Elevators and Conveyors other than Pneumatic, Belt- or Bucket-Type Market

The article provides an in-depth analysis of the global market for elevators and conveyors other than pneumatic, belt- or bucket-type, highlighting trends in consumption, production, imports, and exports. Key findings include a projected increase in market volume and value by 2030, with insights on the largest consuming, producing, importing, and exporting countries. The data indicates steady growth in the market, with fluctuations in trend patterns observed over the years.

Market Forecast

Driven by increasing demand for elevators and conveyors other than pneumatic, belt- or bucket-type worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 4.4M 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 $25.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Elevators and Conveyors other than Pneumatic, Belt- or Bucket-Type

In 2022, the amount of elevators and conveyors other than pneumatic, belt- or bucket-type consumed worldwide shrank to 3.3M units, with a decrease of -12.4% on 2021. The total consumption volume increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 3.7M units in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The value of the market for elevators and conveyors other than pneumatic, belt- or bucket-type worldwide fell to $15.7B in 2022, declining by -14.7% 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). In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $19.8B. From 2018 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The United States (1M units) remains the largest elevators and conveyors other than pneumatic, belt- or bucket-type consuming country worldwide, comprising approx. 31% of total volume. Moreover, consumption of elevators and conveyors other than pneumatic, belt- or bucket-type in the United States exceeded the figures recorded by the second-largest consumer, India (262K units), fourfold. The third position in this ranking was taken by Germany (236K units), with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States amounted to +12.4%. In the other countries, the average annual rates were as follows: India (+6.4% per year) and Germany (+4.7% per year).

In value terms, Germany ($2.1B), the United States ($1.7B) and Japan ($1.6B) were the countries with the highest levels of market value in 2022, with a combined 34% share of the global market. Russia, India, Australia, China, Italy, Spain, Chile, Thailand, Canada and Mexico lagged somewhat behind, together comprising a further 24%.

Chile, with a CAGR of +33.0%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while bucket-type for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of elevators and conveyors other than pneumatic, belt- or bucket-type per capita consumption in 2022 were Australia (5.3 units per 1000 persons), Chile (3.3 units per 1000 persons) and the United States (3.1 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +35.2%), while bucket-type for the other global leaders experienced more modest paces of growth.

Production

World Production of Elevators and Conveyors other than Pneumatic, Belt- or Bucket-Type

In 2022, the amount of elevators and conveyors other than pneumatic, belt- or bucket-type produced worldwide contracted to 2.5M units, which is down by -6.6% against 2021. The total output volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 28%. Global production peaked at 2.6M units in 2021, and then reduced in the following year.

In value terms, production of elevators and conveyors other than pneumatic, belt- or bucket-type declined slightly to $14.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 34% against the previous year. Over the period under review, global production of hit record highs at $17.7B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Production By Country

China (733K units) constituted the country with the largest volume of production of elevators and conveyors other than pneumatic, belt- or bucket-type, accounting for 30% of total volume. Moreover, production of elevators and conveyors other than pneumatic, belt- or bucket-type in China exceeded the figures recorded by the second-largest producer, Germany (281K units), threefold. The third position in this ranking was held by India (242K units), with a 9.8% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +10.1%. The remaining producing countries recorded the following average annual rates of production growth: Germany (+3.6% per year) and India (+6.1% per year).

Imports

World Imports of Elevators and Conveyors other than Pneumatic, Belt- or Bucket-Type

In 2022, global imports of elevators and conveyors other than pneumatic, belt- or bucket-type expanded rapidly to 2.8M units, with an increase of 13% on the year before. In general, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 32% against the previous year. Over the period under review, global imports of attained the peak figure at 2.8M units in 2019; afterwards, it flattened through to 2022.

In value terms, imports of elevators and conveyors other than pneumatic, belt- or bucket-type expanded sharply to $6.9B in 2022. The total import value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 20%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (1.4M units) represented the largest importer of elevators and conveyors other than pneumatic, belt- or bucket-type, constituting 49% of total imports. Canada (259K units) held a 9.2% share (based on physical terms) of total imports, which put it in second place, followed by Australia (4.5%). Mexico (106K units), Thailand (97K units), Chile (63K units), Singapore (62K units), Malaysia (56K units) and Germany (44K units) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to elevators and conveyors other than pneumatic, belt- or bucket-type imports into the United States stood at +19.9%. At the same time, Chile (+36.6%), Australia (+25.5%), Malaysia (+18.6%), Singapore (+13.3%), Germany (+9.3%) and Canada (+2.2%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in the world, with a CAGR of +36.6% from 2012-2022. By contrast, Thailand (-5.3%) and Mexico (-10.5%) illustrated a downward trend over the same period. While the share of the United States (+35 p.p.), Australia (+3.7 p.p.) and Chile (+2.1 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Canada (-4.2 p.p.), Thailand (-7.3 p.p.) and Mexico (-16.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.5B) constitutes the largest market for imported elevators and conveyors other than pneumatic, belt- or bucket-type worldwide, comprising 22% of global imports. The second position in the ranking was taken by Germany ($366M), with a 5.3% share of global imports. It was followed by Mexico, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +11.6%. In the other countries, the average annual rates were as follows: Germany (+5.4% per year) and Mexico (+4.3% per year).

Import Prices By Country

The average import price for elevators and conveyors other than pneumatic, belt- or bucket-type stood at $2,431 per unit in 2022, declining by -6.7% against the previous year. In general, the import price continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2013 when the average import price increased by 32%. Over the period under review, average import prices reached the maximum at $4,935 per unit in 2014; however, from 2015 to 2022, import prices remained at a 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 Germany ($8,332 per unit), while Singapore ($768 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+16.5%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Elevators and Conveyors other than Pneumatic, Belt- or Bucket-Type

Global exports of elevators and conveyors other than pneumatic, belt- or bucket-type surged to 2M units in 2022, picking up by 43% against the previous year's figure. Overall, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 66%. The global exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, exports of elevators and conveyors other than pneumatic, belt- or bucket-type rose to $6.7B in 2022. The total export value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 24% against the previous year. Over the period under review, the global exports of attained the maximum in 2022 and are likely to see steady growth in years to come.

Exports By Country

China represented the main exporter of elevators and conveyors other than pneumatic, belt- or bucket-type in the world, with the volume of exports accounting for 673K units, which was approx. 33% of total exports in 2022. The United States (366K units) held the second position in the ranking, distantly followed by Canada (167K units), Taiwan (Chinese) (147K units) and Singapore (97K units). All these countries together took near 39% share of total exports. Germany (89K units), Mexico (47K units), Italy (44K units), Brazil (41K units), South Africa (37K units), the Netherlands (33K units) and Malaysia (32K units) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +47.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest elevators and conveyors other than pneumatic, belt- or bucket-type supplying countries worldwide were China ($1.1B), Germany ($964M) and Italy ($464M), with a combined 38% share of global exports. The Netherlands, the United States, Canada, Taiwan (Chinese), Mexico, Brazil, Malaysia, South Africa and Singapore lagged somewhat behind, together comprising a further 22%.

Among the main exporting countries, Mexico, with a CAGR of +10.4%, recorded the highest rates of growth with regard to the value of exports, 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 export price for elevators and conveyors other than pneumatic, belt- or bucket-type amounted to $3,340 per unit, waning by -28% against the previous year. Overall, the export price showed a deep reduction. The pace of growth was the most pronounced in 2018 an increase of 15%. Over the period under review, the average export prices hit record highs at $9,156 per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($11,746 per unit), while Singapore ($87 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.4%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform