Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By End-user (Building & Construction [Residential, Institutional, Commercial], Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2025
Elevator Market will likely surpass USD 130 billion by 2025; according to a new research report.
Elevators are one of the major transit mediums which facilitates urban flow by transporting goods and population vertically within a building. Lifts are used in all types of buildings like commercial, residential, retail outlets, etc. Hence, advancements in the construction industry would augment the growth in global lift market. Product maintenance and service activities will also be an important factor augmenting the elevator market in forecast years.
Rising elevator service and maintenance activities in mature construction markets such North America and Europe will be a major contributor for the lift market development. North American and European region already have a mature construction industry which is employing many lifts. The repair, maintenance, and service of these existing products will positively influence the industry growth during the forecast timeframe. Rising construction activities in East and Central European countries such as Ukraine, Poland, Croatia, etc. will also favor advancements in the lift market in forecast years.
The global elevator market can be segregated on the basis of product, end user, and region. Machine room and machine room-less traction, hydraulic & pneumatic, and others are the various product types available in the industry. Machine room traction acquires the major industry share and will gain by a significant rate from 2017 to 2025. This product is apt for tall buildings whereas hydraulic & pneumatic elevators are suitable for buildings with smaller heights. Machine room less traction helps in saving space and energy and are growing in popularity since the last two decades.
Based on end users, the global lift market is categorized into industrial and building & construction. Commercial, residential, and institutional are the sub categories of building & construction segment. The industrial segment will witness a CAGR of approximately 3% from 2017 to 2025 whereas the residential sector is the majority shareholder in the worldwide elevator market. This is due to the rising residential infrastructural developments in the emerging countries of Middle-East and Asia Pacific.
Asia Pacific holds a major share in the worldwide lift market owing to the fast growth in its construction industry. Rising demand from Asian countries like Japan, China and India is a major reason behind its key position in the worldwide elevator market. Economic development, regulatory changes, and expanding population are major reasons driving the growth of the industry. North America and Europe are other potential markets with rising demand for the product owing to rising urbanization.
Toshiba, Otis, Hitachi Ltd, KONE, Mitsubishi Electric Company, Schindler, Thyssenkrupp, are some key companies in the worldwide elevator market. Research & development and introducing innovative products into the industry are important strategies adopted by players to strengthen their position in the industry.
Elevator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Elevator Market by Product
Hydraulic & pneumatic
Machine room (MR) traction
Machine room-less (MRL) traction
Elevator Market by End-user
Building & construction
The above information is provided on a regional and country basis for the following:
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