Elevator Market size was estimated at $97,344 Million in 2019 and is expected to reach $128,098.1 Million by 2027, growing at a CAGR of 4% during the forecast period of 2020 to 2027.
Elevators are vertically-oriented transportation chambers, usually housed in a shaft, used for lowering and elevating people and cargo between several floors. Sanction of greenfield building and infrastructure projects will drive the Elevator growth. Another driver is likely to emerge from the strict, periodic Elevator maintenance contracts in various geographies. The challenges remain the complex engineering requirements at the onset of the project.
Analysis by Product
According to the product, the three prime segments are Hydraulic & Pneumatic, Machine Room [MR] Traction, and Machine Room-Less [MRL] Traction.
The Elevator market report claims that Machine Room traction elevators will lead the revenue generation figures in this period. These elevators are the preferred choice for mid-rise as well as high-rise buildings. The Elevator market research has concluded that these lifts attain higher speeds at longer distances. There are geared and gearless transmissions in use. They differ with the role of a gearbox in moving the lift. Both variants are likely to perform at stable rates in this time.
Analysis by End-user
According to the end-user, two main segments have been realized: Building & Construction and Industrial. The Building & Construction segment is further classified into Residential, Institutional, and Commercial.
The majority of the Elevator market share is taken up by the Building & Construction segment. Within it, the Residential section holds the largest demand. This is because of rapid urbanization and preference for medium and high rise buildings owing to space constraints. The Elevator market size will also see a tremendous influx from the Commercial section as modern offices move to iconic high-rises. Large corporate hubs are likely to invest in offices based inside buildings which will drive product adoption.
Analysis by Region
The Elevator market estimation is largely in favor of an exuberant performance from the Asia-Pacific region. This is because of the presence of rapidly growing economies in this region. China will lead the construction of buildings for residential as well as commercial spaces, thereby garnering large demands. The Elevator market forecast is looking very promising for a few hundred commercial projects being funded by large banks and party by the government. Various smart city initiatives in India are likely to result in the Elevator price trend to become favorable for a lot of companies in this industry. The increase in commercial sales will enable the organizations to exercise better quality parameters in their value-chains. The role of the government will further solidify the investor investment into this sector. These business contracts are viewed by the retail as well as the institutional investors in a very positive light.
Analysis by Noteworthy companies
Some of the key businesses in this space are Kone, Schindler, Otis, Thyssenkrupp AG, Mitsubishi Electric Company, Hitachi Ltd., and Fujitech Co. Ltd. Some other players in the market are Express Lifts Limited, Toshiba, Hyundai, Escon Elevators Pvt Ltd., Glarie, Orona SC, and Eita Elevator Sdn Bhd.
A growing trend of consolidation of regional service providers with larger organizations is apparent. This practice has the potential of unlocking vital synergies in the commercial space. Mergers & Acquisitions are the cornerstone of success in this industry as pockets of demand exist in regions that are not easily accessible by larger multi-national companies. The Elevator companies will look to develop robust service plans for their customers. This can be accomplished by organic means as well as by Inorganic routes. Both will be beneficial to the businesses in this space.
● Market Revenue Estimation and Forecast (2019 – 2026)
● Market Production Estimation and Forecast (2019 – 2026)
● Market Sales/Consumption Volume Estimation and Forecast (2019 – 2026)
● Breakdown of Revenue by Segments (2019 – 2026)
● Breakdown of Production by Segments (2019 – 2026)
● Breakdown of Sales Volume by Segments (2019 – 2026)
● Gross Margin and Profitability Analysis of Companies
● Business Trend and Expansion Analysis
● Import and Export Analysis
● Regional Analysis and Market Data Breakdown
By Product Outlook ($Revenue and Unit Sales, 2019-2026)
• Hydraulic & Pneumatic
• Machine Room [MR] Traction
• Machine Room-Less [MRL] Traction
By End-user Outlook ($Revenue and Unit Sales, 2019-2026)
• Building & Construction
By Regional Outlook ($Revenue and Unit Sales, 2019-2026)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia
• FUJITEC CO. LTD
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company (United Technologies Corporation)
• Thyssenkrupp Elevator Technology (Thyssenkrupp AG)
• Hitachi Ltd.
• Express Lifts Limited
• Escon Elevators Private Limited
• Toshiba Elevator and Building Systems Corporation
• Glarie Elevator Co. Ltd.
• Hyundai Elevator Co. Ltd.
• Shenyang Yuanda Intellectual Industry Group Co. Ltd.
• Eita Elevator (Malaysia) Sdn Bhd (Eita Resources Berhad)
• Orona S.C.