Elevators Market Size and Share Outlook 2023-2028: Industry Growth Analysis, Sales revenue, CAGR Status, Future Demand and Developments
The new report by Expert Market Research titled, ‘Global Elevators Market Size, Trend, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global elevators market. It provides an assessment of the market based on its segments like type, deck, building height, speed, application, control, installation, end use, and major regions.
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The key highlights of the report include:
Market Overview 2018-2028
• Historical Market Size (2021): USD 84.3 billion
• Forecast CAGR (2023-2028): 2.50%
• Forecast Market Size (2027): USD 97.76 billion
The global elevators market is driven by growing urbanisation in developing countries over the past few years and the surging expansion of cities along with the growing population in urban areas. The growing construction industry and infrastructural development from various end-users like commercial, industrial, and residential, are further expected to drive the global market demand for elevators over the coming years.
The surging awareness about elevator safety among consumers has further influenced consumers positively due to which the market growth of elevators is expected to be fuelled. Moreover, the surging implementation of new laws to maintain elevator safety by local governments due to the growing number of buildings that are high-rise in developed and developing countries is likely to bolster the market growth of elevators globally.
Elevators Market Segmentation
An elevator is referred to as a platform, either open or enclosed, used for vertical transportation of people as well as goods between the floors in buildings, utilising bins otherwise silos. Most often, these are powered by electrical motors that feature a counterweight system of cables to drive traction like a hoist. Otherwise, a pump with hydraulic fluid is used for developing a cylindrical piston like a jack.
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By type, the elevators market is divided into:
• Hydraulic and Pneumatic
• Machine Room-less (MRL) Traction
• Machine Room (MR) Traction
Based on the deck, the market is bifurcated into:
• Single Deck
• Double Deck
On the basis of building height, the market is segmented into:
• Low Rise
• Mid Rise
• High Rise
By speed, the market is categorised into:
• Less than 1 m/s
• Between 1 to 3 m/s
• Between 4 to 6 m/s
• Between 7 to 10 m/s
• Above 10 m/s
Based on application, the market is segmented into:
• Passenger
• Freight
On the basis of control, the elevators market is bifurcated into:
• Smart
• Conventional
By installation, the market is segregated into:
• New installation
• Maintenance and Modernisation
Based on end use, the market is divided into:
• Building and Construction
o Residential
o Institutional
o Commercial
• Industrial
On the basis of regions, the market categorised into:
• Latin America
• North America
• Europe
• Asia Pacific
• Middle East and Africa
Elevators Market Trends
Growing modernisation through technological advancements such as the installation of advanced IoT technology in elevators is likely to fuel the elevators market growth during the forecast period. The surging focus of manufacturers on the progress of elevators that provide space-saving and energy benefits is expected to propel the market demand for elevators globally.
The rising investments by private and public sectors in building and construction projects are expected to strengthen the market growth of elevators over the coming years. Geographically, North America and Asia Pacific regions are anticipated to account for substantial growth in the market of elevators due to the rising construction activities such as multiplex buildings and shopping malls, among others.
Key Market Players
The major players in the global elevators market are
• Fujitec Co., Ltd.
• KONE Corporation
• Mitsubishi Electric Corporation
• GLARIE Elevator Co., Ltd.
• Hyundai Elevator Co., Ltd.
• Hitachi Ltd.
• others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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