Lift, Elevator, Stairway and Dragline Market

The article discusses the forecasted performance of the global market for lifts, elevators, moving stairways and draglines, highlighting trends in consumption, market volume, and market value. It provides insights into key consuming and producing countries, as well as trends in imports and exports. The data reveals fluctuations in production, consumption, and trade over the period from 2012 to 2022, with notable growth rates in certain countries. Overall, the article offers a comprehensive overview of the market dynamics and trends in the lifts and elevators industry worldwide.

Market Forecast

Driven by increasing demand for lifts, elevators, moving stairways and draglines worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market volume to 3.3M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.0% for the period from 2022 to 2030, which is projected to bring the market value to $45.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Lifts, Elevators, Moving Stairways and Draglines

In 2022, approx. 2.6M units of lifts, elevators, moving stairways and draglines were consumed worldwide; reducing by -4.3% on 2021. In general, the total consumption indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +18.7% against 2016 indices. Over the period under review, global consumption attained the peak volume at 2.7M units in 2021, and then reduced modestly in the following year.

The revenue of the market for lifts, elevators, moving stairways and draglines worldwide fell slightly to $30.5B in 2022, waning by -2.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market attained the maximum level at $31.1B in 2021, and then contracted in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (396K units), China (365K units) and India (183K units), with a combined 37% share of global consumption. Denmark, Spain, the Netherlands, Japan, Singapore, Brazil, Canada, Germany, Turkey and Russia lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Denmark (with a CAGR of +30.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest lift, elevator, stairway and dragline markets worldwide were China ($5.4B), the United States ($4.9B) and Turkey ($2.6B), together comprising 43% of the global market. Japan, Spain, Russia, Brazil, the Netherlands, Germany, Denmark, India, Canada and Singapore lagged somewhat behind, together accounting for a further 21%.

Among the main consuming countries, Denmark, with a CAGR of +28.2%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of lift, elevator, stairway and dragline per capita consumption was registered in Denmark (30 units per 1000 persons), followed by Singapore (14 units per 1000 persons), the Netherlands (5.6 units per 1000 persons) and Spain (2.8 units per 1000 persons), while the world average per capita consumption of lift, elevator, stairway and dragline was estimated at 0.3 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the lift, elevator, stairway and dragline per capita consumption in Denmark amounted to +29.5%. In the other countries, the average annual rates were as follows: Singapore (+23.8% per year) and the Netherlands (+10.3% per year).

Production

World Production of Lifts, Elevators, Moving Stairways and Draglines

Global lift, elevator, stairway and dragline production totaled 2.4M units in 2022, leveling off at the year before. Over the period under review, the total production indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +70.6% against 2012 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 19%. Over the period under review, global production reached the peak volume in 2022 and is likely to continue growth in the immediate term.

In value terms, lift, elevator, stairway and dragline production contracted slightly to $22.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 11%. As a result, production reached the peak level of $28.3B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (535K units), India (359K units) and the United States (226K units), together comprising 46% of global production. Denmark, Spain, Japan, the Netherlands, Germany, Italy, Turkey, Brazil, France and Thailand lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +29.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Lifts, Elevators, Moving Stairways and Draglines

In 2022, approx. 1M units of lifts, elevators, moving stairways and draglines were imported worldwide; increasing by 7% compared with 2021 figures. Over the period under review, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.8% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of 26%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, lift, elevator, stairway and dragline imports totaled $8.4B in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 9.7% against the previous year. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

The United States (195K units) and Canada (164K units) represented the major importers of lifts, elevators, moving stairways and draglines in 2022, reaching approx. 19% and 16% of total imports, respectively. It was distantly followed by India (97K units) and Singapore (84K units), together making up an 18% share of total imports. The following importers - the Philippines (39K units), Russia (25K units), the UK (21K units), Australia (17K units), Switzerland (16K units) and Qatar (16K units) - together made up 13% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +18.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($559M), the UK ($416M) and Russia ($367M) were the countries with the highest levels of imports in 2022, with a combined 16% share of global imports.

Among the main importing countries, the United States, with a CAGR of +6.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for lifts, elevators, moving stairways and draglines amounted to $8,159 per unit, leveling off at the previous year. Overall, the import price, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2017 an increase of 7.3% against the previous year. Global import price peaked at $14,533 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($19,791 per unit), while Singapore ($1,296 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (-0.9%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Lifts, Elevators, Moving Stairways and Draglines

In 2022, the amount of lifts, elevators, moving stairways and draglines exported worldwide skyrocketed to 905K units, picking up by 27% against 2021 figures. In general, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +85.4% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, lift, elevator, stairway and dragline exports stood at $8.9B in 2022. The total export value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2013 when exports increased by 12% against the previous year. The global exports peaked at $9.2B in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, India (272K units), distantly followed by China (174K units), Canada (94K units), Spain (52K units) and Italy (47K units) represented the major exporters of lifts, elevators, moving stairways and draglines, together committing 71% of total exports. Slovakia (31K units), Germany (28K units), the United States (25K units), France (21K units) and the Netherlands (14K units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +40.9%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($2.2B) remains the largest lift, elevator, stairway and dragline supplier worldwide, comprising 25% of global exports. The second position in the ranking was taken by Italy ($800M), with a 9% share of global exports. It was followed by Spain, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +3.2%. In the other countries, the average annual rates were as follows: Italy (+0.9% per year) and Spain (+3.4% per year).

Export Prices By Country

In 2022, the average export price for lifts, elevators, moving stairways and draglines amounted to $9,842 per unit, with a decrease of -18.7% against the previous year. In general, the export price saw a drastic downturn. The growth pace was the most rapid in 2015 when the average export price increased by 3.3%. Over the period under review, the average export prices hit record highs at $17,200 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($38,715 per unit), while India ($585 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+14.4%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform