Global Elevators Market Set For Rapid Growth, To Reach USD 161.27 Billion By 2024

27-Aug-2018 | Zion Market Research

Zion Market Research has published a new report titled “Elevators Market By Type (Smart Elevators and Conventional Elevators), By Machinery Type (Traction and Hydraulic), By End-User (Residential, Industrial, Commercial, and Government Institutional) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global elevators market was valued at around USD 100.92 billion in 2017 and is expected to reach approximately USD 161.27 billion by 2024, growing at a CAGR of around 6.96% between 2018 and 2024.

Elevators are an essential platform which helps in lifting equipment. Modern elevators are made for various purposes such as heavy lifting in ships, dams, etc. The rise in the construction sector in developed countries are the most imperative factors which are driving the elevators market. However, inferior product margins and rising pricing demands are some of the major challenges to the market. The primary advantage of using elevators is that it offers safety and reduces waiting time. 

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Global Elevators Market

The elevators market is anticipated to witness significant growth within the forecast period. The market is mainly driven by growing demand for smart elevators, high rise in building projects, and growing urbanization. Technological advancement in the field of construction and infrastructure is considerably contributing to the increased demand for elevators which includes the use of elevators in commercial as well as residential sectors. Growing concerns about old people’s protection are also expected to boost the growth of the elevators market during the forecast period. Government policy on the value and the price of the products may hinder the global elevators market growth over the forecast period. 

The global elevators market can be segmented on the basis of product category, machinery type, and end-user. The product category includes smart elevators and conventional elevators. Smart elevators are basically designed to travel between floors. They are faster, easier, and energy efficient. Depending on the machinery type, elevators market is classified into traction and hydraulic. Hydraulic elevators mounted inside a cylinder is used for lifting cars using hydraulic ram. Hydraulic elevators are used extensively in buildings. In terms of volume, hydraulic elevators segment accounted for 45% of the market share in 2017. Traction elevators are the most common type of elevators. Traction elevators use flat steel belts instead of conventional steel ropes. The end-user segment includes residential, industrial, commercial, and government institutional. The commercial segment dominated the global elevators market in 2017. Residential segment is anticipated to account for the highest CAGR over the coming years. 

The regional segmentation includes North America, Europe, Asia Pacific, Latin America, and the Middle and Africa. In 2017, North America was the most dominating region in terms of demand for elevators due to increasing construction sector. Further, increasing urbanization among the economies may increase the growth rate of the market over the forecast period in the Asia Pacific region. Market growth is mainly due to the increasing population in countries such as India, China, and Japan. The Middle East and Africa elevators market anticipate growth in the forecast period owing to the increasing precautions among the old people.
 
The report includes detailed profiles of key players operating in the global elevators market such as Hitachi Ltd., KONE Corporation, Otis, Schindler Holding Ltd., Fujitec Co. Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Kleemann Hellas SA, ThyssenKrupp AG, and Hyundai Elevator Co. Ltd. The in-depth description of the company includes parameters such as company key developments, overview, business strategy, and financial overview of the company. 

This report segments the global elevators market as follows:

Global Elevators Market: Type Segment Analysis

  • Smart Elevators 
  • Conventional Elevators

Global Elevators Market: Machinery Type Segment Analysis

  • Traction 
  • Hydraulic

Global Elevators Market: End-User Segment Analysis

  • Residential
  • Industrial
  • Commercial 
  • Government Institutional

Global Elevators Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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