Global Elevator Market By Type (Hydraulic & Pneumatic, MR Traction, MRL Traction), Deck Type (Single Deck, Double Deck), Destination Control (Smart, Conventional), Building Height (Low Rise, Mid Rise, High Rise), End-Use Application (Residential, Commercial, Mix Block), Usage (Passenger, Freight), Speed (Less than 1m/s, 1-3m/s, 4-6m/s, 7-10m/s, More than 10m/s), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Elevator Market
Global Elevator Market is expected to rise from its initial estimated value of USD 62.71 billion in 2018 to a projected value of USD 150.68 billion by 2026, registering a CAGR of 11.58% in the forecast period of 2019-2026. This rise in market value can be attributed to the demand and enhancement in capabilities of carrying larger loads of passengers and freights through the elevators.
Market Definition: Global Elevator Market
Elevator can be defined as a means of transport that is used vertically in buildings or other structures for the movement of passengers or freight, between the various levels of a building. They are powered by electric motors and its movement is based on counterweight systems.
- Increasing levels of urbanization and industrialization is one of the major factors behind its market growth
- Significant costs in the purchase, operations and maintenance of these products is one of the major factors restraining the market growth
Segmentation: Global Elevator Market
- By Type
- Hydraulic & Pneumatic
- MR Traction
- MRL Traction
- By Deck Type
- Single Deck
- Double Deck
- By Destination Control
- By Building Height
- Low Rise
- Mid Rise
- High Rise
- By End-Use Application
- Mix Block
- By Usage
- By Speed
- Less than 1m/s
- More than 10m/s
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
- North America
Key Developments in the Market:
- In November 2018, thyssenkrupp AG announced the launch of two new elevator products category, namely “synergy” & “evolution” for low-rise and mid-rise buildings in Europe and Africa. The new launch is expected to meet the growing demand for enhanced quality and products provision in mobility solutions.
- In July 2018, KONE Corporation announced the launch of two new range of elevators namely, “U MonoSpace” & “U MiniSpace” to meet the growing demands of mid-range elevators. Along with that, they are planning on expanding and establishing a new manufacturing plant in Tamil Nadu, India which will be operational by second quarter of 2019.
Competitive Analysis: Global Elevator Market
Global elevator market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of elevator market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Elevator Market
Otis Elevator Company; KONE Corporation; Schindler; FUJITEC CO., LTD.; Hitachi, Ltd.; HYUNDAIELEVATOR CO.,LTD.; Electra Elevators; Mitsubishi Electric Corporation; thyssenkrupp AG; Express Lifts Ltd.; ESCON ELEVATORS PVT LTD.; Toshiba Elevator and Building Systems Corporation; EITA Elevator (M) Sdn. Bhd. and Orona.
Research Methodology: Global Elevator Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Competitive analysis of key competitors involved in the market
- Complete analysis of market segmentation and which segments are set to flourish in the forecast period of 2019 to 2026
- Market drivers and restraints analysis along with the analysis of the market structure