Continuous-Action Elevators And Conveyors Market

The global market for continuous-action elevators and conveyors is expected to see steady growth from 2022 to 2030, with a forecasted increase in both volume and value terms. The United States leads in both production and consumption of these products, accounting for a significant portion of the market. The market has seen fluctuations in consumption and production over the years, with notable growth rates in key countries such as Singapore, India, and Canada. Imports and exports of continuous-action elevators and conveyors have also shown growth trends, with China being the largest exporter and the United States being a major importer. Overall, the market outlook for continuous-action elevators and conveyors is positive, with continued growth expected in the coming years.

Market Forecast

Driven by increasing demand for continuous-action elevators and conveyors worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +5.6% for the period from 2022 to 2030, which is projected to bring the market volume to 19M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.1% for the period from 2022 to 2030, which is projected to bring the market value to $378B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Continuous-Action Elevators And Conveyors

In 2022, consumption of continuous-action elevators and conveyors was finally on the rise to reach 12M units for the first time since 2019, thus ending a two-year declining trend. In general, consumption saw prominent growth. Over the period under review, global consumption hit record highs at 15M units in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global continuous-action elevators and conveyors market revenue declined modestly to $235.9B in 2022, shrinking by -3.1% 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). Over the period under review, consumption showed a resilient increase. Over the period under review, the global market attained the maximum level at $270.8B in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Consumption By Country

The country with the largest volume of continuous-action elevators and conveyors consumption was the United States (6.8M units), accounting for 55% of total volume. Moreover, continuous-action elevators and conveyors consumption in the United States exceeded the figures recorded by the second-largest consumer, India (1M units), sevenfold. The third position in this ranking was held by Canada (429K units), with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States totaled +21.0%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+20.9% per year) and Canada (+26.0% per year).

In value terms, Japan ($141.4B) led the market, alone. The second position in the ranking was held by the United States ($34.3B). It was followed by China.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan stood at +10.2%. In the other countries, the average annual rates were as follows: the United States (+15.8% per year) and China (+1.2% per year).

The countries with the highest levels of continuous-action elevators and conveyors per capita consumption in 2022 were Singapore (59 units per 1000 persons), Denmark (44 units per 1000 persons) and the United States (20 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Singapore (with a CAGR of +62.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Continuous-Action Elevators And Conveyors

In 2022, global production of continuous-action elevators and conveyors expanded modestly to 10M units, with an increase of 1.7% compared with the previous year. Overall, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 54% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, continuous-action elevators and conveyors production reached $209B in 2022 estimated in export price. Over the period under review, production showed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 44% against the previous year. Global production peaked at $220.1B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

The United States (5.6M units) constituted the country with the largest volume of continuous-action elevators and conveyors production, comprising approx. 54% of total volume. Moreover, continuous-action elevators and conveyors production in the United States exceeded the figures recorded by the second-largest producer, China (1.3M units), fourfold. The third position in this ranking was held by India (427K units), with a 4.1% share.

In the United States, continuous-action elevators and conveyors production increased at an average annual rate of +21.1% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: China (+17.1% per year) and India (+12.2% per year).

Imports

World Imports of Continuous-Action Elevators And Conveyors

In 2022, overseas purchases of continuous-action elevators and conveyors increased by 16% to 5.3M units for the first time since 2019, thus ending a two-year declining trend. Overall, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2019 with an increase of 103% against the previous year. As a result, imports attained the peak of 6.8M units. From 2020 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, continuous-action elevators and conveyors imports expanded significantly to $12.2B in 2022. The total import value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 14% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, the United States (1.6M units), distantly followed by India (960K units), Canada (622K units), Singapore (461K units) and Thailand (317K units) represented the main importers of continuous-action elevators and conveyors, together comprising 75% of total imports. The following importers - Mexico (154K units), Australia (143K units), the Philippines (123K units) and Chile (87K units) - together made up 9.5% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of +46.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.5B) constitutes the largest market for imported continuous-action elevators and conveyors worldwide, comprising 20% of global imports. The second position in the ranking was held by Canada ($409M), with a 3.4% share of global imports. It was followed by Mexico, with a 3.3% share.

In the United States, continuous-action elevators and conveyors imports increased at an average annual rate of +10.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Canada (+3.5% per year) and Mexico (+0.7% per year).

Import Prices By Country

The average continuous-action elevators and conveyors import price stood at $2,293 per unit in 2022, declining by -6.6% against the previous year. Overall, the import price saw a abrupt descent. The most prominent rate of growth was recorded in 2013 when the average import price increased by 44% against the previous year. As a result, import price attained the peak level of $6,518 per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($2,589 per unit), while Singapore ($149 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+13.8%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Continuous-Action Elevators And Conveyors

For the fourth year in a row, the global market recorded growth in overseas shipments of continuous-action elevators and conveyors, which increased by 32% to 3.3M units in 2022. In general, exports posted a resilient expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 63% against the previous year. The global exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, continuous-action elevators and conveyors exports rose modestly to $12.5B in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 18%. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports By Country

In 2022, China (974K units) was the largest exporter of continuous-action elevators and conveyors, committing 29% of total exports. The United States (390K units) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by India (11%), Canada (5.8%) and Singapore (5.4%). The following exporters - Germany (133K units), Malaysia (124K units), Mexico (115K units), Australia (109K units), Brazil (107K units), South Korea (91K units), Italy (74K units) and South Africa (56K units) - together made up 24% of total exports.

From 2012 to 2022, average annual rates of growth with regard to continuous-action elevators and conveyors exports from China stood at +22.6%. At the same time, India (+51.8%), South Africa (+49.1%), Malaysia (+20.5%), Australia (+16.3%), the United States (+15.9%), Singapore (+11.3%), South Korea (+11.2%), Brazil (+10.6%), Mexico (+8.6%), Canada (+8.4%), Italy (+6.6%) and Germany (+1.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +51.8% from 2012-2022. From 2012 to 2022, the share of China, India, the United States, Malaysia and South Africa increased by +16, +10, +2.4, +1.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest continuous-action elevators and conveyors supplying countries worldwide were China ($2.3B), Germany ($1.8B) and Italy ($976M), together comprising 41% of global exports. The United States, Canada, South Korea, Mexico, Brazil, India, Malaysia, Singapore, South Africa and Australia lagged somewhat behind, together comprising a further 18%.

India, with a CAGR of +12.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average continuous-action elevators and conveyors export price amounted to $3,772 per unit, dropping by -21.2% against the previous year. In general, the export price showed a deep setback. The pace of growth was the most pronounced in 2015 when the average export price increased by 73% against the previous year. As a result, the export price reached the peak level of $12,257 per unit. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($13,828 per unit), while Australia ($149 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+3.7%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform