Elevator Industry Fifth COVID-19 Survey Results Analysis

image by Tumisu via Pixabay

Elevator World, Inc., the German elevator association VFA interlift e.V. and fair organizer AFAG, in association with Credit Suisse, recently shared results of their fifth survey of elevator industry representatives on current industry status and future business outlook during the COVID-19 pandemic. The survey received 385 responses, compared with 400 in the fourth iteration, 600 in the third, 572 in the second and 550 in the first. Credit Suisse Managing Director and Head of European Capital Goods Equity Research André Kukhnin assisted with preparation of a chart analysis, with breakdowns by country, of the results, including responses on the risk of rising raw materials costs to businesses in 2021.

Responses revealed that outlook continued to improve to net positive and employment prospects remain healthy, while assessment of the competitive situation remains cautious but slightly less so. Key findings include:

  • Assessment of the current situation has edged further into positive thanks to clear strengthening in North America and Germany. Component suppliers and service providers saw an improvement compared with three months ago.
  • Outlook for the next six months improved clearly and is now in a net positive territory across major geographies and the supply chain, driven by Europe (Germany and outside) and by North America.
  • Competitive situation assessment remains cautious but has continued to become slightly less so.
  • Employment prospects remain positive and improved clearly further globally.
  • Materials and equipment shortages became the key limiting factor, overtaking “economic uncertainty” for the first time.
  • Raw materials inflation is now seen as a significant risk by approximately 60% of respondents (vs <20% at the start of this year). 

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