Elevator Market - Global Industry Analysis

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

Published Date: 07-Apr-2022 Category: Technology & Media Report Format : PDF Pages: 180 Report Code: ZMR-866 Status : Published

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. In this report, we will analyze the full overview, growth drivers, opportunities, and market from 2022- 2028.

Description

Industry Prospective

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. In this report, we will analyze the full overview, growth drivers, opportunities, and obstacles of the elevator market from 2022 to 2028.

Elevator Market: Overview

An elevator is a closed cabin operated by an electrical machine with pump hydropower, counterweight systems, or traction cables to rise above. They are mobility solutions and are quite commonly used in high-rise buildings.

They move in the vertical direction with the help of a shaft to ascend above the specified level. It enables up-down movement where materials and people are transferable to any floor. They have electric motors to power up the upward motion and traction wires to lift themselves above a certain level.

Many tall and high-rise buildings are facilitated with lifts and it also serves on big commercial platforms. It aids people to climb any multistoried buildings and also luggage or loads to ascend a certain floor. They are extensively used in the construction industries to transport builders and goods from one floor to another. 

Many new residential infrastructure products have made lifts a mandatory amenity to serve people on climbing floors. They come with different internal capacities and sizes to accommodate people and goods. The main transport of goods and movement inside the building happens through elevators.

Covid-19 Impact:

Covid-19 was a setback to the global elevator market. During that time, there were lockdowns imposed that cut down the construction of new buildings including residential and commercial industries. The demand went down to a staggering low because of that and there was also a dip in production which led to a decrease in supply. The laborers and service personnel were in shortage which led to a decline in installing the system in necessary places. Distribution channels were affected which halted the reach and availability of raw materials. Even the delivery of the finished products could not reach the consumers leaving the market to suffer a considerable loss.

Global Elevator Market

Elevator Market: Growth Drivers

Increasing demand for infrastructure development, construction of high-rise buildings, modernizations, coupled with innovations like smart elevators fuels market growth

The increasing need for infrastructure development, rampant construction of high-rise buildings, huge investments in construction industries, and convenient residential & non-residential venues drive market growth. Many developing countries have developed megacities and smart cities where the leverage of elevators becomes prominent thereby increasing their demand.

There has been a rampant emergence of smart elevators along with the increasing attention on safety regulations which is anticipated to drive market growth. Rising population and modernization also add up to the growth of the global market as it would invariably increase the number of residential buildings. Suitable trends in the emerging economies propel growth of the elevator market to a large extent as well.

There has also been considerable technological advancement in the form of integration of circuit boards, new controllers, new belts, and machine room elevators which boosts the market rate. An increase in commercial projects during recent times is also going to improve the leverage of elevators augmenting market growth globally.

Elevator Market: Restraints

Government regulations & policies controlling lifts and incidences of accidents involving elevators hamper the market growth.

Elevators are prone to be the major causes of accidents and injuries that provoke authorities to enact safety standards and laws to prevent them. This triggers a high maintenance and scrutiny system to be in place with the elevators to safeguard people from any fatalities. The cost of this maintenance and securing a proper scrutiny mechanism restricts the global elevator market growth to some extent.

Elevator Market: Opportunities

Introduction of smart elevators as a part of modernization and technological advancement provides a lucrative opportunity for market expansion

There has been an increase in high-rise buildings and smart cities which calls for more convenient mobility systems. Many technological advancements in elevators are happening in recent times to improve efficiency in inter-building movements. Smart elevators are one such advancement that triggers an opportunity for market growth. There is also an ample rise in the construction of tall and high-rise buildings which increases the demand for elevators thereby providing an opportunity for the elevator market.

Elevator Market: Challenges

Significant increase in the demand for elevators in the residential industries poses a challenge for the market

Residential accounts for the largest consumer of elevators and there has been a global rise in the construction of residential buildings in recent times. The residential market is driven by the sophistication of living standards in developing countries. This induces an increasing demand for elevators which puts a burden on the manufacturers to produce more elevators to fulfill the growing demand of the residential market. This increase in demand poses a challenge for the global elevator market to increase its supply to cater to the upcoming new residential projects.

