Boom for the world lift market

Assolifts | Elevator market.

Having an elevator inside your apartment building or corporate office can certainly be of great help, but no one could have imagined that within a few years the elevator business unit could grow to such an extent as to be unstoppable.

The first confirmations in this regard come from a recent estimate of Market Watchaccording to which the global market of the sector will reach 125 billion dollars in turnover by the end of the current year, then reaching 195 billion in revenues within the next 5 years (+56%), with an annual growth rate of 7 .6%.

Going into more detail, the US takes the stage with over 26 billion in investments during 2022. According to Businesswire, however, China will have an average annual increase of +5.45% within the next six years.

At European levelan insight into Research & Markets states that the Germany holds the majority stake (18%). It should be noted that Germany itself, Russia and the United Kingdom are among the top 10 locations in terms of investments worldwide. And again, according to Research & Markets, Poland, Bulgaria and Hungary are the three countries in Europe that will invest the most in lifts with the aim of updating local infrastructures.

And in Italy? More interesting data emerges from a recent report issued by Assolifts: in 2021 alone, Italy has a domestic market of almost 2 billion euros and a total turnover of almost 2.5 billion. Furthermore, Italy is the second country in the world for the number of lifts when compared to the population with almost one million lifts that make almost 100 million trips every day.

John Lorino | CEO Kone Italy

John Lorino | Chief Executive Officer Kone Italy.

«The Italian market in 2022 was positively influenced by tax bonuses in the construction sector. We are cautious because 2023 will always remain exposed to unpredictable variables such as: geo-political tensions, trend in the prices of raw materials, energy and components, in particular in Italy a negative trend is expected in investments in the construction market (-5.7 %, source Ance). The lift itself is more than just a link between floors, it is the very futuristic heart that characterizes each building. As a leading company in the sector, we are well aware of the potential and possible margins of development and, precisely for this reason, we take the field every day by offering intelligent solutions and, above all, in the name of safety. The more avant-garde the infrastructures and buildings become, the more the demand for the latest generation of lifts will grow in order to make the areas of the same complexes more interconnected with each other».

The elevator centered economic universe

The journey to discover the economic universe elevator centered continues with a curiosity highlighted by Statista: considering as geographical areas Europe, Africa and Asia, between 2011 and 2021 the number of lifts installed grew by 54%. Furthermore, apart from the peak reached in 2019 (about 190,000 lifts installed), a constant pace was recorded in the pandemic and post-pandemic period which led to the construction of almost 200,000 lifts in the geographical areas indicated.

Finally, the growth of the elevator business unit is further confirmed by a new in-depth study made in Market Watch focused on the equipment and services in support of elevators. In fact, the latter are joining a market that will reach nearly 13 billion dollars in turnover within the next four years with a CAGR of 5.2%.

Boom for the world lift market