Lifts and skip hoists market in Finland

Earlier Report Observations

The market value for lifts and skip hoists in Finland demonstrated considerable volatility from 2018 to 2024. After relative stability near 197 million USD in 2018 and 2019, the market contracted to 182 million USD in 2020 before a partial recovery to 190 million USD in 2021. A sharp decline to 159 million USD followed in 2022.

A strong rebound to 229 million USD occurred in 2023, coinciding with the sector's growing adoption of artificial intelligence and augmented reality in marketing, which enhanced sales outreach and customer engagement. The market then fell to 166 million USD in 2024, influenced by challenging conditions in the European stainless steel market that increased production costs and affected material availability.

Production lifts and skip hoists in Finland

In value, 2017-2020, M $ US

Finland's production of lifts and skip hoists declined for the second year in a row. In 2020, output was valued at 215.9 million US dollars, marking a 10.7% decrease from the previous year. Over the 2017-2020 period, production grew by 20.1%, with an average annual growth rate of 6.3%. The highest value was recorded in 2018 at 243.7 million US dollars, which also saw the largest increase of 35.5%.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

In kind, 2017-2020, unit

Following two years of growth, Finland's production of lifts and skip hoists declined. In 2020, 3 469 units were produced, representing a significant drop of 11.7% from 2019. Between 2017 and 2020, production increased by 13.6%, equating to an annualized rate of 4.4%. The peak was in 2019 with 3 930 units, which also experienced the largest increase of 17.7%.

Annual dynamics of production in Finland in kind, 2017-2020, unit

Exports lifts and skip hoists from Finland

Exports in kind, unit

Finland exported 4 245 units of lifts and skip hoists in 2020, a slight increase of 0.7% compared to 2019. Over the 2017-2020 period, exports decreased by 2.4%, with an average annual decline of 0.8%. The lowest value was in 2019 at 4 215 units, which saw the largest decline of 4.3%. The highest value was in 2018 at 4 403 units, which recorded the largest increase of 1.2%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, unit

From 2017 to 2020, Sweden, Russia, and Norway were the top destinations for Finland's exports of lifts and skip hoists in volume terms. Sweden accounted for 55.7% of exports, Russia for 23.8%, and Norway for 11.0%. Together, these three countries represented 90.4% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, K $ US

After two years of growth, Finland's exports of lifts and skip hoists declined. In 2020, exports reached 68 115 thousand US dollars, a substantial decrease of 11.6% from the previous year. Between 2017 and 2020, exports fell by 5.3%, equating to an annualized decline of 1.8%. The highest value was in 2019 at 77 054 thousand US dollars, while the largest increase occurred in 2018 at 6.2%.

Annual dynamics of product's exports from Finland in value, 2017-2020, K $ US

Throughout 2017-2020, Sweden, Russia, and Norway were the leading markets for Finland's exports of lifts and skip hoists in value terms. Sweden made up 55.0% of exports, Russia 23.5%, and Norway 10.8%. Combined, these three countries accounted for 89.4% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports lifts and skip hoists to Finland

Imports in kind, unit

After two years of growth, Finland's imports of lifts and skip hoists declined. In 2020, imports totaled 1 867 units, a solid decrease of 11.0% from 2019. Between 2017 and 2020, imports increased by 56.4%, equating to an annualized rate of 16.1%. The peak was in 2019 with 2 097 units, which also saw the largest increase of 38.8%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, unit

From 2017 to 2020, France, Slovakia, and Sweden were the main sources for Finland's imports of lifts and skip hoists in volume terms. France accounted for 29.8% of imports, Slovakia for 21.3%, and Sweden for 16.6%. Together, these three countries represented 67.7% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, K $ US

Finland's imports of lifts and skip hoists increased for the third consecutive year. In 2020, imports totaled 34 579 thousand US dollars, reflecting a moderate gain of 7.6% from the previous year. Over the 2017-2020 period, imports grew by 37.1%, with an average annual growth rate of 11.1%.

Annual dynamics of product's imports to Finland in value, 2017-2020, K $ US

From 2017 to 2020, France, Slovakia, and Sweden were the primary suppliers of lifts and skip hoists to Finland in value terms. France accounted for 32.2% of imports, Slovakia for 21.3%, and Sweden for 16.6%. Combined, these three countries formed 70.1% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020