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Booming Construction Industry in Developing Economies to Supplement Growth of Global Elevators Market

Article Description

The global elevators market is growing at a rapid pace across the globe, thanks to the development of smart cities. The rising number of players in the market is expected to strengthen the overall market in the next few years. Moreover, the growing focus on passenger comfort and elevator time management are estimated to contribute extensively towards the development of the global elevators market in the coming years. 

According to a research study by Transparency Market Research (TMR), in 2015, the global elevators market was worth US$181.50 bn and is predicted to reach a value of US$330.45 by the end of 2023. The market is estimated to register a healthy 7.40% CAGR between 2016 and 2023. 

Rising Demand for Energy-efficient Elevators to Encourage Market Growth

The rapid urbanization across the globe and the rising geriatric population are some of the key factors driving the global elevators market. In addition, the rising implementation of green building encouraging the installation of energy-efficient elevators and the use of new technology are projected to fuel the growth of the global elevators market in the next few years. On the contrary, the stringent government regulations is one of the primary factors predicted to restrict the development of the global elevators market in the coming years. 

Furthermore, the rising demand for new and advanced elevators for modernization and maintenance of existing elevators is estimated to generate promising opportunities for the key players operating in the global market. On the basis of application, the global elevators market can be classified into parking buildings, commercial, retail, hospitals, residential, hotels, transportation, and others. In terms of product type, the global elevators market can be divided into conventional elevators and smart elevators. With the rising awareness regarding the benefits of smart elevators, the demand for smart elevators is expected to increase extensively in the coming few years. 

Asia Pacific to Remain in Leading Position in Coming Years 

Among the primary geographical segments, in 2015, Asia Pacific led the global elevators market and held a share of 34% in the global market. The increasing adoption of elevators and the developing construction industry are some of the primary factors estimated to encourage the development of the Asia Pacific elevators market. In addition, the rising government spending for infrastructure development and construction activities is estimated to accelerate the growth of this segment in the next few years. The Rest of the World segment is expected to witness significant growth in the coming years, owing to the tremendously rising demand for elevators in emerging economies. 

Browse the full Global Elevators Market report

The global elevators market is highly consolidated in nature with a few players holding a large share of the market. The high rate of infrastructure development in several emerging nations is expected to push the key players to focus on technological advancements in order to sustain in the global market. Some of the prominent players operating in the elevators market across the globe are Hitachi Ltd., Fujitec Co., Ltd., Kleemann Hellas SA, Otis Elevator Company, Mitsubishi Electric Corporation, Toshiba Corporation, Hyundai Elevator Co., Ltd.,  Schindler Holding Ltd., Kone Corporation, and ThyssenKrupp AG.