August 27, 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.
Key Growth Drivers of Elevators Market
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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.
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
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.
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.
Founded in 1910, Hitachi, Ltd. has its official headquarters in Japan, Tokyo. The company operates in umpteen key business segments, which include social infrastructure & industrial systems, information & telecommunication systems, construction machinery, high functional materials & components, automotive systems, and others.
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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.
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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