Construction Lifts Market Report by Technavio Predicts 6% CAGR During 2020-2024

LONDON--(BUSINESS WIRE)--The construction lifts market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the increasing investments in the construction of high-rise buildings”, says a senior analyst for the Industrials industry at Technavio. Rapid urbanization has increased the number of skyscrapers and tall structures worldwide. This has increased the demand for construction lifts from high-rise buildings such as corporate office spaces, apartments, and hotels. As the markets recover, Technavio expects the construction lifts market size to grow by USD 426.90 million during the period 2020-2024.

Construction Lifts MarketSegment Highlights for 2020

• The construction lifts market is expected to post a year-over-year growth rate of 3.50%.
• Based on the product, the construction hoists segment led the global construction lifts market in 2019.
• The growth of the market in the construction hoists segment will be driven by the rise in the demand for maintenance and repair works in mature and old buildings.

Regional Analysis

• 36% of the growth will originate from the APAC region.
• The growth of the market in APAC will be driven by the increasing spending on the development of public infrastructure by emerging economies such as Malaysia and Thailand.
• China is a key market for construction lifts in APAC.

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Notes:

• The construction lifts market size is expected to accelerate at a CAGR of over 6% during the forecast period.
• The construction lifts market is segmented Product (Construction hoists, Material hoists, and Work platforms), End-user (Non-residential, Residential, and Others), and Geography (APAC, Europe, North America, MEA, and South America).
• The market is fragmented due to the presence of many/few established vendors holding significant market share.
• The research report offers information on several market vendors, including Alimak Group AB, Fraco Products Ltd., GEDA USA LLC, KONE Corp., Maber Hoist Srl, Mohawk Industries Inc., Nidec Corp., Oshkosh Corp., STROS - Sedlcanské strojírny AS, and XL Industries Inc.

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