Construction Lift Market Trends and Forecast
The future of the global construction lift market looks promising with opportunities in the non-residential and residential markets. The global construction lift market is expected to reach an estimated $0.6 billion by 2030 with a CAGR of 6.7% from 2024 to 2030. The major drivers for this market are rising demand for taller buildings, growing focus on worker safety, and increasing need to renovate and maintain existing infrastructure.
• Lucintel forecasts that construction hoist is expected to witness the highest growth over the forecast period.
• Within this market, non-residential is expected to witness the higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Construction Lift Market
• United States: In 2023, United Rentals announced a $500 million investment to expand its fleet of construction lifts, aiming to enhance sustainability with electric models. The U.S. government allocated funds for infrastructure, boosting demand for advanced lifting equipment.
• Germany: In 2024, Liebherr introduced a new series of energy-efficient construction lifts, targeting a 20% reduction in carbon emissions by 2025. The German government’s green initiatives include subsidies for eco-friendly construction machinery.
• China: Sany Heavy Industry launched a smart lift system in 2023, aiming to increase efficiency by 30%. The Chinese government’s 14th Five-Year Plan emphasizes infrastructure development, driving demand for high-tech construction equipment.
• United Kingdom: JLG Industries announced a partnership with a UK-based rental company in 2023 to provide electric lifts, supporting the UKÄX%$%Xs net-zero emissions target by 2050. Government incentives are promoting the adoption of sustainable construction technologies.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Construction Lift Market by Segment
The study includes a forecast for the global construction lift market by type, application, and region.
Construction Lift Market by Type [Value from 2018 to 2030]:
• Construction Hoists
• Material Hoists
• Work Platforms
Construction Lift Market by Application [Value from 2018 to 2030]:
• Non-Residential
• Residential
Construction Lift Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Construction Lift Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies construction lift companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the construction lift companies profiled in this report include-
• Fraco Products
• Xl Industries
• Maber
• Stros
• Geda-Usa
• Cabr Construction Machinery Technology
• Gaoli Engineering Machinery
Recent Development in the Construction Lift Market
• Terex Corporation: Terex introduced the Genie® Z-45 FE hybrid articulating boom lift, which provides enhanced fuel efficiency and lower emissions. The lift is designed to operate in a wide range of environments, making it versatile for various construction applications.
• JLG Industries: JLG launched the 670SJ self-leveling boom lift, which automatically adjusts to terrain changes, ensuring stability and safety on uneven surfaces. This innovation aims to increase productivity and safety on job sites.
• Haulotte Group: Haulotte announced the development of the Pulseo generation electric lifts, which include the HA20 LE and HA20 LE PRO models. These lifts are eco-friendly, offering zero emissions and reduced noise levels, suitable for both indoor and outdoor construction work.
• Manitou Group: Manitou unveiled its new line of high-capacity telehandlers, specifically designed for the construction sector. These telehandlers offer increased lifting height and capacity, improving efficiency in handling heavy materials on site.
• Snorkel: Snorkel expanded its product line with the addition of the 660SJ all-terrain boom lift. This model is designed to tackle rough terrains, providing reliable performance and enhanced operator safety in challenging construction environments.
Features of the Global Construction Lift Market
Market Size Estimates: Construction lift market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Construction lift market size by type, application, and region in terms of value ($B).
Regional Analysis: Construction lift market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the construction lift market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the construction lift market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the construction lift market size?
Answer: The global construction lift market is expected to reach an estimated $0.6 billion by 2030.
Q2. What is the growth forecast for construction lift market?
Answer: The global construction lift market is expected to grow with a CAGR of 6.7% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the construction lift market?
Answer: The major drivers for this market are rising demand for taller buildings, growing focus on worker safety, and increasing need to renovate and maintain existing infrastructure.
Q4. What are the major segments for construction lift market?
Answer: The future of the construction lift market looks promising with opportunities in the non-residential and residential markets.
Q5. Who are the key construction lift market companies?
Answer: Some of the key construction lift companies are as follows:
• Fraco Products
• Xl Industries
• Maber
• Stros
• Geda-Usa
• Cabr Construction Machinery Technology
• Gaoli Engineering Machinery
Q6. Which construction lift market segment will be the largest in future?
Answer: Lucintel forecasts that construction hoist is expected to witness the highest growth over the forecast period.
Q7. In construction lift market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the construction lift market by type (construction hoists, material hoists, and work platforms), application (non-residential and residential), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Construction Lift Market, Construction Lift Market Size, Construction Lift Market Growth, Construction Lift Market Analysis, Construction Lift Market Report, Construction Lift Market Share, Construction Lift Market Trends, Construction Lift Market Forecast, Construction Lift Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.