Elevator Market is projected to Grow USD 130.76 Million by 2029, Size, Growth Rates, Cost Factors, Applications, Key Players and Global Industry Outlook
NEW YORK, Oct. 11, 2022 /PRNewswire/ -- Data Bridge Market research has newly released expansive study titled "Global Elevator Market" guarantees you will remain better informed than your competition. This study provides the broader perspective of the market place with its comprehensive market insights and analysis which eases surviving and succeeding in the market. Elevator Market market research report can be used to double check the data collected through internal analyses. It guides the changes and aids to look for ways to justify what third parties say so that businesses aren't myopic and caught up in their own data. Elevator Market market report guides to stay up to date on the market as a whole and give a holistic view of the market allowing the benchmarking of all the companies in the industry, not just the ones that are focused. Such third-party report is more unbiased and hence provides a better picture of what's really happening in the market.
Global Elevator Market was valued at USD 99.30 million in 2021 and is expected to reach USD 130.76 million by 2029, registering a CAGR of 3.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.
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According to the United Nations' 2017 World Population Prospects data, approximately 2.1 billion older people are expected to be alive by 2050. Although ageing is unavoidable, maintaining a comfortable lifestyle as a geriatric is within our control. The elderly population requires elevator products to make their lives more comfortable. The majority of the elderly suffer from unavoidable illnesses such as cardiovascular disease or arthritis. The elevator market will help increase the longevity of the elderly population by allowing them to avoid a painful flight of stairs, resulting in high demand from this segment of society. As a result, the market is projected to have an accelerated pace over the forecast period
Elevators or lifts are vertical transport berths housed in a shaft or platform for helping ascend and descend people or materials between floors and levels. They are generally operated by electric motors that power counterweight equipment and traction cables or pump hydraulic fluid to ascend a cylindrical system. Most of the multistoried buildings have lifts to facilitate aid of travel and wheelchair access laws. Elevators are widely used in the construction industries for shipping goods and carrying people from one floor to another.
Increased Usage of Energy-efficient and Green-building Materials
According to a study conducted by the American Council for an Energy-efficient Economy (ACEEE), elevators and escalators can consume 2 percent -5 percent of the energy used in buildings, with peak operational times reaching 50 percent. This represents an important alternative for reducing global energy consumption and achieving sustainability. Growing environmental concerns have increased the demand for green, environmentally friendly products. Consumer expectations for value-added products for elevators, escalators, and moving walkways are steadily shifting toward premium green building materials. The use of green building materials can significantly reduce emissions. These materials aid in energy conservation, achieve sustainability, lower emissions, and also protect the environment. Therefore, the adoption of green building codes and energy-efficient products will further extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
Installation of Advanced IoT Technology-enabled Elevator and Escalator
Additionally, the elevators and escalators, which are essential components of residential and commercial buildings, are experiencing a significant increase in demand worldwide. With the increasing incorporation of ultra-modern facilities ranging from elevator safety solutions to elevator air purification equipment, advancements in Internet of Things (IoT) technology are estimated further to expand the future growth of the elevator market.
Some of the major players operating in the Elevator market are
- Schindler (Switzerland)
- Otis Elevator Company (I). Ltd. (U.S.)
- Thyssenkrupp AG (Germany)
- KONE Corporation (Finland)
- Hitachi Ltd. (Japan)
- Schindler (Switzerland)
- FUJITEC CO., LTD (Hikone)
- HYUNDAIELEVATOR CO., LTD., (South Korea)
- Electra Elevators (India)
- Mitsubishi Electric Corporation (Japan)
- thyssenkrupp AG (Germany)
- EXPRESS LIFTS LTD (India)
- Elevator World, LLC (Alabama)
- Toshiba Elevator and Building Systems Corporation (Malaysia)
- EITA Elevator (M) Sdn. Bhd. (Malaysia)
- Orona (U.S.)
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Key Drivers
- Growth in Construction Sector
Urbanization and population growth are predicted to add 2.5 billion people to the world's cities by 2050. This will stimulate the construction industry, resulting in increased demand for elevators. Elevators are widely utilized in the construction sector for moving items and people from one floor to the next. With a regional share of 39 percent -41 percent in 2018, Europe leads the elevator market share geographically. According to the European Builders Confederation, the construction industry provides 9% of European GDP.
The increasing inclination towards elevator to escape from everyday stress and boredom will further propel the growth rate of elevator market. Additionally, the growth in female gamblers along with the rapid urbanization will also drive market value growth over forecast period. Furthermore, the availability of low-cost mobile applications, increased digitization, a variety of safe digital payment alternatives, an increase in disposable money and increased use of digital currencies and websites also boosts the overall market's growth.
Segmentation Covered: Elevator Market
Product
- Hydraulic and Pneumatic
- Machine Room [MR] Traction
- Machine Room-Less [MRL] Traction
Deck Type
- Single Deck
- Double Deck
Application
- Passengers
- Freight
Destination Control
- Smart
- Conventional
Technology
- Traction elevator
- Machine Room less Traction Elevator
- Hydraulic
Installation
- New Installation
- Maintenance
- Modernization
Industry
- Residential
- Commercial
- Institutional
- Infrastructure
- Others
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Elevator Market Regional Analysis/Insights:
The countries covered in the elevator market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the various government initiatives to propel the construction sector within the region.
On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rising expenditures and supportive government policies in the region.
The Elevator Investment made in the study would provide you access to information such as:
- Elevator Market [Global – Broken-down into regions]
- Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
- Country wise Market Size Split [of important countries with major market share]
- Market Share and Revenue/Sales by leading players
- Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter's Five Forces, etc.
- Market Size
- Market Size by application/industry verticals
- Market Projections/Forecast
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Elevator Market: Regulations
- Market Overview
- Global Elevator Market, By Product
- Global Elevator Market, By Deck Type
- Global Elevator Market, By Application
- Global Elevator Market, By Technology
- Global Elevator Market, By Installation
- Global Elevator Market, By End User
- Global Elevator Market, By Industry
- Global Elevator Market, By Region
- Global Elevator Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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