GITNUX MARKETDATA REPORT 2024

Construction Lift Industry Statistics

The construction lift industry is projected to experience steady growth in the coming years, driven by increasing construction activities globally.

Highlights: Construction Lift Industry Statistics

  • The construction lift industry is expected to grow at a CAGR of around 7% during 2020-2025.
  • North America dominated the construction lift market by region in 2018.
  • China is predicted to be the fastest-growing market for construction lift.
  • Private investment in commercial and health care structures were leading demand drivers for the US construction lift market in 2019.
  • The largest product segment in the construction lift industry is heavy construction machinery.
  • The key market players in the construction lift industry include Alimak Group, GEDA, and Zoomlion among others.
  • The global building construction machinery and equipment market, part of the construction lift industry, is anticipated to grow at a CAGR of more than 6% during 2020-2024.
  • As of 2019, Asia Pacific accounted for a major revenue share of the global construction lift market, mainly due to rapid urbanization and commercialization.
  • There is increasing adoption of construction lifts in residential building projects.
  • In 2017, the construction lift market accounted for about 6% of the global construction equipment market.
  • Electric-powered construction lifts represent the largest technology segment in the market.
  • Heavy construction and mining industries form the strongest demand sectors for the construction lift market.
  • Safety regulations and labor laws are some of the crucial factors influencing the adoption of construction lifts.
  • The Indian construction lift market is expected to reach $3.3 billion by 2025.
  • The Middle East & Africa is predicted to witness a considerable growth in the construction lift market due to the rising construction sector.
  • By 2027, the construction lift market in Latin America is estimated to reach USD 5.4 billion in terms of revenue.

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The Latest Construction Lift Industry Statistics Explained

The construction lift industry is expected to grow at a CAGR of around 7% during 2020-2025.

This statistic indicates that the construction lift industry is poised for a consistent and stable growth trajectory over the period from 2020 to 2025, as reflected by the compound annual growth rate (CAGR) of approximately 7%. A CAGR of 7% suggests that the industry is projected to expand by an average rate of 7% each year during the specified period. This growth rate signifies a strong and positive outlook for the construction lift industry, indicating increasing demand for construction lifts and associated equipment as construction activities continue to rise. The CAGR provides a standardized measure to assess the industry’s growth potential over a multi-year period, allowing stakeholders to anticipate and plan for future market trends and opportunities within the industry.

North America dominated the construction lift market by region in 2018.

The statistic “North America dominated the construction lift market by region in 2018” indicates that among all regions, North America had the largest market share in the construction lift industry in 2018. This implies that a significant portion of the total sales, production, or usage of construction lifts occurred in North America compared to other regions such as Europe, Asia, or Latin America during that year. Factors contributing to North America’s dominance could include higher demand for construction projects, favorable economic conditions, technological advancements, or stronger industry presence in the region. This statistic highlights North America’s leading position in the construction lift market during the specified time period.

China is predicted to be the fastest-growing market for construction lift.

The statistic suggests that China is expected to experience the most rapid growth in demand for construction lifts compared to other markets worldwide. This prediction likely takes into account various factors such as rapid urbanization, infrastructure development, and industrial expansion in China. The growing construction industry in the country is driving the need for construction lifts to enhance efficiency and safety in building projects. As a result, manufacturers and suppliers of construction lifts are likely to focus on catering to the increasing demand in China, positioning it as the fastest-growing market in the industry.

Private investment in commercial and health care structures were leading demand drivers for the US construction lift market in 2019.

The statistic indicates that private investment in both commercial and health care structures played a crucial role in driving demand within the US construction lift market in 2019. This suggests that the demand for construction lifts was largely influenced by the construction and development activities within these sectors. Private investors in the commercial industry likely contributed to the construction of office buildings, retail spaces, and other commercial structures, while investments in health care structures may have included hospitals, clinics, and medical facilities. The emphasis on private investment signifies the importance of non-governmental funding in stimulating growth within the construction lift market, reflecting the overall economic activity and confidence within these specific sectors during that period.

The largest product segment in the construction lift industry is heavy construction machinery.

The statement indicates that heavy construction machinery holds the highest market share within the construction lift industry in terms of product segments. This means that of all the various types of construction lifts available in the market, heavy construction machinery, such as cranes, excavators, and bulldozers, represents the most significant portion of sales or usage. This statistic suggests that there is a high demand for heavy construction machinery within the industry, indicating that it is a crucial aspect of construction projects and plays a vital role in the sector’s operations. It also implies that businesses involved in manufacturing or distributing heavy construction machinery are likely to be key players in the construction lift industry.

The key market players in the construction lift industry include Alimak Group, GEDA, and Zoomlion among others.

The statistic stating that key market players in the construction lift industry include Alimak Group, GEDA, and Zoomlion among others indicates the dominant companies operating within the industry. These companies are considered significant players due to their strong market presence and influence in providing construction lift solutions. Alimak Group, GEDA, and Zoomlion are recognized for their expertise and innovation in developing and manufacturing construction lifts, elevating their status as industry leaders. The mention of ‘among others’ suggests that there are additional notable players in the market, further emphasizing the competitive landscape within the construction lift industry.

The global building construction machinery and equipment market, part of the construction lift industry, is anticipated to grow at a CAGR of more than 6% during 2020-2024.

This statistic indicates that the global market for building construction machinery and equipment, which is a segment of the broader construction lift industry, is projected to experience a Compound Annual Growth Rate (CAGR) of over 6% between 2020 and 2024. This suggests that there will be a consistent annual increase in the market size of construction machinery and equipment used in building projects worldwide over the specified period. The anticipated growth rate highlights potential opportunities for companies operating in this industry to expand their market presence and profitability through increased demand for building construction machinery and equipment.

