This, in turn, is likely to drive the global construction elevators market growth with significant value recording at USD 1.1 billion by 2033 from its previous value of USD 684.8 million in 2022. The expansion is expected at a CAGR of 4.7% due to growing demand in high-rise construction projects and infrastructural development across key regions such as the U.S., India, and China.
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Key Growth Drivers
Key growth factors in the construction elevators market include an infrastructure spending spree around the globe in recent times. The U.S., for one, is witnessing serious growth because of the Bipartisan Infrastructure Law, which has contributed USD 550 billion to update the infrastructure in the next decade. This is projected to boost demand for construction elevators as vital vertical transportation on building sites, especially in high-rise projects.
Key Companies Covered
- Alimak Group AB
- Brand Safway
- PEGA HOIST Ltd
- STROS
- Spartan Engineering Industries Pvt. Ltd
- Gaoli Engineering Machinery
- XL Industries
- Electroelsa Srl
- GEDA USA
- Fraco Products Ltd.
- CABR Construction Machinery
- Safi Group
- Saeclimber
Regional Highlights
United States: Large-scale investments in infrastructure coupled with the established construction sector is poised to yield high dividends for the market. Presence of key manufacturers and rental services engaged in supplying construction elevators also supports market growth by way of direct sale and rent.
India: The Indian construction elevator market is expected to grow at a CAGR of 4.8% due to rapid urbanization and high-rise buildings coming up across cities such as Mumbai, Delhi, and Bangalore. Both local manufacturers, such as Spartan Engineering, and international players like Alimak contribute to the demand for elevators.
China - Although China's construction sector went through a temporary decline due to the COVID-19 pandemic, its CAGR is likely to recover at a rate of 3.3% from 2023 to 2033. Substantial infrastructural investments by China have reached around USD 5.1 trillion in 2022, primarily for its growing population, which will indirectly increase the demand for construction elevators.
Market Trends
Growth of Rental Services: Due to the presence of economic benefits, rental services for construction elevators, instead of direct buying, have turned into a growth-oriented approach. The rental services allow flexibility in the deployment of the equipment by the construction firms and cut down on capital expenses. It is happening around the world, as growth in the rental services segment keeps pace with the growth in the overall construction equipment market.
Increasing Demand for Used Elevators: Demand for used construction elevators is also on the rise, considering the long life span of these machines along with their lower expenses. Second-hand elevators can avail companies of high-quality equipment at better prices, thereby easing the budget squeeze on construction firms.
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Competitive Landscape
The leading companies operating in the construction elevators market are Alimak Group AB, Brand Safway, PEGA HOIST, and Spartan Engineering Industries. All these companies are expanding their presence by indulging in collaboration with several rental service providers and innovating to meet growing demand for efficient vertical transportation solutions in construction.
Fundamentally, the driving forces for construction elevators development include global infrastructure development, rapid urbanization, and a greater need for vertical transportation in high-rise buildings. Growing trends of equipment rental and increased preference for used elevators further drive the growth, making it a dynamic sector to watch in the forthcoming years.
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