During the summer of 2021, Aritco performed a market survey covering all corners of the world, where they asked different lift industry representatives to share their thoughts about the current and future state of the market. Positivity trumps a slew of pandemic-induced challenges seems to be the key takeaway according to David Schill, Aritco’s Marketing Director.
Positive Outlook Revealed by Aritco’s Global market survey
What is the industry thinking about the future? Marketing Director David Schill shares some insights.
Voice of the global lift industry
“What is really interesting to see is that there is such a strong sense of unity around the world” David says when presenting the data from the survey.
Industry representatives from all parts of the world gave their answers, and the unity David mentions is centered around the shared experiences within the industry. Many are, of course, still dealing with challenges posed by a global pandemic – short-term component shortages and prolonged decision-making processes among some customers are a few examples.
However, the feedback from the survey shows overwhelming agreement in something much more optimistic than the shared struggles – a positive outlook on the future.
Optimism Across Segments and Regions
“The demand side of the market is still positive” says one respondent. “We see a future of more usage of lifts” adds another. A third claims that “the market will be good for years to come.” While partners agree that the market outlook is very positive, their thoughts vary on why that is.
For the home segment, many believe that the Covid pandemic has made people more inclined to invest in their homes, wanting to future-proof them with a residential elevator. This coincides with aging populations in many regions of the world, according to others.
As for the public segment, some partners have noticed increased government spending as the pandemic begins to dwindle and stalled projects are reinitiated, resulting in an increased demand for lifts in the commercial sector. Others notice that there is a big portion of existing lifts in government and commercial buildings that need to be replaced within the next few years.
“Both in Asia, Europe and other major markets, our partners believe that the coming years will be very buys” David says, noting that an increased interest in premium platform lifts which was already starting to become evident a couple of years ago seems to have received a boost.
“Demand is booming across all regions” David concludes with a smile and adds that “Aritco and our great partners will keep working hard to meet it!”