Strict government regulations to scrutinize safety standards in elevators pose a challenge to the market

Safety requirements and protocols regulated by the government to manufacture lifts put a burden on the manufacturers to comply with them. Fatal incidents happen mostly on the elevators and there is an increased pressure to scrutinize the production of lifts by complying with the safety rules implemented. The rules protect and maintain the operations of elevators preventing them from any defects that could cause accidents. This factor poses a challenge for the supply of elevators thereby affecting the market as well.

Elevators Market: Segmentation

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.

Recent Development:

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

In October 2020, Hitachi acquired a share in Yungtay Engineering to strengthen the elevator business.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Regional Landscape:

Asia Pacific region leads the market share as the largest consumer

Asia Pacific region leads the global market as the largest consumer and producer of elevators. The abundance and proximity of raw materials coupled with relatively lesser labor costs for the production of lifts increase the demand and production in this region. The increasing scope of elevators in North America for residential, commercial, and some infrastructure projects on the rise elevates the market rate in this region. Industrialization, growing geriatric population, rising disposable income, and focus on convenient lifestyle drives market growth in the North American region.

Competitive Landscape:

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.

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

Table Of Content

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Elevator Market, (2022 - 2028) (USD Billion)
    • 2.2 Global Elevator Market : snapshot
  • Chapter 3. Global Elevator Market - Industry Analysis
    • 3.1 Elevator Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing demand for infrastructure development
      • 3.2.2 construction of high-rise buildings
      • 3.2.3 modernizations
      • 3.2.4 coupled with innovations like smart elevators fuels market growth
    • 3.3 Market Restraints
      • 3.3.1. Government regulations & policies controlling lifts and incidences of accidents involving elevators hamper the market growth\
      • 3.3.2. Government regulations & policies controlling lifts and incidences of accidents involving elevators hamper the market growth
    • 3.4 Market Opportunities
      • 3.4.1. Introduction of smart elevators as a part of modernization and technological advancement provides a lucrative opportunity for market expansion
    • 3.5 Market Challenges
      • 3.5.1. Introduction of smart elevators as a part of modernization and technological advancement provides a lucrative opportunity for market expansion
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By By Type
      • 3.7.2 Market attractiveness analysis By By Technology
      • 3.7.3 Market attractiveness analysis By By Service
      • 3.7.4 Market attractiveness analysis By By Applications
  • Chapter 4. Global Elevator Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Elevator Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Elevator Market - By Type Analysis
    • 5.1 Global Elevator Market overview: By By Type
      • 5.1.1 Global Elevator Market share, By By Type, 2021 and 2028
    • 5.2 Passenger Elevator
      • 5.2.1 Global Elevator Market by Passenger Elevator, 2022 - 2028 (USD Billion)
    • 5.3 Freight Elevator
      • 5.3.1 Global Elevator Market by Freight Elevator, 2022 - 2028 (USD Billion)
    • 5.4 Others
      • 5.4.1 Global Elevator Market by Others, 2022 - 2028 (USD Billion)
  • Chapter 6. Global Elevator Market - By Technology Analysis
    • 6.1 Global Elevator Market overview: By By Technology
      • 6.1.1 Global Elevator Market share, By By Technology, 2021 and 2028
    • 6.2 Traction
      • 6.2.1 Global Elevator Market by Traction, 2022 - 2028 (USD Billion)
    • 6.3 Machine Room-Less Traction
      • 6.3.1 Global Elevator Market by Machine Room-Less Traction, 2022 - 2028 (USD Billion)
    • 6.4 Hydraulic
      • 6.4.1 Global Elevator Market by Hydraulic, 2022 - 2028 (USD Billion)
  • Chapter 7. Global Elevator Market - By Service Analysis
    • 7.1 Global Elevator Market overview: By By Service
      • 7.1.1 Global Elevator Market share, By By Service, 2021 and 2028
    • 7.2 New Installation
      • 7.2.1 Global Elevator Market by New Installation, 2022 - 2028 (USD Billion)
    • 7.3 Maintenance Repair
      • 7.3.1 Global Elevator Market by Maintenance Repair, 2022 - 2028 (USD Billion)
    • 7.4 Modernization
      • 7.4.1 Global Elevator Market by Modernization, 2022 - 2028 (USD Billion)
    • 7.5 Others
      • 7.5.1 Global Elevator Market by Others, 2022 - 2028 (USD Billion)
  • Chapter 8. Global Elevator Market - By Applications Analysis
    • 8.1 Global Elevator Market overview: By By Applications
      • 8.1.1 Global Elevator Market share, By By Applications, 2021 and 2028
    • 8.2 Residential
      • 8.2.1 Global Elevator Market by Residential, 2022 - 2028 (USD Billion)
    • 8.3 Hypermarkets
      • 8.3.1 Global Elevator Market by Hypermarkets, 2022 - 2028 (USD Billion)
    • 8.4 Malls
      • 8.4.1 Global Elevator Market by Malls, 2022 - 2028 (USD Billion)
    • 8.5 Corporate Office
      • 8.5.1 Global Elevator Market by Corporate Office, 2022 - 2028 (USD Billion)
