Elevator Market

Global Elevator Market By Products (Hydraulic and Pneumatic, Machine room [MR] traction, and Machine room-less [MRL] traction), Services (New Equipment, Maintenance, and Modernization), Deck Types (Single Deck and Double Deck), Speed Types (Less than 1 m/s, Between 1 to 3 m/s, Between 4 to 6 m/s, Between 7 to 10 m/s, and Above 10 m/s), Destination Controls (Smart and Conventional), Applications (Passengers and Freight), End-users (Commercial, Residential, and Industrial), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021-2028

  • Report ID: ICT-SE-4600
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 165
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The global elevator market size is anticipated to expand at a CAGR of 6% and is projected to reach USD 84.0 billion during the forecast period, between 2021 and 2028. Emerging economies, rising tourism activities raise the need for modernization, and the increasing investment by the government for improving the infrastructure at public places and focusing on high-rise infrastructure are propelling the market.


Elevator Market key takeaways

An elevator, also known as lift is a vertical metallic box or a platform that efficiently moves people or goods between the levels of floors of a multistory building. The elevators consist of cab or cabin, cables, and sheaves (pulleys) and propelled by electric motors. Elevators are most prominently used in residential, commercial and industrial areas for increasing the accessibility in day-to-day work. It helps in minimizing daily re-occurring movements of painful experience in climbing stairs or carrying heavy loads. There are significant an advantage of using elevators such as it enhance security, save space, provide convenience, and increases the property value. The machine room-less [MRL] traction-based elevators are mainly used for residential purposes and the hydraulic and pneumatic-based elevators are used for pulling goods.

Market Trends, Drivers, Restraints, and Opportunities:

  • The growth in the construction industry is associated with the increasing population and growing urbanization is boosting the market.
  • Rising demand for elevators in hospitals, supermarkets, old-age homes, airports, and residential buildings for increasing consumers’ accessibility is fueling the market.
  • Increasing geriatric population suffering from unavoidable diseases such as cardiovascular, respiratory, and arthritis issues. The use of elevators makes their lifestyles more comfortable. Thus, driving the market.
  • High cost associated with the initial investment and huge cost incurred in product maintenance. Thus, hampering the market.
  • Increasing use of staircase among health-conscious consumers, especially by millennials is restricting the market.
  • Lack of skilled workforce and stringent regulatory framework for worker’s safety is hindering the market.
  • Growing innovation and implementing advanced technologies in elevators such as touch screens, biometrics, and access control systems are generating opportunities for the market.
  • Introducing smart elevators and elevators equipped with energy-efficient solutions are creating opportunities in the market.

Scope of the report:

The report on the global elevator market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Report Title

Elevator Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2028

Segmentation

Products (Hydraulic and Pneumatic, Machine room [MR] traction, and Machine room-less [MRL] traction), Services (New Equipment, Maintenance, and Modernization), Deck Types (Single Deck and Double Deck), Speed Types (Less than 1 m/s, Between 1 to 3 m/s, Between 4 to 6 m/s, Between 7 to 10 m/s, and Above 10 m/s), Destination Controls (Smart and Conventional), Applications (Passengers and Freight), End-users (Commercial, Residential, and Industrial)

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Key Players Covered

Cibes Lift Group, Dover Elevators, Esconelevators.Com, FUJITEC CO., LTD, Hitachi Ltd, HYUNDAIELEVATOR CO.,LTD, KONE Corporation, Mitsubishi Electric Corporation, Otis, Schindler, thyssenkrupp AG, and Toshiba Elevator and Building System Corporation

 

Elevator Market Segment Insights:

The machine room (MR) traction segment to hold significant market share

In terms of products, the global elevator market is segmented into hydraulic and pneumatic, machine room [MR] traction, and machine room-less [MRL] traction. The machine room [MR] traction segment held a considerable share of the market in 2020, owing to the availability of both geared and gearless motors drive and helps in saving spaces. Moreover, the growing demand for high-rise buildings. The machine room [MR] traction is capable of traveling up to 250 to 2,000 feet at an average speed ranging between 500-2,000 feet per minute, which is anticipated to propel the segment during the forecast period.


Elevator Market taxonomy

New equipment segment to grow in the forecasted period

On the basis of services, the global elevator market is segregated into new equipment, maintenance, and modernization. The new equipment segment is expected to hold a significant share of the market during the forecast period attributed to the rising construction activities, changing demographics, and increasing urbanization. Moreover, the technological advancement and increasing focus by manufacturers for providing value-added services to their customers are anticipated to fuel the modernization segment during the forecast period.

Single deck segment held substantial market share in 2020

Based on deck types, the elevator market is segregated into a single deck and double deck. The single segment is anticipated to hold a significant share of the market during the forecast period. Single deck elevators are the ideal solution for moderate traffic and are highly adopted by the residential sector. However, single-deck elevators are cost-effective as compared to double-deck elevators, which are anticipated to create opportunities in the market.

4 to 6 m/s is projected to grow the forecasted period

In terms of speed, the global elevator market is split into less than 1 m/s, between 1 to 3 m/s, between 4 to 6 m/s, between 7 to 10 m/s, and above 10 m/s). The 1 to 3 m/s segment constituted a significant share of the market. The rapid growth in the 4 to 6 m/s segment is associated with the growing demand for high-rise buildings are anticipated to propel the market in the forecast period.