As of 2019, Asia Pacific accounted for a major revenue share of the global construction lift market, mainly due to rapid urbanization and commercialization.

The statistic indicates that in 2019, the Asia Pacific region held a significant portion of the total revenue in the global construction lift market. This can be attributed to factors such as rapid urbanization and commercial development across the region. As cities in Asia Pacific continue to grow and expand, there is a high demand for construction lifts to support building projects and infrastructure development. The increased construction activities in both residential and commercial sectors in countries like China, India, and Southeast Asian nations have led to the growth of the construction lift market in the region, making it a dominant player in global market trends.

There is increasing adoption of construction lifts in residential building projects.

The statistic that there is increasing adoption of construction lifts in residential building projects implies a growing trend towards the use of vertical transportation systems in residential construction. This could be due to factors such as a greater focus on efficiency, safety, and convenience in building processes. Construction lifts can help streamline construction activities, improve worker productivity, and enhance safety by reducing the need for manual lifting of heavy materials and tools. This shift towards utilizing construction lifts in residential projects signifies a modernization of construction practices and a recognition of the benefits that such equipment can bring to the construction industry.

In 2017, the construction lift market accounted for about 6% of the global construction equipment market.

This statistic indicates that in 2017, the construction lift market, which refers to the market segment specific to the manufacturing and sales of lifts and hoists used in construction projects, comprised approximately 6% of the overall global construction equipment market. This figure suggests that construction lifts represent a significant but relatively small portion of the broader construction equipment industry. The data implies that there is a substantial demand for construction lifts within the construction sector, but other types of construction equipment collectively make up a larger share of the market. Understanding the proportion of the construction lift market in relation to the total construction equipment market provides insight into the industry dynamics and helps inform business strategies and market projections within the construction equipment sector.

Electric-powered construction lifts represent the largest technology segment in the market.

The statistic stating that electric-powered construction lifts represent the largest technology segment in the market indicates that among various types of construction lifts available, those powered by electricity hold the greatest market share relative to other technologies such as diesel or hydraulic-powered lifts. This suggests a significant preference for electric-powered lifts in the construction industry, possibly due to factors like environmental concerns, cost-efficiency, ease of maintenance, or regulatory requirements. The dominance of electric-powered lifts in the market implies that manufacturers, suppliers, and consumers are increasingly embracing this technology over alternative options, shaping the current landscape of the construction lift industry.

Heavy construction and mining industries form the strongest demand sectors for the construction lift market.

This statistic indicates that the heavy construction and mining industries are the primary drivers of demand for construction lifts in the market. These sectors require specialized equipment such as construction lifts for various applications such as moving heavy materials, equipment, and personnel in their operations. The demand for construction lifts in these industries is particularly strong due to the nature of their work, which often involves working at heights and in challenging environments. As such, manufacturers and suppliers of construction lifts may focus their marketing and product development efforts towards meeting the specific needs of these sectors to capitalize on the strong demand and potentially expand their market share.

Safety regulations and labor laws are some of the crucial factors influencing the adoption of construction lifts.

This statistic suggests that safety regulations and labor laws play a significant role in shaping the utilization and acceptance of construction lifts within the industry. Safety regulations set standards for the appropriate use of equipment like construction lifts, ensuring the protection of workers and minimizing workplace accidents. Compliance with labor laws may also impact the implementation of construction lifts, as companies may need to invest in these devices to meet required safety standards and protect the well-being of their employees. By highlighting the importance of safety regulations and labor laws, this statistic emphasizes the need to consider regulatory frameworks and legal requirements when analyzing the factors influencing the adoption of construction lifts in the construction industry.

The Indian construction lift market is expected to reach $3.3 billion by 2025.

This statistic indicates the projected growth and market size of the construction lift industry in India, with an anticipated total value of $3.3 billion by the year 2025. This forecast suggests a positive trend in the demand for construction lifts within the Indian market, likely driven by factors such as urbanization, infrastructure development, and increased construction activities. The estimated growth in market size reflects opportunities for companies operating in the construction lift sector to expand their business and cater to the rising need for vertical transportation solutions in India’s construction projects.

The Middle East & Africa is predicted to witness a considerable growth in the construction lift market due to the rising construction sector.

The statistic suggests that the construction lift market in the Middle East & Africa region is expected to experience significant growth in the coming years, primarily driven by the expanding construction sector in the region. The increasing construction activities, such as infrastructure development, residential and commercial projects, and industrial construction, are creating a strong demand for construction lifts to aid in vertical transportation of materials and workers at construction sites. This growth is indicative of the overall economic development and urbanization trends taking place in the Middle East & Africa region, highlighting the importance of construction lifts in supporting efficient and timely completion of construction projects in the area.

By 2027, the construction lift market in Latin America is estimated to reach USD 5.4 billion in terms of revenue.

The statistic indicates that the construction lift market in Latin America is projected to experience significant growth, with an estimated revenue of USD 5.4 billion by the year 2027. This suggests a substantial increase in demand for construction lifts in the region, driven by factors such as infrastructure development, urbanization, and construction projects. The projected revenue figure reflects the expected value of sales and services related to construction lifts in Latin America over the next few years, highlighting the potential economic opportunities in the construction equipment industry within the region.

Conclusion

With the data presented on the construction lift industry statistics, it is clear that this sector plays a vital role in the construction and infrastructure development worldwide. The statistics offer valuable insights into the growth trends, market dynamics, and technological advancements within the industry. Stakeholders can use this information to make informed decisions and strategize for the future of the construction lift sector.

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How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

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