Elevators Market Size, Share & Trend Analysis, By Product Type, By Deck Type, By Platform Height, By Speed, By Application, By Control Type, By End User, By Installation, By Geography Competitive Tactics, and Segment Forecast to 2030

Elevators Market Size, Share & Trend Analysis, By Product Type, By Deck Type, By Platform Height, By Speed, By Application, By Control Type, By End User, By Installation, By Geography Competitive Tactics, and Segment Forecast to 2030

Category : Mechanics & Equipment Reports | Delivery Format : PDF,PPT | Publisher: Reports and Insights | Pages : 265 | Published on : October 2022

Elevators Market: Introduction

 

The global elevators market is estimated to be valued at US$ 144.4 Bn by 2022 end. Expanding at a CAGR of 6.5% between 2022 and 2030, the market’s opportunity is expected to reach US$ 94.4 Bn by the end of 2030. The high demand for elevators mainly in commercial buildings will likely create lucrative opportunities for market players over the next few years.

 

The Reports and Insights team has drafted a market research report on the elevators market to identify the primary market drivers, market trends, challenges, and opportunities business owners encounter. The report includes the market segmentation forecast, geographic perspective, and recent market developments for the elevators market. Additionally, it provides extensive information on market size, market share, industry and product insights, SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market forecast, and prominent market players of the elevators market.

The elevator market is rapidly growing, driven by the increasing demand for tall buildings and high-rise structures worldwide. The market is highly competitive, with many companies vying for market share and driving innovation to stay ahead. The rapid market growth is attributed to several factors, including the increasing demand for elevators in urban areas, rising construction activities, and adoption of advanced elevator technologies.

The elevator market presents significant opportunities for companies to expand their product portfolios and improve their market share by developing innovative elevator solutions to meet the needs of their customers.

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Scope of the Report:

Report Metric

Report Details

Market size available for the years

2020-2030

Base year

2021

Forecast Period

2022-2030

Segments Covered

By Product Type, By Deck Type, By Platform Height, By Speed, By Application, By Control Type, By End User, By Installation, and By Region

Regions Covered

North America

The U.S. & Canada

Latin America

Brazil, Mexico, Argentina, & Rest of Latin America

Asia Pacific

China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific

Europe                                                                           

The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe

Africa

North Africa, Egypt, & Rest of Africa

The Middle East

GCC Countries, Israel, & Rest of the Middle East

Companies Covered

Schindler, Otis Elevator Company (I). Ltd., Thyssenkrupp AG, KONE Corporation, Hitachi Ltd., FUJITEC CO., LTD, HYUNDAIELEVATOR CO., LTD., Electra Elevators, Mitsubishi Electric Corporation, thyssenkrupp AG, EXPRESS LIFTS LTD, Elevator World, LLC, Toshiba Elevator and Building Systems Corporation, EITA Elevator (M) Sdn. Bhd., Orona, and among others

 

Elevators Market: Dynamics

Drivers:

Rapid Urbanization

The increasing rate of urbanization is one of the major drivers for the elevators market. As more people move into cities, there is a growing demand for high-rise buildings and tall structures. This demand is driving the growth of the elevator market as these buildings require reliable and efficient vertical transportation systems, such as elevators, to move people and goods between floors. As a result, the elevator market is witnessing significant growth in recent years, and this trend is expected to continue in the coming years. Additionally, the more urban development projects are initiated worldwide, the more the elevator market is expected to grow significantly over the forecast period.

 

Rapid Technological Advancements

The rapid technological advancements in the elevator market is another major driver which is projected to boost the market growth over the years primarily. Innovations in the field of elevator technologies have led to the development of advanced elevators that are faster, more energy-efficient, and safer. These advancements have driven the growth of the elevators market by increasing the demand for modernization and replacing outdated elevator systems. Market trends suggest that the adoption of advanced technologies, such as artificial intelligence, IoT, and cloud-based monitoring, is expected to further drive the growth of the elevators market in the forthcoming years.

 

Elevators Market: Restraints

High Costs of Elevators

One of the major market restraints for the elevator market is the high installation and maintenance costs associated with elevators. Elevator systems require significant investment, which can be a barrier to market growth, particularly in developing countries where budgets for infrastructure development are limited. Moreover, the cost of elevator maintenance is also relatively high, and the complex nature of elevator systems requires specialized knowledge and expertise. This increases the maintenance cost, which can burden building owners and operators, particularly those with large elevator systems. Such factors are likely to hold back the elevator market growth in the near future.

