Lift And Hoist Market

The global lift and hoist market is projected to exhibit an upward consumption trend over the next eight years, with forecasted growth in both unit volume and market value. Key highlights include peak consumption volume in 2012, declining market revenue in 2022, and increasing production and imports in certain countries. China emerges as a prominent player in both production and value, while the Philippines shows significant growth in consumption and imports. Global export volumes and values are expected to see continued growth in the near future.

Market Forecast

Driven by rising demand for lift and hoist worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market volume to 1.6M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $22.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Lifts And Hoists

In 2022, approx. 1.2M units of lifts and hoists were consumed worldwide; approximately reflecting the previous year's figure. Over the period under review, consumption recorded a perceptible shrinkage. Over the period under review, global consumption attained the peak volume at 1.5M units in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global lift and hoist market revenue dropped to $15.3B in 2022, shrinking by -6.2% 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). Overall, consumption continues to indicate a perceptible setback. Global consumption peaked at $20.7B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (237K units), the United States (162K units) and India (143K units), with a combined 44% share of global consumption. Canada, Brazil, the Philippines, Japan, the Netherlands, the UK and Spain lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the Philippines (with a CAGR of +26.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($4.3B) led the market, alone. The second position in the ranking was taken by Japan ($935M). It was followed by Brazil.

From 2012 to 2022, the average annual growth rate of value in China was relatively modest. The remaining consuming countries recorded the following average annual rates of market growth: Japan (+0.5% per year) and Brazil (-19.5% per year).

The countries with the highest levels of lift and hoist per capita consumption in 2022 were Canada (2,715 units per million persons), the Netherlands (1,691 units per million persons) and the Philippines (541 units per million persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the Philippines (with a CAGR of +24.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Lifts And Hoists

In 2022, global production of lifts and hoists expanded remarkably to 1M units, surging by 5.4% against the previous year. In general, production, however, continues to indicate a noticeable descent. The growth pace was the most rapid in 2015 when the production volume increased by 30%. Over the period under review, global production attained the maximum volume at 1.4M units in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, lift and hoist production contracted to $13.8B in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 8.7%. Over the period under review, global production hit record highs at $17.9B in 2018; however, from 2019 to 2022, production remained at a lower figure.

Production By Country

China (333K units) remains the largest lift and hoist producing country worldwide, accounting for 32% of total volume. Moreover, lift and hoist production in China exceeded the figures recorded by the second-largest producer, India (147K units), twofold. The third position in this ranking was taken by Canada (114K units), with an 11% share.

In China, lift and hoist production increased at an average annual rate of +3.6% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+10.8% per year) and Canada (+36.8% per year).

Imports

World Imports of Lifts And Hoists

In 2022, overseas purchases of lifts and hoists decreased by -13.4% to 649K units for the first time since 2017, thus ending a four-year rising trend. Overall, total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when imports increased by 36% against the previous year. Over the period under review, global imports hit record highs at 749K units in 2021, and then dropped in the following year.

In value terms, lift and hoist imports stood at $6.1B in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 8.8% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports By Country

In 2022, the United States (167K units), distantly followed by Canada (81K units) and the Philippines (61K units) represented the main importers of lifts and hoists, together generating 48% of total imports. The UK (21K units), India (21K units), Singapore (15K units), Switzerland (14K units), Australia (14K units), Norway (14K units), the Netherlands (12K units), Germany (11K units) and Russia (11K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to lift and hoist imports into the United States stood at +10.9%. At the same time, the Philippines (+26.0%), Canada (+9.0%), Norway (+8.7%), Germany (+8.7%), the UK (+8.3%), Australia (+6.5%), the Netherlands (+5.6%), India (+3.1%) and Switzerland (+2.6%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in the world, with a CAGR of +26.0% from 2012-2022. By contrast, Russia (-3.2%) and Singapore (-3.5%) illustrated a downward trend over the same period. The United States (+13 p.p.), the Philippines (+8.1 p.p.) and Canada (+5.2 p.p.) significantly strengthened its position in terms of the global imports, while Russia and Singapore saw its share reduced by -1.5% and -2.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the UK ($375M), the Netherlands ($291M) and the United States ($281M) constituted the countries with the highest levels of imports in 2022, together comprising 16% of global imports. Germany, Canada, Australia, Russia, Switzerland, India, Singapore, the Philippines and Norway lagged somewhat behind, together comprising a further 24%.

Germany, with a CAGR of +8.7%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average lift and hoist import price stood at $9,347 per unit in 2022, surging by 20% against the previous year. Overall, the import price, however, showed a slight downturn. Global import price peaked at $13,125 per unit in 2014; however, from 2015 to 2022, import prices stood 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 the Netherlands ($25,274 per unit), while the Philippines ($1,310 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+0.6%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Lifts And Hoists

Global lift and hoist exports fell to 450K units in 2022, waning by -8% compared with 2021 figures. Overall, total exports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +14.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 24% against the previous year. As a result, the exports attained the peak of 490K units, and then declined in the following year.

In value terms, lift and hoist exports expanded modestly to $6.6B in 2022. The total export value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2013 when exports increased by 12%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

China (98K units) and Canada (91K units) represented roughly 42% of total exports in 2022. Spain (48K units) held the next position in the ranking, followed by Italy (30K units), Slovakia (26K units), India (24K units) and Germany (21K units). All these countries together took approx. 33% share of total exports. The United States (15K units), the Netherlands (11K units), Turkey (11K units) and Thailand (9.7K units) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Slovakia (with a CAGR of +72.4%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($1.7B) remains the largest lift and hoist supplier worldwide, comprising 26% of global exports. The second position in the ranking was held by Spain ($728M), with an 11% share of global exports. It was followed by Italy, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +5.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+4.8% per year) and Italy (+0.2% per year).

Export Prices By Country

In 2022, the average lift and hoist export price amounted to $14,603 per unit, increasing by 12% against the previous year. Overall, the export price, however, recorded a mild reduction. The pace of growth appeared the most rapid in 2013 an increase of 14%. Over the period under review, the average export prices attained the peak figure at $20,648 per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($43,099 per unit), while Canada ($1,484 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+7.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform