Global Elevator Industry Survey Reflects Improved Outlook

Elevator World, Inc., the German elevator association VFA Interlift e.V. and fair organizer AFAG, in association with Credit Suisse, recently released the results of their latest global elevator industry survey covering the 4th Quarter (4Q) 2022. The situation assessment pointed to broad-based improvement across all regions and supply chain layers. Manufacturers reported the most positive sentiment, followed by components suppliers and consultants. Outlook for the next six months continued to improve and now points to growth. All regions except Germany are now reporting positive sentiment. The competitive situation was broadly stable in Europe, including Germany, and turned less challenging in Asia and the Americas. All industry segments except components suppliers observed less intense competition. Employment prospects were broadly stable versus previous quarters. Manufacturers and components suppliers reported more positive hiring prospects. Labor force shortage has now become the most prominent limiting factor, overtaking material/equipment shortages for the first time since 4Q 2021. Raw materials inflation impact has clearly continued to subside across all regions, now seen as a significant risk by only 22% of respondents, versus 37% in October 2022, 45% in July and 60% in April.