Elevators Market to Gain Value of US$ 215.31 Bn by 2031, States Study by TMR

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Aug 31, 2022, 07:30 ET

The global elevators market is projected to grow at a CAGR of 11.2% from 2022 to 2031
Rise in the urbanization across developed and developing nations is fueling the demand opportunities in the elevators market
Increase in the construction activities in Asia Pacific is driving the product demand in the region

WILMINGTON, Del., Aug. 31, 2022 /PRNewswire/ -- The global elevator market share is prognosticated to reach a value of US$ 215.31 Bn by the end of 2031, according to assessment by Transparency Market Research (TMR). Thus, the elevators market is projected to grow at a CAGR of 11.2% during the forecast period, 2022-2031.

The TMR report provides 360-degree view of the global elevators market. Hence, readers gain access to key information on the growth drivers, growth restraints, challenges, and elevator industry statistics. Moreover, the report also sheds light on the elevator industry trends and the list of top elevator manufacturers across the globe.

Major market players are focusing on the launch of next-gen products such as smart elevators. Such factors are expected to help in the rapid expansion of the elevators market during the forecast period. Moreover, several elevator producers are focusing on the development of cable-less elevators that utilize magnetic propulsion and are faster in terms of travel time. Besides, enterprises are strengthening their production capabilities in next-gen integrated products, with extra features including touch panel control in place of conventional buttons. Such technological innovations and R&Ds are anticipated to help in the rapid growth of the market for elevators in the upcoming years.

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Elevators Market: Key Findings

Elevators are becoming one of the important machines utilized in day-to-day lives. These machines are gaining traction owing to their ability to improve the value of properties, states a TMR study on the elevators market. Furthermore, the demand for elevators is being increasing in the recent years as they help in reducing the risks of falling on steps, specifically among the older population and children. This aside, elevators offer a comfortable and smooth ride from floor to floor. These advantages are expected to boost the residential elevator market size during the forecast period.
The popularity of advanced elevators such as IoT-integrated smart elevators is being increasing in the recent years as they hold the ability to foretell traffic as well as respond in real-time. Moreover, such type of elevators can be operated or serviced remotely with the help of different mobile applications. Hence, rise in the adoption of technological advancements across the globe is expected fuel the growth in the global elevators market during the forecast period.
The government authorities of several emerging nations are focusing on the construction of green buildings. Moreover, there has been a surge in the demand for energy-efficient elevators in these buildings. Hence, increased adoption of green buildings is expected to help in the expansion of the global elevators market during the forecast period, notes a TMR study.

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Elevators Market: Growth Boosters

Surge in the urbanization across many developing and developed nations globally is creating demand opportunities for elevators manufacturers
Increase in the Internet penetration across several emerging economies is propelling the market for elevators
Rise in the installation of warehouse freight elevators across warehouses and commercial buildings is bolstering the market

Elevators Market: Regional Analysis

The elevators market in Asia Pacific is projected to gain notable growth opportunities during the forecast period owing to rise in the product installation across regional emerging economies including China and India
Surge in the installation of elevators in many developed nations of Europe and North America is propelling the market growth in these regions

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Elevators Market: Key Players

Some of the key players profiled in the report are:

Fujitec
Electra Elevator
Hyundai Elevator
Hitachi Ltd.
Mitsubishi Electric Corporation
KONE OYJ
Schindler
Otis Elevator Company
Toshiba
ThyssenKrupp AG

Elevators Market Segmentation

Deck Type

Single-deck
Double-deck

Building Height

Low-rise
Mid-rise
High-rise

Speed

Less than 1 m/s
Between 1 to 3 m/s
Between 4 to 6 m/s
Between 7 to 10 m/s
Above 10 m/s

Destination Control

Smart
Conventional

End-use

Residential
Commercial
Mix Block

Application

Passenger
Freight

Regions Covered

North America
Europe
Asia Pacific
Middle East & Africa
South America

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