Smart segment to grow during the anticipated period

In terms of destination controls, the global elevator market is segmented into smart and conventional. The smart segment is projected to hold a significant market share during the forecast period, due to the increasing adoption of connected mobility and growing demand for high-end security. Smart controlling offers benefits such as providing ultra-speed in operations, managing crowd effectively by enhancing energy efficiency. Moreover, the increasing demand for cable-free lifts, touch panels, and cloud-predictive maintenance in elevators is boosting the segment during the forecast period.

Freight segment to expand at a significant pace in the future

On the basis of applications, the global elevator market is segregated into passengers and freight. The freight segment is expected to hold a significant share of the market during the forecast period, due to the increasing adoption of freight elevators in the commercial sector. Additionally, the significant benefits offered by freight elevators such as eliminating risks by increasing safety while transporting goods from one floor to another. These factors are anticipated to propel the segment during the forecast period.

Commercial segment to grow at a significant pace in the near future

Based on end-users, the elevator market is segregated into commercial, residential, and households. The commercial segment is expected to hold a significant share of the market during the forecast period, attributed to the rising construction activities. Additionally, increasing focus and support by the government towards the construction of high-rise infrastructure is boosting the market.

Asia Pacific estimated to account for significant market share

In terms of regions, the global elevator market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific constituted a significant share of the market in 2020, due to the rising construction activities across the residential and non-residential sectors. The government is heavily investing in the high-rise building sector and skyscrapers projects in countries like India, the Philippians, Japan, Indonesia, and South Korea. The market in the Asia Pacific is projected to expand at a significant CAGR during the forecast period, due to the rapid urbanization and rising consumer expenditure associated with increasing disposable income. Additionally, changing consumers’ presences towards the adoption of flexible design, safety systems, and eco-efficiency solutions is propelling the market in Asia Pacific.


Elevator Market by regions

Segments

By Products
  • Hydraulic and Pneumatic
  • Machine room [MR] traction
  • Machine room-less [MRL] traction
By Services
  • New Equipment
  • Maintenance
  • Modernization
By Deck Types
  • Single Deck
  • Double Deck
By Speed Types
  • Less than 1 m/s
  • Between 1 to 3 m/s
  • Between 4 to 6 m/s
  • Between 7 to 10 m/s
  • Above 10 m/s
By Destination Controls
  • Smart
  • Conventional
By Applications
  • Passengers
  • Freight
By End-users
  • Commercial
  • Residential
  • Industrial
By Regions
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
By Key Players
  • Cibes Lift Group
  • Dover Elevators
  • Esconelevators.Com
  • FUJITEC CO., LTD
  • Hitachi Ltd
  • HYUNDAIELEVATOR CO.,LTD
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • Otis
  • Schindler
  • Thyssenkrupp AG
  • Toshiba Elevator and Building System Corporation

Competitive Landscape

Key players in the global elevator market include Cibes Lift Group, Dover Elevators, Esconelevators.Com, FUJITEC CO., LTD, Hitachi Ltd, HYUNDAIELEVATOR CO.,LTD, KONE Corporation, Mitsubishi Electric Corporation, Otis, Schindler, thyssenkrupp AG, and Toshiba Elevator and Building System Corporation. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.

Elevator Market by key players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Elevator Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Elevator Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Elevator Market - Supply Chain
  4.5. Global Elevator Market Forecast
     4.5.1. Elevator Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Elevator Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Elevator Market Absolute $ Opportunity
5. Global Elevator Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Elevator Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Elevator Demand Share Forecast, 2019-2026
6. North America Elevator Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Elevator Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Elevator Demand Share Forecast, 2019-2026
7. Latin America Elevator Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Elevator Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Elevator Demand Share Forecast, 2019-2026
8. Europe Elevator Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Elevator Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Elevator Demand Share Forecast, 2019-2026
9. Asia Pacific Elevator Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Elevator Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Elevator Demand Share Forecast, 2019-2026
10. Middle East & Africa Elevator Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Elevator Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Elevator Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Elevator Market: Market Share Analysis
  11.2. Elevator Distributors and Customers
  11.3. Elevator Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Cibes Lift Group
     11.4.2. Dover Elevators
     11.4.3. Esconelevators.Com
     11.4.4. FUJITEC CO., LTD
     11.4.5. Hitachi Ltd
     11.4.6. HYUNDAIELEVATOR CO.,LTD
     11.4.7. KONE Corporation
     11.4.8. Mitsubishi E
By Products
  • Hydraulic and Pneumatic
  • Machine room [MR] traction
  • Machine room-less [MRL] traction
By Services
  • New Equipment
  • Maintenance
  • Modernization
By Deck Types
  • Single Deck
  • Double Deck
By Speed Types
  • Less than 1 m/s
  • Between 1 to 3 m/s
  • Between 4 to 6 m/s
  • Between 7 to 10 m/s
  • Above 10 m/s
By Destination Controls
  • Smart
  • Conventional
By Applications
  • Passengers
  • Freight
By End-users
  • Commercial
  • Residential
  • Industrial
By Regions
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
By Key Players
  • Cibes Lift Group
  • Dover Elevators
  • Esconelevators.Com
  • FUJITEC CO., LTD
  • Hitachi Ltd
  • HYUNDAIELEVATOR CO.,LTD
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • Otis
  • Schindler
  • Thyssenkrupp AG
  • Toshiba Elevator and Building System Corporation

Key players in the global elevator market include Cibes Lift Group, Dover Elevators, Esconelevators.Com, FUJITEC CO., LTD, Hitachi Ltd, HYUNDAIELEVATOR CO.,LTD, KONE Corporation, Mitsubishi Electric Corporation, Otis, Schindler, thyssenkrupp AG, and Toshiba Elevator and Building System Corporation. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.

Elevator Market by key players

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