    • 8.6 Others
      • 8.6.1 Global Elevator Market by Others, 2022 - 2028 (USD Billion)
  • Chapter 9. Elevator Market - Regional Analysis
    • 9.1 Global Elevator Market Regional Overview
    • 9.2 Global Elevator Market Share, by Region, 2021 & 2028 (USD Billion)
    • 9.3. North America
      • 9.3.1 North America Elevator Market, 2022 - 2028 (USD Billion)
        • 9.3.1.1 North America Elevator Market, by Country, 2022 - 2028 (USD Billion)
    • 9.4 North America Elevator Market, by By Type, 2022 - 2028
      • 9.4.1 North America Elevator Market, by By Type, 2022 - 2028 (USD Billion)
    • 9.5 North America Elevator Market, by By Technology, 2022 - 2028
      • 9.5.1 North America Elevator Market, by By Technology, 2022 - 2028 (USD Billion)
    • 9.6 North America Elevator Market, by By Service, 2022 - 2028
      • 9.6.1 North America Elevator Market, by By Service, 2022 - 2028 (USD Billion)
    • 9.7 North America Elevator Market, by By Applications, 2022 - 2028
      • 9.7.1 North America Elevator Market, by By Applications, 2022 - 2028 (USD Billion)
    • 9.4. Europe
      • 9.4.2 Europe Elevator Market, 2022 - 2028 (USD Billion)
        • 9.4.2.1 Europe Elevator Market, by Country, 2022 - 2028 (USD Billion)
    • 9.4 Europe Elevator Market, by By Type, 2022 - 2028
      • 9.4.1 Europe Elevator Market, by By Type, 2022 - 2028 (USD Billion)
    • 9.5 Europe Elevator Market, by By Technology, 2022 - 2028
      • 9.5.1 Europe Elevator Market, by By Technology, 2022 - 2028 (USD Billion)
    • 9.6 Europe Elevator Market, by By Service, 2022 - 2028
      • 9.6.1 Europe Elevator Market, by By Service, 2022 - 2028 (USD Billion)
    • 9.7 Europe Elevator Market, by By Applications, 2022 - 2028
      • 9.7.1 Europe Elevator Market, by By Applications, 2022 - 2028 (USD Billion)
    • 9.5. Asia Pacific
      • 9.5.3 Asia Pacific Elevator Market, 2022 - 2028 (USD Billion)
        • 9.5.3.1 Asia Pacific Elevator Market, by Country, 2022 - 2028 (USD Billion)
    • 9.4 Asia Pacific Elevator Market, by By Type, 2022 - 2028
      • 9.4.1 Asia Pacific Elevator Market, by By Type, 2022 - 2028 (USD Billion)
    • 9.5 Asia Pacific Elevator Market, by By Technology, 2022 - 2028
      • 9.5.1 Asia Pacific Elevator Market, by By Technology, 2022 - 2028 (USD Billion)
    • 9.6 Asia Pacific Elevator Market, by By Service, 2022 - 2028
      • 9.6.1 Asia Pacific Elevator Market, by By Service, 2022 - 2028 (USD Billion)
    • 9.7 Asia Pacific Elevator Market, by By Applications, 2022 - 2028
      • 9.7.1 Asia Pacific Elevator Market, by By Applications, 2022 - 2028 (USD Billion)
    • 9.6. Latin America
      • 9.6.4 Latin America Elevator Market, 2022 - 2028 (USD Billion)
        • 9.6.4.1 Latin America Elevator Market, by Country, 2022 - 2028 (USD Billion)
    • 9.4 Latin America Elevator Market, by By Type, 2022 - 2028
      • 9.4.1 Latin America Elevator Market, by By Type, 2022 - 2028 (USD Billion)
    • 9.5 Latin America Elevator Market, by By Technology, 2022 - 2028
      • 9.5.1 Latin America Elevator Market, by By Technology, 2022 - 2028 (USD Billion)
    • 9.6 Latin America Elevator Market, by By Service, 2022 - 2028
      • 9.6.1 Latin America Elevator Market, by By Service, 2022 - 2028 (USD Billion)
    • 9.7 Latin America Elevator Market, by By Applications, 2022 - 2028
      • 9.7.1 Latin America Elevator Market, by By Applications, 2022 - 2028 (USD Billion)
    • 9.7. The Middle-East and Africa
      • 9.7.5 The Middle-East and Africa Elevator Market, 2022 - 2028 (USD Billion)
        • 9.7.5.1 The Middle-East and Africa Elevator Market, by Country, 2022 - 2028 (USD Billion)
    • 9.4 The Middle-East and Africa Elevator Market, by By Type, 2022 - 2028
      • 9.4.1 The Middle-East and Africa Elevator Market, by By Type, 2022 - 2028 (USD Billion)
    • 9.5 The Middle-East and Africa Elevator Market, by By Technology, 2022 - 2028
      • 9.5.1 The Middle-East and Africa Elevator Market, by By Technology, 2022 - 2028 (USD Billion)
    • 9.6 The Middle-East and Africa Elevator Market, by By Service, 2022 - 2028
      • 9.6.1 The Middle-East and Africa Elevator Market, by By Service, 2022 - 2028 (USD Billion)
    • 9.7 The Middle-East and Africa Elevator Market, by By Applications, 2022 - 2028
      • 9.7.1 The Middle-East and Africa Elevator Market, by By Applications, 2022 - 2028 (USD Billion)
  • Chapter 10. Company Profiles
    • 10.1 Schindler Group
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 Otis Elevator
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 Thyssenkrupp AG
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 KONE Corporation
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 Hitachi Ltd.
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 Fujitec Co. LTD.
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 Hyundaielevator Co. Ltd.
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 Electra Elevators
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 Mitsubishi Electric Corporation
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 ESCON ELEVETORS PVT LTD
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments
    • 10.11 Toshiba Elevator
      • 10.11.1 Overview
      • 10.11.2 Financials
      • 10.11.3 Product Portfolio
      • 10.11.4 Business Strategy
      • 10.11.5 Recent Developments
    • 10.12 ETIA Elevator.
      • 10.12.1 Overview
      • 10.12.2 Financials
      • 10.12.3 Product Portfolio
      • 10.12.4 Business Strategy
      • 10.12.5 Recent Developments

