LeapZipBlog: Steve Blade's blog: Elevators Market Volume Analysis, Segments, Value Share and Key Trends 2019 - 2029

Elevators Market Volume Analysis, Segments, Value Share and Key Trends 2019 - 2029

August 16, 2019 by Steve Blade  

According to a new study by Fact.MR, the global sales of elevators are estimated to surpass 900 thousand units in 2019. The elevators industry continues to remain influenced by various factors, which range from the resurgent growth in new residential construction, to innovative developments in modern elevator designs such as cloud predictive maintenance and intuitive technologies.  The Elevators Market is poised to expand at 9.8% volume CAGR, during the forecast period, 2017-2026. The report further projects that by the end of 2026, more than 138,000 units of elevators are expected to be sold globally.

Adoption of electronic devices not only enhances convenience but also improves lifestyle of consumers, which has further resulted into the concept of smart homes. In addition, smart buildings are witnessing a tremendous surge in prevalence, with the rise in development of smart cities. Rising integration of essential building equipment and systems with artificial intelligence (AI) has further proliferated demand for smart buildings in developed and developing countries. Various governments across the globe are focusing on funding smart cities projects, which in turn is expected to influence demand for equipment such as elevators.

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Table of Content

Chapter 1. Executive Summary
       1.1. Global Market Outlook
       1.2. Demand-Supply Side Trends
       1.3. Analysis and Recommendations

Chapter 2. Market Overview
       2.1. Market Coverage / Taxonomy
       2.2. Market Definition / Scope / Limitations

Chapter 3. Key Market Trends
       3.1. Key Trends Impacting the Market
              3.1.1 Construction/ Real Estate Condition 
              3.1.2 Rise in export of elevators parts
              3.1.3 High-Rise buildings elevators
              3.1.4 Safety as topmost priority

Chapter 4. Market Background
       4.1. Global Construction Outlook
              4.2.1. Total Construction Spending Growth by Country, 2014-18
              4.2.2. Construction Spending By Region
       4.2. Global Construction Scenario
       4.3. Macro-Economic Factors - Relevance & Impact for Insulating Blow-In Machines
              4.2.3. Manufacturing Sector GVA and Growth
              4.2.4. Per Capita Disposable Income
              4.2.5. Global GDP Growth Outlook
       4.4. Forecast Factors - Relevance & Impact
       4.5. PESTLE Analysis
       4.6. Porter’s Five Forces Analysis
       4.7. Supply Chain Analysis
              4.7.1. List of Key Manufacturers
              4.7.2. List of Suppliers
              4.7.3. List of Potential Buyers
       4.8. Market Dynamics
              4.8.1. Drivers
              4.8.2. Restraints
              4.8.3. Opportunity Analysis

To be Continue............

Elevator manufacturers across the globe are increasingly being encouraged to incorporate internet of things (IoT) in elevator systems, which will improve the service by lowering downtimes and enhancing the efficiency. It will further enable real-time remote monitoring and actionable analytics. Integration of IoT into elevators is considered to be one of the latest trends in the elevators industry, and such elevator systems are likely to gain immense traction globally in the near future.

In Brief

  • Global elevators market registered exponential growth at a CAGR of over 9% from 2014 to 2018. Monumental growth of the building and construction industry along with increasing reliance on technology is underpinning growth of elevators market.
  • Worldwide sales of elevators exceeded a valuation worth US$ 65 Bn in 2018, and are estimated to grow by over 10% Y-O-Y in 2019.
  • Asia Pacific will continue to be the leading market for elevators, with flourishing economies such as China and India at the forefront of demand. Elevator sales in Asia Pacific are predominantly upheld by increasing focus on infrastructure development and swift pace of urbanization across developing economies. In addition, Asia Pacific is also likely to emerge as a high growth market for elevators through 2029.

According to the report, residential sector will continue to be the most lucrative for elevator manufacturers, whereas demand will be steady in the commercial and industrial segments. The report also projects that North America will remain the largest market for elevators during the assessment period, whereas demand will grow at a steady pace in Asia Pacific excluding Japan (APEJ). On the basis of service type, demand for new elevators is projected to be higher than maintenance & repair and refurbishing segments.

By application type, the key segments include residential, commercial, and industrial. Demand for elevators from all these three segments is likely to remain steady during the assessment period, however, residential segment is projected to maintain a slight edge over the other two segments.

Elevators Market- The Competitive Landscape

  • In 2019, Mitsubishi Electric Corporation announced the official launch of NEXIEZ-LITE MRL elevator developed by its very own subsidiary i.e. ‘Mitsubishi Elevator India Private Limited (IMEC)’. This specific product will be added to its exclusive ‘NEXIEZ-LITE’ series of elevators for use in mid- and low-rise office space, hotels, and residencies in India. This product launch was aimed at leveraging prime opportunities in India, one of the leading elevator markets.
  • In 2018, ThyssenKrupp Elevator - a leading player of the urban mobility space - announced the official launch of two new exclusive elevator families namely, ‘evolution’ and ‘synergy’ with an objective of offering customized mobility in Europe and Africa. These two new product launches were aimed at catering to increasing demand for elevators of the best quality, service, and design across the above-mentioned regions.
  • In 2018, KONE- a leading provider of escalators and elevators- made an official announcement of its acquisition of the service & repair business of Eltec Elevator Ltd. This acquisition was aimed at delivering outstanding service to the customer bases spread across various regions. In addition, this acquisition was also a big step to strengthen the company’s market foothold and ability to offer innovative elevator and escalator solutions.

Otis Elevator Company

Founded in 1853, the Otis Elevator Company has its official headquarters in Farmington, Connecticut, United States. The company is a subsidiary of the United Technologies Corporation and is involved in developing, manufacturing, and marketing of a wide range of escalators, elevators, moving walkways, and other mobility solutions.

KONE Oyj

Founded in 1910, KONE Oyj has its official headquarters in Espoo, Finland. The company offers a wide range of elevators, escalators, and other solutions for modernization and maintenance. The company has total number of eight R&D centers and seven productions sites worldwide and offers industry-best services for developers, builders, designers, and architects.

The Schindler Group

Founded in 1874, The Schindler Group has its official headquarters in Ebikon, Switzerland. Ranked among one of the leading providers of escalators and elevators, Schindler has successfully marked its presence across 100 countries. Schindler holds specialization in latest-technology engineering to develop mobility solutions offering seamless efficiency, safety, and reliability.

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Toshiba Corporation, Honda Motor Co., Ltd., Generac Holdings Inc., Champion Power Equipment, Inc., Lifan Industry (Group) Co. Ltd, Yamaha Motor Co., Ltd., Wuxi Kipor Power Co. Ltd., Hyundai Motor Company, Briggs & Stratton Corporation, Ryobi Limited, and Subaru Corporation are expected to be recognized as leading manufacturers of elevators in the global market during the forecast period.

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