Elevators Global Market Projected To Grow Radiantly By 2030; Asserts MRFR Unleashing Industry Forecast

Global Elevators Market   - Overview

Elevators have become very critical across all applications such as residential, commercial, and industrial. The market is expected to continue with the moderate growth trend during the forecast period. There have been few factors driving the market such as Rapid Urbanization, changing construction industry, and adoption of green building concept.

Elevators Market is projected to be worth USD 85064.28 Million by 2030, registering a CAGR of 6.5% during the forecast period (2021 - 2030)

Huge investments in infrastructural projects in Asia Pacific countries countries have spurred the demand for elevators for commercial and residential purpose. The region has given a tough competition to well established European and U.S. markets when it comes to the manufacturing base and price points. There is seen changing dynamics in construction industry in the region such as interest by foreign investors and increase in FDI in construction in countries such as Indonesia and India. This augments the demand for such elevators in the region.

The construction sector in Brazil has witnessed a good growth with the development in Brazilian economy. Infrastructure projects in the region have been growing steadily. Consequently, there is a high demand for elevators, which is attracting big market players to enter the region for business expansion.

The governments across all regions are seen promoting and developing their construction sector. The emerging nations are particularly bringing various reform and regulations to boost their infrastructure growth and real-estate market. Such growth is expected to augment the market growth of elevator industry. For instance, the government of India announced several major policy initiatives such as the passage of the Real Estate (Regulation and Development) Act 2016, the amendment to the Benami Transactions Act, 100% deduction in profits for affordable housing construction, change in arbitration norms for construction companies, and many others to boost the construction industry in the country.

Key Players:

Kone Corporation, Thyssenkrupp AG, Dover, Fujitec, Hyundai, Mitsubishi, Sigma, Schindler, Armor, and Omega Elevators are some of the prominent players at the forefront of competition in the global elevators market and are profiled in MRFR Analysis. 

Global Elevators Market   - Competitive Analysis

Characterized by the presence of several well-established along with medium and small players, the global market of          elevators appears to be highly competitive and fragmented. International players are seen increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, quality, and pricing.  The market is witnessing intensified competition which is expected to get more intensified further during the forecast period.

ThyssenKrupp launched its Internet-Connected Elevators in six more countries after piloting the system in the United States, Germany and Spain. The company aims to sell at least 100,000 units by mid-2017.

In November 2017, Otis Elevator Company completes acquisition Mitsubishi Electric Elevator business in Brazil. Otis Brazil will be the exclusive and authorized service provider of Mitsubishi Electric and LGTech Brand elevators and escalators equipment in Brazil. The company will also have access to original spare parts and modernization of Mitsubishi Electric’s elevators and escalators in Brazil.

In July 2017, Kone completed acquisition of Alois Kasper GmbH (Germany). The step is expected to strengthen their presence in the Saarland and Frankfurt regions.               

Global Elevators Market   - Segments

Global Elevators Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.

Segmentation By Types: Comprises – Passenger elevator, Good elevators, Capsule elevators, Automobile elevators, stretcher elevators, Hydraulic elevators

Segmentation By Application:  Comprises – Residential and Commercial

Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World

Regional Analysis

The Asia-Pacific region dominated the global elevators market in 2016. It is also expected to be the fastest growing region for the elevators. Rising urbanized population, increase in industrialization, and growth in construction activities along with increasing investment are the factors driving the growth of the market in Asia-Pacific region. The construction spending in China standouts followed by India, Indonesia and Vietnam. All sectors are likely to witness significant growth, largely led by non-residential construction. Additionally, China not only exhibits significant levels of growth but is also the largest market in the world. Construction spending in China is shifting from the coastal cities to the interior and western provinces that will lead to the higher use of construction machinery. India, on the other hand, is seeking increase in private funding solutions in the provision of much of the new infrastructure needed. In Southeast Asia relatively strong construction spending growth is also expected in Indonesia and Vietnam, as both countries upgrade infrastructure to support their growing populations.  

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