Table Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Elevator Market, 2022 - 2028 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Elevator Market attractiveness, By By Type
  • 6. Global Elevator Market attractiveness, By By Technology
  • 7. Global Elevator Market attractiveness, By By Service
  • 8. Global Elevator Market attractiveness, By By Applications
  • 9. Global Elevator Market share by By Type, 2022 and 2028 (USD Billion)
  • 10. Global Elevator Market by Passenger Elevator, 2022 - 2028 (USD Billion)
  • 11. Global Elevator Market by Freight Elevator, 2022 - 2028 (USD Billion)
  • 12. Global Elevator Market by Others, 2022 - 2028 (USD Billion)
  • 13. Global Elevator Market share by By Technology, 2022 and 2028 (USD Billion)
  • 14. Global Elevator Market by Traction, 2022 - 2028 (USD Billion)
  • 15. Global Elevator Market by Machine Room-Less Traction, 2022 - 2028 (USD Billion)
  • 16. Global Elevator Market by Hydraulic, 2022 - 2028 (USD Billion)
  • 17. Global Elevator Market share by By Service, 2022 and 2028 (USD Billion)
  • 18. Global Elevator Market by New Installation, 2022 - 2028 (USD Billion)
  • 19. Global Elevator Market by Maintenance Repair, 2022 - 2028 (USD Billion)
  • 20. Global Elevator Market by Modernization, 2022 - 2028 (USD Billion)
  • 21. Global Elevator Market by Others, 2022 - 2028 (USD Billion)
  • 22. Global Elevator Market share by By Applications, 2022 and 2028 (USD Billion)
  • 23. Global Elevator Market by Residential, 2022 - 2028 (USD Billion)
  • 24. Global Elevator Market by Hypermarkets, 2022 - 2028 (USD Billion)
  • 25. Global Elevator Market by Malls, 2022 - 2028 (USD Billion)
  • 26. Global Elevator Market by Corporate Office, 2022 - 2028 (USD Billion)
  • 27. Global Elevator Market by Others, 2022 - 2028 (USD Billion)
  • 28. Global Elevator Market share, by Region, 2022 and 2028
  • 29. North America Elevator Market, 2022 - 2028 (USD Billion)
  • 30. Europe Elevator Market, 2022 - 2028 (USD Billion)
  • 31. Asia Pacific Elevator Market, 2022 - 2028 (USD Billion)
  • 32. Latin America Elevator Market, 2022 - 2028 (USD Billion)
  • 33. The Middle-East and Africa Elevator Market, 2022 - 2028 (USD Billion)

