Elevators Market to Witness Heightened Revenue Growth During the Forecast Period

Posted by Bisvjeet on February 19th, 2019

Elevators are used to move people and goods between different levels or floors in any building. Rapidly Increasing urbanization, rising in skyscrapers and high rise buildings around the globe is surging the global elevators market to new heights. Now a days, the conventional elevators are getting replaced by the smart elevators because of their smart features such as touch screen, biometrics, and destination dispatching, and the waiting time of passengers. The big companies are spending more in research and development to find new technologically advanced systems and are preparing business strategies to expand.

The increasing urbanization, booming construction sector and the concern for safety are the key growth drivers for the global elevators market.

The growing construction industry and the shortage of land in the cities are forcing to build high rise buildings and skyscrapers, are creating limitless opportunities for the global elevators market  to grow.  Moreover, The maintenance and modernization segment in the global elevators market is also expected to grow with it. The key restraints includes high price, lack of skilled workforce, and safety issues which are affecting the global elevators market.

In this era of growing urbanisation and increasing population, the passenger elevators are leading the segment. We can find elevators in residential buildings, public places, railway stations, airports, hotels, hospitals and so on. The scarcity of land and increasing population leads to apartment structured homes in which passenger elevators are the must. Rapidly increasing tourism sector, is demanding more lavish and luxury hotels, which again in turn creates opportunities for the elevator market segment to grow. 

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Geographically, North America has the largest share in market due to steady construction of high rise buildings in large metropolitan areas, followed by Asia Pacific, which holds prominence in the global elevators market due to a rapidly growing building and construction sector. Government and private parties are investing for infrastructural development therfore boosting the elevators market in emerging economies of the region.

Key companies operating in the global elevators market includes Otis, ThyssenKrupp AG, KONE Corporation, Schindler Holding Ltd., Fujitec Co. Ltd., Toshiba Corporation, Mitsubishi Electric Corporation, Kleemann Hellas SA, Hitachi Ltd. and Hyundai Elevator Co. Ltd.

The market segment are as follows:-

By Type:

• Elevators (passenger, freight, single, and double deck elevators) 

• Escalator 

• Moving walkways 

By Service:

• New installation 

• Maintenance & repair 

• Modernization 

By Technology:

• Elevator technology (traction with a room, machine room less traction, hydraulic) 

By End-use Industry: 

• Residential 

• Commercial 

• Institutional 

• Infrastructure 

• Others (industrial and marine industry) 

By Region: 

• North America 

• Europe 

• Asia-Pacific 

• RoW