 

Elevators Market: Opportunities

Growing Demand for Energy-Efficient & Eco-friendly Elevators

The soaring demand for energy-efficient and eco-friendly elevators, in recent times, is reflecting as one of the major growth opportunities for the global elevators market in the near future. With the rise in concerns over climate change and sustainability, there is a rising demand for energy-efficient and eco-friendly elevators. The leading manufacturers of the elevator market have an opportunity to improve their market share by developing innovative elevator solutions that meet these demands. For instance, elevators equipped with regenerative drives can recover energy generated during operation, which can be used to power other building systems. Similarly, elevators are equipped with advanced control systems that optimize elevator usage and reduce energy consumption, which can further help to meet the demand for energy-efficient elevators. Due to such factors, the global elevator market is projected to rise significantly over the coming years.

 

Elevators Market Segmentation Outlook

These segments provide a detailed understanding of the market and help identify the growth opportunities in different regions and end-use industries. The market participants can use this information to design effective marketing strategies and target specific market segments to increase their market share. The elevator market is segmented based on product type, deck type, platform height, speed, application, control type, end-user, installation and region.

By Product Type

Hydraulic & Pneumatic

Machine Room [MR] Traction

Machine Room-Less [MRL] Traction

By Deck Type

Single Deck

Double Deck

By Platform Height

Low Rise

High Rise

Mid Rise

By Speed

Slow

Fast

By Application

Passenger

Freight

By Control Type

Smart

Conventional

By End-user

Building & Construction

Residential

Institutional

Commercial

Industrial

By Installation

New Installation

Maintenance & Modernization

By Region

North America

Latin America

Europe

Asia Pacific

Middle East

Africa

 

Elevators Market Key Players

Some of the key participating players in the elevators market are:

Schindler

Otis Elevator Company (I). Ltd.

Thyssenkrupp AG

KONE Corporation

Hitachi Ltd.

Schindler

FUJITEC CO., LTD

HYUNDAIELEVATOR CO., LTD.

Electra Elevators

Mitsubishi Electric Corporation

thyssenkrupp AG

EXPRESS LIFTS LTD

Elevator World, LLC

Toshiba Elevator and Building Systems Corporation

EITA Elevator (M) Sdn. Bhd.

Orona

 

Elevators Market: Regional Analysis

North America:

The increasing demand for smart, energy-efficient, and elevator modernization drives the North American elevator market. The region has a high concentration of tall buildings and skyscrapers, which require reliable and efficient vertical transportation systems. The market is dominated by significant elevator companies such as Otis, KONE, and Thyssenkrupp. Owing to which, North America is dominating the elevator market in recent times.

 

Europe:

The increasing demand for high-rise buildings and urbanization drives the European elevator market. The region has stringent elevator safety and energy efficiency regulations, leading to innovative elevator solutions development. Thus, the European elevator market is projected to witness rapid growth in the near future.

 

Asia Pacific:

The Asia Pacific elevator market is driven by rapid urbanization, increasing construction activities, and growing demand for high-speed elevators. The region has a large population, and the demand for high-rise buildings and tall structures is increasing rapidly. The market is dominated by major elevator companies such as Mitsubishi Electric, Hitachi, and Toshiba. Rapid industrialization, a growing middle-class population, and increased disposable income are prompting the Asia Pacific region to lead the elevator market in the coming years.


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Frequently Asked Questions

The elevators market is estimated to reach at a value of US$ 144.4 Bn by the end of 2022 and expected to reach at a value of US$ 238.8 Bn by 2030 with a significant CAGR of 6.5%.

The base year for the report is 2021 in elevators market.

By Product Type, By Deck Type, By Platform Height, By Speed, By Application, By Control Type, By End User, By Installation, and By Region

Schindler, Otis Elevator Company (I). Ltd., Thyssenkrupp AG, KONE Corporation, Hitachi Ltd., FUJITEC CO., LTD, HYUNDAIELEVATOR CO., LTD., Electra Elevators, Mitsubishi Electric Corporation, thyssenkrupp AG, EXPRESS LIFTS LTD, Elevator World, LLC, Toshiba Elevator and Building Systems Corporation, EITA Elevator (M) Sdn. Bhd., Orona, and among others


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