Table Of Tables

  • 1. Global Elevator Market: Snapshot
  • 2. Drivers of the Elevator Market: impact analysis
  • 3. North America Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 4. North America Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 5. North America Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 6. North America Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 7. U.S. Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 8. U.S. Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 9. U.S. Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 10. U.S. Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 11. Canada Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 12. Canada Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 13. Canada Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 14. Canada Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 15. Europe Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 16. Europe Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 17. Europe Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 18. Europe Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 19. Germany Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 20. Germany Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 21. Germany Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 22. Germany Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 23. France Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 24. France Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 25. France Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 26. France Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 27. U.K. Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 28. U.K. Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 29. U.K. Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 30. U.K. Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 31. Italy Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 32. Italy Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 33. Italy Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 34. Italy Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 35. Spain Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 36. Spain Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 37. Spain Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 38. Spain Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 39. Rest of Europe Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 40. Rest of Europe Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 41. Rest of Europe Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 42. Rest of Europe Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 43. Asia Pacific Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 44. Asia Pacific Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 45. Asia Pacific Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 46. Asia Pacific Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 47. China Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 48. China Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 49. China Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 50. China Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 51. Japan Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 52. Japan Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 53. Japan Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 54. Japan Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 55. India Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 56. India Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 57. India Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 58. India Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 59. South Korea Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 60. South Korea Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 61. South Korea Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 62. South Korea Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 63. South-East Asia Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 64. South-East Asia Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 65. South-East Asia Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 66. South-East Asia Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 67. Rest of Asia Pacific Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 68. Rest of Asia Pacific Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 69. Rest of Asia Pacific Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 70. Rest of Asia Pacific Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 71. Latin America Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 72. Latin America Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 73. Latin America Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 74. Latin America Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 75. Brazil Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 76. Brazil Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 77. Brazil Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 78. Brazil Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 79. Mexico Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 80. Mexico Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 81. Mexico Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 82. Mexico Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 83. Rest of Latin America Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 84. Rest of Latin America Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 85. Rest of Latin America Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 86. Rest of Latin America Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 87. The Middle-East and Africa Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 88. The Middle-East and Africa Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 89. The Middle-East and Africa Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 90. The Middle-East and Africa Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 91. GCC Countries Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 92. GCC Countries Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 93. GCC Countries Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 94. GCC Countries Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 95. South Africa Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 96. South Africa Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 97. South Africa Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 98. South Africa Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)
  • 99. Rest of Middle-East Africa Elevator Market revenue, By By Type, 2022 - 2028 (USD Billion)
  • 100. Rest of Middle-East Africa Elevator Market revenue, By By Technology, 2022 - 2028 (USD Billion)
  • 101. Rest of Middle-East Africa Elevator Market revenue, By By Service, 2022 - 2028 (USD Billion)
  • 102. Rest of Middle-East Africa Elevator Market revenue, By By Applications, 2022 - 2028 (USD Billion)

