Global Elevator Market To Grow At A CAGR Of 7% During The Forecast Period

29-Jun-2022 | Zion Market Research

The global elevator market was worth around $128 billion in 2021 and is predicted to grow to around $140 billion by 2028 at a CAGR rate of 7% over the forecast period.

The elevator consists of building carrier devices for objects or people to transport them from one point to another in a vertical direction. It is one of the most important industries in the construction sector. From the time construction began in the upward direction, elevators have been in existence. The shape and mechanism of the elevators may not have been the same through the years but the idea of assisting the movement of objects has remained constant.

The global elevator market has undergone a tremendous change which is directly proportional to the technological advancements and innovations in the elevator industry. Earlier elevators were more manual and needed human intervention for proper operation however as of current time, they run with the help of electric motors that come with built-in smart functions like automatic closure & opening of the doors, sending out alerts in case of malfunction, voice notes to improve the user experience, to name a few.

The global elevator market growth was hampered during 2020 because of the onset of Covid-19. The decrease was majorly attributed to the lesser use of elevators in residential and commercial buildings because of virus infection threats from public places. Since the manufacturing units were closed and the supply chain was disrupted, the production of elevators halted in the initial phase. However, the global market is showing steady signs of growth in the coming years.

With the growing urbanization and modernization of cities, there has been an exponential rise in the construction of commercial as well as residential high-rise buildings where high-functioning elevators are an absolute necessity. In fact, even in low-rise buildings, elevator installation is a common aspect because of the efficient functionalities of elevator systems. There is also a significant rise in the infrastructural development of many countries with heavy investments made by the government as well as private institutes towards building state-of-the-art architectural facilities. These reasons are expected to aid the global elevator market growth during the projection period. This is also coupled with the growing need for maintenance of older sites and upgrading them in order to prevent their early deterioration which assists in maintaining the heritage value of the sites. The global market growth can also be attributed to the rising number of healthcare facilities that are one of the largest revenue contributors in the elevator industry.

The government regulations & policies controlling lifts and incidences of accidents involving elevators may hamper the global market growth. Although the introduction of smart elevators as a part of modernization and technological advancement provides a lucrative opportunity for market expansion, strict laws governing the safety standard of elevators pose a challenge for the global market.

Global Elevator Market

The global elevator market in this research analysis is divided into type, technology, service, application, and region. The type is classified as passenger elevator, freight elevator, and others. The technology is divided into traction, machine room-less traction, and hydraulic. Service consists of new installation, maintenance repair, modernization, and others. Applications are residential, hypermarkets, malls, corporate offices, and others.

Asia-Pacific is expected to dominate the global elevator market owing to the increasing population in regions like India, China, and Singapore and the subsequent need for modernization of residential regions. These countries are also showing immense potential in infrastructural development because of multiple initiatives by the government for generating the interest of foreign manufacturers and investors. Regions like Japan and Malaysia house some of the tallest buildings in the region and are expected to aid regional growth.

North America is projected to contribute significantly to the global market growth due to the presence of high-rise buildings and the growth in the geriatric population pushing the residential or hospital construction businesses to install elevators wherever possible.

The Middle East is showing exceptional signs of growth because of rising tourism and heavy investments in the architectural development of countries like the UAE, Saudi Arabia, and Abu Dhabi.

The key players in the global elevator market are Schindler Group, Otis Elevator, Thyssenkrupp AG, KONE Corporation, Hitachi Ltd., Fujitec Co., LTD., Hyundaielevator Co., Ltd., Electra Elevators, Mitsubishi Electric Corporation, ESCON ELEVETORS PVT LTD, Toshiba Elevator, and ETIA Elevator.

Recent Development:

  • In Feb 2021, Schindler collaborated with citizen hotels to provide modernization and service for elevators in all existing and newly constructed buildings.

Browse the full Elevator Market By Type (Passenger Elevator, Freight Elevator, And Others), By Technology (Hydraulic, Traction, And Machine Room-Less Traction), By Service (Maintenance Repair, Modernization, New Installation, And Others), By Applications (Malls, Corporate Office, Residential, Hypermarkets, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/smart-elevators-market

Elevator Market segmentation follows:

By Type

  • Passenger Elevator
  • Freight Elevator
  • Others

By Technology

  • Traction
  • Machine Room-Less Traction
  • Hydraulic

By Service

  • New Installation
  • Maintenance Repair
  • Modernization
  • Others

By Applications

  • Residential
  • Hypermarkets
  • Malls
  • Corporate Office
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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