Elevator Market is poised to hit US$ 120 billion by 2028, Says Global Market Insights Inc.

Major elevator market participants include Fujitec Co., Mitsubishi Electric Corporation, KONE Corporation, Schindler, Thyssenkrupp Elevator Technology, Hitachi, Toshiba Elevator and Building Systems Corporation, and Hyundai Elevator Co.

SELBYVILLE, Del., March 7, 2022 /PRNewswire/ -- The elevator market is expected to surpass USD 120 billion by 2028, as reported in a research study by Global Market Insights Inc.  Rising activities in the commercial construction sector will augment market revenue.

Global construction spending increased by over 20% from 2014 to 2019. This growth is majorly led by China, India, and the U.S. The increasing GDP growth of Asia Pacific countries coupled with rapid industrialization and the growing population will boost the regional construction sector growth. The economic development in emerging nations, increasing population, industrialization, and urbanization are some of the factors that are expected to drive the construction industry in the coming years, in turn, fostering elevator industry growth.

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The hydraulic & pneumatic elevators segment is projected to grow at a CAGR of over 2% through 2028. The maintenance cost of these elevators is low compared to traction elevators. However, the major disadvantage of hydraulic & pneumatic elevators is that they consume more energy compared to traction elevators. The leakage of hydraulic fluid is another drawback that can have a detrimental effect on the hydraulic elevator market. The increasing construction of low-rise residential buildings to accommodate the rising Asia Pacific urban population will propel the demand for hydraulic & pneumatic elevators.

Europe elevator market is predicted to generate more than USD 14 billion revenue by 2028. Developed countries, such as the UK, France, and Germany, have a more mature construction market, thus most of the product demand will be from the maintenance & modernization sector. Developing countries, such as Romania, Croatia, Georgia, Ukraine, etc., are likely to witness solid growth in the construction sector. This, in turn, will boost the demand for elevators in these regions due to rising urbanization, improving customer spending, and government investments.

Some prime findings of the elevator market report include:

• The rapid development in residential & commercial construction in developing countries will bolster new installation segment growth.
• KONE Corporation, Mitsubishi Electric Corporation, Schindler, Thyssenkrupp Elevator Technology, Hitachi Ltd., and Fujitec Co., Ltd. are major players in the elevator market.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Elevator market 360⁰ synopsis, 2018 – 2028

2.1.1  Business trends

2.1.2  Product by end-user trends

2.1.3  Industry trends

2.1.4  Installation trends

2.1.5  Regional trends

Chapter 3 Elevator Industry Insights

3.1  Industry segmentation

3.2  Industry size and forecast, 2018 - 2028

3.3  Industry ecosystem analysis

3.4  Raw material analysis

3.5  Innovation & sustainability

3.6  Industry impact forces

3.6.1  Growth drivers

3.6.1.1  Developments in Asia Pacific building & construction industry

3.6.1.2  Elevator maintenance & service market growth in Europe and North America

3.6.1.3  Booming construction activities in the Middle East

3.6.2  Industry pitfalls & challenges

3.6.2.1  High installation and maintenance costs

3.7  Regulatory landscape

3.8  Growth potential analysis

3.9  Competitive landscape, 2020

3.10  Porter's analysis

3.11  Cost structure analysis

3.12  PESTEL analysis

3.13  Impact of COVID-19 on global elevator industry

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights Inc.
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