of fatalities in the construction industry.
By having stringent fall protection regulations like those set forth by OSHA, the construction industry is compelled to prioritize worker safety when working at heights. Construction elevators, when designed and used in compliance with these regulations, offer a safer alternative to traditional methods of vertical transportation, such as ladders or scaffolding.
United States Construction Elevators Market Analysis :
The market in the United States is expected to grow to be worth US$ 274 Million with an absolute dollar growth of US$ 83.4 Million. The market in the United States marked a negative CAGR of -2.9% from 2018 to 2022 and is expected to grow at a CAGR of 3.4% from 2023 to 2033.
The construction sector in the US is expected to witness a significant boom with the US Bipartisan Infrastructure Law (BIL) which projects investments worth US$ 550 Billion over the next 10 years. The legislation of the law is expected to address the built environment of the US, which was rated C-minus by the American Society of Civil Engineers. The law is expected to modernize the country’s infrastructure through extensive upgrades. This is expected to create significant opportunities for construction elevators as these elevators are extensively used in renovation projects.
The US also has a significant number of construction elevator manufacturers, large-scale construction companies as well as rental services which contribute to its growth during the forecast period.
India Construction Elevators Market Analysis :
The market in India is expected to grow to be worth US$ 63.8 Million with an absolute dollar growth of US$ 25.7 Million. The market in India has grown at a CAGR of 0.8% from 2018 to 2022 and is expected to grow at a CAGR of 4.8% from the year 2023 to 2033.
As India experiences rapid urbanization and increasing population density, the demand for vertical urban expansion has led to a surge in high-rise building construction, especially in major cities like Mumbai, Delhi, Bangalore, and Hyderabad. There are currently around 200 skyscrapers in the country with Mumbai owning the highest share in the country and 22nd rank in the world’s largest number of skyscrapers in terms of city.
India also has a significant number of construction equipment manufacturing companies such as Spartan Engineering, and Jaypee Industries, and global manufacturers such as Alimak have a significant presence in the country which significantly influences the adoption of construction elevators for the country’s infrastructural growth.
China Construction Elevators Market Analysis :
The market in China is expected to grow to be worth US$ 147.7 Million with an absolute dollar growth of US$ 44 Million. The market in the country was negatively impacted and registered a CAGR of -0.5% from 2018 to 2022 due to Covid-19. The market in the country is expected to grow at a CAGR of 3.3% from 2023 to 2033.
Construction industry in China has been one of the most dynamic and rapidly growing sectors in the country. China's construction industry plays a crucial role in the country's economic development with industry contributing to 6.9% of the country’s GDP in 2022.
The country is consistently investing in infrastructural development to accommodate the growing population density of the country. The value of infrastructural projects under development in China was around US$ 5.1 Trillion in 2022. High-rise buildings own a significant share in these projects with China having the highest number of skyscrapers in the world. These instances create a favorable environment for the market growth in China.
Along with having a dynamic construction industry in China, the country is also home to some of the highest revenue-generating construction firms in the world. Around 70% of skyscrapers taller than 300 meters globally are built by Chinese construction companies. As construction elevators are suitable for the construction of these tall structures, the adoption of construction elevators by these companies creates significant opportunities in the country.
Germany Construction Elevators Market Analysis :
The market in Germany is expected to grow to be worth US$ 45.6 Million with an absolute dollar growth of US$ 14.4 Million. The market in Germany marked a negative CAGR of -2.6% from 2018 to 2022. The market in the country is expected to grow at a CAGR of 3.6% from 2023 to 2033.
The production value of the construction buildings industry in Germany is experiencing significant growth with the value exceeding US$ 106 Billion in 2022 up from US$ 96 Billion in 2021. This growth represents significant opportunities for construction elevators as they help streamline the construction workflow and reduce construction time.
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Through which Buyer Type is the Demand for Construction Elevators Is projected to Witness Significant Growth?
The construction elevators revenues through rental service companies marked a negative CAGR of -1.3% from 2018 to 2022. The market in the country is expected to grow at a CAGR of 4.2% from 2023 to 2033.
Purchasing construction elevators outright can be a substantial capital investment for construction companies. By opting for rental services, companies can avoid high initial costs, making it more affordable and accessible to use construction elevators.
The availability of rental services also allows construction elevator manufacturers to reach a broader customer base. Smaller construction companies and contractors who might not have been able to afford to purchase construction elevators can now access them through rental services. This influences the higher adoption of construction elevators by rental service companies compared to construction firms.
Why Demand through Used Elevators is projected to Witness Significant Growth?
Demand through used construction elevators is projected to witness the significant growth at a CAGR of 4.3% from 2023 to 2033.
The significant advantage of purchasing a used construction elevator is cost savings. Used elevators are generally priced lower than new ones, making them an attractive option for construction companies looking to optimize their budgets and reduce upfront expenses. Moreover, construction elevators have a long-life span and well-maintained construction elevators from a reputed brand can be used for around 15 years. This significantly influences the sales of used equipment due to lower costs.
Competitive Analysis :
Key players in the market are Alimak Group AB, Brand Safway, PEGA HOIST, STROS, Spartan Engineering Industries, Gaoli Engineering Machinery, XL Industries, Electroelsa Srl and GEDA GmbH.
Some of the recent developments in the market are :
- In August 2022, Alimak Group acquired height product and safety provider Tractel for US$ 510 million. This acquisition is a part of the company’s strategy to expand its product portfolio and regional presence. Tractel will continue its brand as Alimak’s new division.
- In March 2019, Canadian Fraco Products acquired the Spanish manufacturer of hoist and mast climber Saltec/Torgar. Fraco Products acquired hoists and mast climber products under the Torgar brand and Saltec’s 10,000-square-meter production facility in Spain.
- In September 2022, BrandSafway’s motorized manufacturing group Spider introduced the first UL-listed and battery-powered traction hoist in the market, SC1000 Relevation. This launch is aimed to reduce the downtimes due to power failure on construction sites.
Segmentation of the Market :
By Material Type :
- Up to 2000 Kg
- up to 150 m
- 150 to 250 m
- more than 250 m
- 2000 Kg to 4000 Kg
- up to 150 m
- 150 to 250 m
- more than 250 m
- 4000 Kg and above
- up to 150 m
- 150 to 250 m
- more than 250 m
- Up to 2000 Kg
By Buyer Type :
- Construction Companies
- Rental Services
By Elevator Life Stage :
- New Elevators
- Used Elevators
By Region :
- North America
- Latin America
- East Asia
- South Asia & ASEAN
- Middle East & Africa
- FAQs -
The global market size is estimated to be valued at US$ 712.5 Million in 2023.
The market is expected to reach a valuation of US$ 1.1 Billion by 2033.
The market registered a CAGR of -1% over the last 4 years.
The market is projected to witness a CAGR of 4.7% from 2023 to 2033.
Construction Elevators of capacity 2000 Kg to 4000 Kg is projected to witness significant demand with a projected CAGR of 4.1%.
Construction elevators demand through rental services is projected to grow at a CAGR of 4.2% during the forecast period.
The market in the United States is projected to be valued at US$ 274 Million and is expected to grow at a 3.4% CAGR.
Key players operating in the market are Alimak Group AB, Brand Safway, PEGA HOIST, STROS, Spartan Engineering Industries, Gaoli Engineering Machinery, XL Industries, Electroelsa Srl, and GEDA GmbH.