Global Elevators Market projected to grow by 2027 due to growing investment and rapid urbanization

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Global Elevators Market projected to grow by 2027 due to growing investment and rapid urbanization

Elevators are useful for saving time and efforts taken to climb the stairs. Market Research Future (MRFR) has published a research report about the global elevators market that projects progress for this market during the forecast period between 2020 and 2027.

Analyzing the market structure, this report calculates the future growth potential of the market. It weighs the strategies of the key players in the market and supports the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and developments (RD) in the market.

The key factors driving the global elevators market growth include growing construction business, high demand for security, huge investment, rapid urbanization, and technological advancement. However, high maintenance cost and installation cost can restrain market growth.

The global elevators market has been segmented on the basis of application, type, and lastly, region. The application-based segmentation segments this market into residential areas and commercial areas. Residential areas are areas where housing societies are located. Commercial areas the areas where corporate offices, businesses, retail outlets, and sometimes, factories are located in.

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By type, the market has been segmented into automobile elevators, capsule elevators, goods elevators, hydraulic elevators, passenger elevator, and stretcher elevators. Automobile elevators are meant for transferring vehicles like a car when their location in the showroom needs to be changed. Capsule elevators are mostly used in corporate buildings, usually adding a decorative look to those buildings. Their shape is similar to the shape of a capsule in a pipeline. Popularly, known as "luggage lifts," goods elevators have been designed to move heavy items easily between main floors of a building. A passenger elevator is most common elevators that are used by people for going from one floor of the building to another floor. Stretcher elevators are used in hospitals to transport stretchers or stretcher-bound patients from one location to another.

The regional segmentation of the global elevators market can segment the market into the regional markets known as North America, Europe, South America, Asia Pacific, and rest of the world (RoW). During the forecast period, Asia Pacific is one of the leading regional markets in terms of value and volume due to the presence of a big market like China. In India and Indonesia, the construction sector is growing due to foreign direct investment. Hence, the demand for elevators is rising in this region. Another important country in this region where the construction sector is rapidly growing due to urbanization is Japan, that can be a potential market.

In North America and Europe, the market is growing due to technological advancement, established construction industry, and due to the presence of many key market players. The strongest economies in North America are the USA and Canada that can be lucrative markets. In Europe, the strongest economies that can be ideal markets are France, Germany, and the UK.

South America is an important market due to the positive growth of the construction sector in Brazil with the development of the Brazilian economy. Infrastructure projects in Brazil are growing steadily. Therefore, there is a high demand for elevators, which is attracting big market players to expand their business in Brazil and other countries of South America. Argentina, another strong economy in South America has the potential to be a lucrative market.

Key Players

The key players in the global elevators market include Armor (USA), Dover Elevators (USA), Fujitec (Japan), Hyundai (South Korea), Kone Corporation (Finland), Mitsubishi Motors Corporation (Japan), Omega Elevators (India), Schindler (Switzerland), Sigma (USA), and ThyssenKrupp AG (Germany).

Latest Industry News

  • The Brockton Housing Authority is undertaking a $9 mn project to replace the elevators in its high rise buildings throughout the city. 14 FEB 2019
  • Kone Corporation has won an order to provide energy-efficient elevators and a destination control system for an office tower under construction at 400 West Georgia in downtown Vancouver, British Columbia, Canada. 13 FEB 2019

 

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