Frost Radar in the Global Elevator Market
The global elevator market is generally deemed low risk and is steadily growing. The market is closely tied to the performance of the global real estate development market, as an elevator is a common and important component in a building. The market is expected to grow about 4% annually from 2018 to 2025, attributed to three factors: the demand for new installations--especially in China, which is still expected to contribute half of new installations despite slowing real estate development; modernization projects for elevators with more than 15 years of service (mainly in East Asia, the United States, and Europe); and the ever-growing installed base globally that requires periodic service and maintenance.
For this research, Frost & Sullivan used a unique and robust platform called Frost Radar to analyze the market and identify Companies to Action (C2A) based on their growth indicators and recent innovations and growth strategies. Companies that are positioned in the radar are Otis, KONE, Thyssenkrupp Elevator, Schindler, Toshiba Elevator and Building Systems Corporation, Mitsubishi Electric, Fujitec, Hitachi, and Hyundai Elevator.
Innovation in the elevator market was observed to have multiple directions. Companies have started implementing artificial intelligence and Internet of Things solutions to provide better aftermarket services to customers; remote monitoring and preventive maintenance can be implemented more efficiently and effectively as a result of this. Another key innovation is the expansion of available technology that can provide additional utility during building construction phase, remote repair technology, and revolutionary elevator cab design. Examples include SkyBuild from Otis, RISE from Schindler, and MULTI from ThyssenKrupp. Japanese companies also showed a trend towards improving the performance of existing elevator technology with higher travel range and speeds. Companies are developing their own niches to cater to the wide range of potential customers in the real estate development industry.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes number of companies (across all tiers of competition) in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
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