The eighth-largest economy in the world and the sixth-most populated is changing to be prepared for the MERCOSUR and EU trade agreement that will pose challenges and bring opportunities in the lift market.

by Fábio Becker Aranha

The Brazilian elevator market reached its peak in 2014 when new installations climbed to 16,000 units, but, at present, after the 2014 Brazilian economic crisis, that number has fallen to 11,000. However, the worst period is over. In 2019, a new government took over after 15 years of a left-oriented leadership. At the beginning, the new authorities had to face many problems, but they assert their commitment to economy market rules, an economic freedom act and the approval of a new retirement system. These measures encourage the entrepreneurs with a positive view of economic growth. The Brazilian gross domestic product growth forecast for 2020 predicts 2.4%, which is not very high, but it means a great difference when compared to -3.8% in 2015 and -3.5% in 2016. Many new building projects are being developed as a result of this change.