In 2023, the labor cost per FTE in the UK's lifting and handling equipment sector was significantly lower compared to forecasted values for the subsequent years. From 2024 to 2028, the labor cost per employee is expected to rise steadily, with year-on-year increases ranging from 0.9% to 1.0%. The compound annual growth rate over the five-year period from 2024 to 2028 is projected to be modest, indicative of a gradual upward trend in labor costs.

Future trends to watch for include:

The impact of technological advancements on workforce efficiency, which may mitigate some cost increases.
Potential economic or regulatory changes that could influence labor costs in this sector.
The effects of inflationary pressures on wages and operational expenses.