Underground Continuous-Action Elevator Market

The global market for underground continuous-action elevators and conveyors is projected to experience a steady increase in consumption and value over the next eight years. Market performance is forecasted to slow down, with an anticipated CAGR of +5.1% in consumption and +10.2% in value from 2022 to 2030. In 2022, approximately 185K units were consumed worldwide, with notable growth seen in countries like China, the United States, and India. Production and imports also showed significant growth, with Malaysia being a key player in exports. The average import and export prices fluctuated, with Poland emerging as a top supplying country in terms of value. Overall, the global market for underground continuous-action elevators and conveyors is expected to show promising growth in the coming years.

Market Forecast

Driven by increasing demand for underground continuous-action elevators and conveyors worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market volume to 275K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +10.2% for the period from 2022 to 2030, which is projected to bring the market value to $12.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Underground Continuous-Action Elevators And Conveyors

In 2022, approx. 185K units of underground continuous-action elevators and conveyors were consumed worldwide; increasing by 5.5% on the previous year. Overall, consumption showed a prominent increase. As a result, consumption attained the peak volume of 265K units. From 2015 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global underground continuous-action elevator market revenue shrank to $5.9B in 2022, which is down by -7.3% 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 recorded a resilient increase. As a result, consumption attained the peak level of $9.3B. From 2015 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (28K units), the United States (18K units) and India (10K units), together comprising 31% of global consumption. Botswana, Canada, Japan, Italy, Nigeria, Brazil, the UK, Indonesia, Ethiopia and South Korea lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Botswana (with a CAGR of +71.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.3B), Italy ($720M) and India ($431M) appeared to be the countries with the highest levels of market value in 2022, together accounting for 42% of the global market. The United States, Japan, Canada, South Korea, Brazil, Nigeria, Indonesia, Ethiopia, the UK and Botswana lagged somewhat behind, together comprising a further 21%.

Botswana, with a CAGR of +51.8%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of underground continuous-action elevator per capita consumption was registered in Botswana (4,150 units per million persons), followed by Canada (238 units per million persons), Italy (109 units per million persons) and the UK (92 units per million persons), while the world average per capita consumption of underground continuous-action elevator was estimated at 23 units per million persons.

From 2012 to 2022, the average annual rate of growth in terms of the underground continuous-action elevator per capita consumption in Botswana amounted to +69.2%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Canada (+22.0% per year) and Italy (+0.6% per year).

Production

World Production of Underground Continuous-Action Elevators And Conveyors

In 2022, approx. 176K units of underground continuous-action elevators and conveyors were produced worldwide; surging by 9.7% compared with 2021 figures. Overall, production continues to indicate prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 32% against the previous year. Over the period under review, global production hit record highs at 196K units in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, underground continuous-action elevator production declined to $9.2B in 2022 estimated in export price. In general, production saw a prominent expansion. The pace of growth appeared the most rapid in 2019 with an increase of 192% against the previous year. As a result, production reached the peak level of $12B. From 2020 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (29K units), the United States (18K units) and India (11K units), together accounting for 32% of global production. Malaysia, Japan, Nigeria, Brazil, Italy, the UK, Indonesia, Ethiopia, South Korea and Canada lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Malaysia (with a CAGR of +41.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Underground Continuous-Action Elevators And Conveyors

In 2022, purchases abroad of underground continuous-action elevators and conveyors increased by 15% to 22K units, rising for the third year in a row after two years of decline. Overall, imports saw a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 555% against the previous year. As a result, imports attained the peak of 183K units. From 2015 to 2022, the growth of global imports failed to regain momentum.

In value terms, underground continuous-action elevator imports skyrocketed to $125M in 2022. Over the period under review, imports, however, saw a abrupt descent. The growth pace was the most rapid in 2017 when imports increased by 28%. Global imports peaked at $348M in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

Botswana was the major importing country with an import of about 10K units, which resulted at 45% of total imports. Canada (5.9K units) ranks second in terms of the total imports with a 26% share, followed by Singapore (5.1%). The following importers - Gambia (561 units), Turkey (510 units) and Qatar (407 units) - each reached a 6.6% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Gambia (with a CAGR of +88.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Canada ($16M) constitutes the largest market for imported underground continuous-action elevators and conveyors worldwide, comprising 13% of global imports. The second position in the ranking was held by Turkey ($6.2M), with a 5% share of global imports. It was followed by Singapore, with a 0.7% share.

In Canada, underground continuous-action elevator imports expanded at an average annual rate of +28.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (-10.1% per year) and Singapore (-10.2% per year).

Import Prices By Country

In 2022, the average underground continuous-action elevator import price amounted to $5,558 per unit, therefore, remained relatively stable against the previous year. In general, the import price, however, saw a abrupt curtailment. The growth pace was the most rapid in 2015 when the average import price increased by 575%. Over the period under review, average import prices reached the peak figure at $28,183 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Turkey ($12,237 per unit), while Gambia ($1.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Underground Continuous-Action Elevators And Conveyors

After three years of decline, overseas shipments of underground continuous-action elevators and conveyors increased by 207% to 13K units in 2022. Over the period under review, exports, however, recorded a noticeable shrinkage. Over the period under review, the global exports hit record highs at 21K units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, underground continuous-action elevator exports surged to $115M in 2022. In general, exports, however, faced a abrupt descent. The global exports peaked at $474M in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

Malaysia prevails in exports structure, accounting for 8.6K units, which was near 65% of total exports in 2022. It was distantly followed by Switzerland (1.3K units), creating a 9.8% share of total exports. The following exporters - Australia (506 units), Poland (448 units), the United States (307 units), India (287 units), South Africa (282 units) and Germany (261 units) - together made up 16% of total exports.

Malaysia was also the fastest-growing in terms of the underground continuous-action elevators and conveyors exports, with a CAGR of +98.7% from 2012 to 2022. At the same time, India (+28.7%) and Switzerland (+8.0%) displayed positive paces of growth. By contrast, the United States (-5.3%), Australia (-5.5%), South Africa (-6.5%), Poland (-14.6%) and Germany (-26.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia, Switzerland and India increased by +65, +7 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest underground continuous-action elevator supplying countries worldwide were Poland ($31M), Switzerland ($16M) and the United States ($6.9M), with a combined 47% share of global exports. Germany, South Africa, Australia, Malaysia and India lagged somewhat behind, together comprising a further 9.3%.

In terms of the main exporting countries, Malaysia, with a CAGR of +22.3%, saw the highest growth rate of 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 underground continuous-action elevator export price amounted to $8,691 per unit, reducing by -56.8% against the previous year. Overall, the export price continues to indicate a deep slump. The growth pace was the most rapid in 2019 when the average export price increased by 64%. As a result, the export price reached the peak level of $24,446 per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($70,188 per unit), while Malaysia ($51 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+26.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform