Global Elevator Market – Industry Trends and Forecast to 2029

Global Elevator Market, By Product (Hydraulic and Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), Deck Type (Single Deck, Double Deck), Application (Passengers, Freight), Destination Control (Smart, Conventional), Technology (Traction elevator, Machine room less traction elevator, Hydraulic), Installation (New Installation, Maintenance, Modernization), Industry (Residential, Commercial, Institutional, Infrastructure, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

According to the United Nations' 2017 World Population Prospects data, approximately 2.1 billion older people are expected to be alive by 2050. Although ageing is unavoidable, maintaining a comfortable lifestyle as a geriatric is within our control. The elderly population requires elevator products to make their lives more comfortable. The majority of the elderly suffer from unavoidable illnesses such as cardiovascular disease or arthritis. The elevator market will help increase the longevity of the elderly population by allowing them to avoid a painful flight of stairs, resulting in high demand from this segment of society. As a result, the market is projected to have an accelerated pace over the forecast period.

Global Elevator Market was valued at USD 99.30 million in 2021 and is expected to reach USD 130.76 million by 2029, registering a CAGR of 3.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Report Scope and Market Segmentation

Market Definition

Elevators or lifts are vertical transport berths housed in a shaft or platform for helping ascend and descend people or materials between floors and levels. They are generally operated by electric motors that power counterweight equipment and traction cables or pump hydraulic fluid to ascend a cylindrical system. Most of the multistoried buildings have lifts to facilitate aid of travel and wheelchair access laws. Elevators are widely used in the construction industries for shipping goods and carrying people from one floor to another.

Elevator Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Growth in Construction Sector

Urbanization and population growth are predicted to add 2.5 billion people to the world's cities by 2050. This will stimulate the construction industry, resulting in increased demand for elevators. Elevators are widely utilized in the construction sector for moving items and people from one floor to the next. With a regional share of 39 percent -41 percent in 2018, Europe leads the elevator market share geographically. According to the European Builders Confederation, the construction industry provides 9% of European GDP.

The increasing inclination towards elevator to escape from everyday stress and boredom will further propel the growth rate of elevator market. Additionally, the growth in female gamblers along with the rapid urbanization will also drive market value growth over forecast period. Furthermore, the availability of low-cost mobile applications, increased digitization, a variety of safe digital payment alternatives, an increase in disposable money and increased use of digital currencies and websites also boosts the overall market's growth.

Opportunities

• Increased Usage of Energy-efficient and Green-building Materials

According to a study conducted by the American Council for an Energy-efficient Economy (ACEEE), elevators and escalators can consume 2 percent -5 percent of the energy used in buildings, with peak operational times reaching 50 percent. This represents an important alternative for reducing global energy consumption and achieving sustainability. Growing environmental concerns have increased the demand for green, environmentally friendly products. Consumer expectations for value-added products for elevators, escalators, and moving walkways are steadily shifting toward premium green building materials. The use of green building materials can significantly reduce emissions. These materials aid in energy conservation, achieve sustainability, lower emissions, and also protect the environment. Therefore, the adoption of green building codes and energy-efficient products will further extend profitable opportunities to the market players in the forecast period of 2022 to 2029.

• Installation of Advanced IoT Technology-enabled Elevator and Escalator

 Additionally, the elevators and escalators, which are essential components of residential and commercial buildings, are experiencing a significant increase in demand worldwide. With the increasing incorporation of ultra-modern facilities ranging from elevator safety solutions to elevator air purification equipment, advancements in Internet of Things (IoT) technology are estimated further to expand the future growth of the elevator market.

Restraints/Challenges

• High Maintenance and Installation Costs

However, depending on the type of elevator, maintenance costs can range from USD 120 to USD 2,000 for a single run of repairs. Regularly scheduled maintenance, which may cost between USD 220 and USD 320 per year for semi-annual to annual maintenance, can aid in preventing major problems with the elevator. In the elevator industry, installation costs are also quite high. Elevators require timely repair and maintenance to function properly. Such maintenance activities can cost several times the initial purchase price. As a result, elevator installation and maintenance costs will be a major impediment to industry statistics.

• Stringent Regulations Associated with Elevators

Elevators and escalators are subject to stringent restrictions and standards, which have the potential to stifle the market. The American Society of Mechanical Engineers (ASME), the Elevator and Escalator Safety Trust, the Elevator Escalator Safety Foundation, and the Elevator Advisory Board (Board) of the Texas Health and Safety Code Safety have all outlined several rules and regulations in the industry to ensure public safety. For instance, the American Society of Mechanical Engineers has developed important regulations for escalator, elevator, moving walkway, and related equipment safety in design, installation, operation, inspection, testing, maintenance, alteration, and repair. ASME A17.7-2007/CSA B44.7-07 is one of the bi-national codes for elevators and escalators. Manufacturers are required to follow these regulations because a single flaw in the operation of this equipment can lead to accidents, which further reduces industry's overall profit. Therefore, this factor is projected to pose as a challenge for the market.

This elevator market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the elevator market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Elevator Market

The recent outbreak of coronavirus had a huge impact on the elevator market. With the increase in COVID-19 cases, emergency measures were put in place and the suspension of many activities and facilities in 2020. Because the majority of global elevator and escalator companies have their headquarters in APAC, Europe, and North America, the COVID-19 epidemic has impacted the elevator and escalator markets. The impact of COVID-19 caused a disruption in the supply chain, delaying market expansion due to a scarcity of raw materials and a labour shortage. The COVID-19 pandemic had little impact on the elevators and escalators industry in 2020, resulting in a minor decrease in CAGR. The market has been impacted by reduced raw material output and supply chain issues.

Global Elevator Market Scope

The elevator market is segmented on the basis of product, deck type, application, destination control, technology, installation and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Hydraulic and Pneumatic
• Machine Room [MR] Traction
• Machine Room-Less [MRL] Traction

Deck Type

• Single Deck
• Double Deck

Application

• Passengers
• Freight

Destination Control

• Smart
• Conventional

Technology

• Traction elevator
• Machine Room less Traction Elevator
• Hydraulic

 Installation

• New Installation
• Maintenance
• Modernization

Industry

• Residential
• Commercial
• Institutional
• Infrastructure
• Others

Elevator Market Regional Analysis/Insights

The elevator market is analyzed and market size insights and trends are provided by country, product, deck type, application, destination control, technology, installation and industry as referenced above.

The countries covered in the elevator market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the various government initiatives to propel the construction sector within the region.

On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rising expenditures and supportive government policies in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Elevator Market Share Analysis

The elevator market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to elevator market.

Some of the major players operating in the elevator market are

• Schindler (Switzerland)
• Otis Elevator Company (I). Ltd. (U.S.)
• Thyssenkrupp AG (Germany)
• KONE Corporation (Finland)
• Hitachi Ltd. (Japan)
• Schindler (Switzerland)
• FUJITEC CO., LTD (Hikone)
• HYUNDAIELEVATOR CO., LTD., (South Korea)
• Electra Elevators (India)
• Mitsubishi Electric Corporation (Japan)
• thyssenkrupp AG (Germany)
• EXPRESS LIFTS LTD (India)
• Elevator World, LLC (Alabama)
• Toshiba Elevator and Building Systems Corporation (Malaysia)
• EITA Elevator (M) Sdn. Bhd. (Malaysia)
• Orona (U.S.)