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Smart Elevators market. Zion Research has collected and analyzed key data belong to the global Smart Elevators market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Smart Elevators across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Smart Elevators industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Smart Elevators market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

The smart elevator is the next phase of the vertical transport system that is controlled by advanced hardware and software systems. Elevators are responsible for 8 to 10 percent of the energy consumed in a building, as new, smarter, connected elevators not only reduce wasting time but also save a lot of money. Elevators are mainly used in residential buildings, hotels, hospitals, sports facilities, offices, and airports, so smart technology is likely to be in high demand as efficiency in these various avenues.

The smart elevator market is mainly driven by rising number of buildings for advanced security automation and access control systems, energy efficient solutions, rising spending capabilities for construction and global economic improvement. Increasing spending capabilities of the countries across the world, advantages of smart elevators and rising demand for green transportation solution amongst consumers have boosted the smart elevators market at global level. However, the high installation cost of the elevator is hindering the growth of smart elevator market.

Global-Smart-Elevator-Market

Smart elevator market is segmented by solution and applications. On the basis of the solution, the market is segmented into new deployment, modernization, and maintenance. The elevator modernization segment dominates the global smart elevator market and new deployment is expected to grow by the forecast period due to advanced security automation and access control systems. Applications of the smart elevator are residential, commercial, industrial, institutional and others. Among these applications, the residential segment is expected to hold the largest share of smart elevator market over the forecast period. Due to rising consumer disposable income coupled with increasing rate of migration of people from rural to urban areas. Industrial segment is estimated to emerge as the fastest growing application over the coming years due to increasing demand for energy efficient solutions.

North America has dominated the smart elevator market and well-established infrastructure and early technology adopters in the region. Rising government mandates regarding with the upgrade of existing elevator is anticipated to drive the Europe smart elevator market over the forecast period. Asia Pacific will be expected highest CAGR in coming years due to rise disposable income of consumer in economically emerging countries such as Japan, China, and India. Increasing government mandates pertaining to the upgrade of existing elevator is expected to drive the Europe smart elevator market over the forecast period. Rapid infrastructure development and increasing urbanization in this region are also giving traction to the smart elevator market.

Advance elevator control systems run autonomously in-house, some new systems have remote, cloud-based elevator monitoring solutions such as MAX from ThyssenKrupp. New elevators include voice-activated elevator control and new designs include retractable elevator pit ladders which replace stationary ladders, saving space and expenses during construction.

Key players operating in global smart elevator market are Hitachi Ltd, Schindler Holding AG, Honeywell International Inc., Bosch Security Systems, Otis Elevator Corporation, Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, KONE Elevators Co. Ltd., ThyssenKrupp, Fujitec and Others

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FrequentlyAsked Questions

The increasing need for infrastructure development, rampant construction of high-rise buildings, huge investments in construction industries, and convenient residential and non-residential venues drive market growth.

According to the report by 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

Asia Pacific region dominates the global market in terms of value and volume. There has been a spike in the demand from that region because of the easy availability of raw materials and labor costs for the production of lifts.

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.

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