Market Research Future (MRFR) presumes the global elevators market to witness exponential growth from 2021 to 2030 (forecast period).
Elevators and lifts are vertical transport berths placed in a shaft or platform that allow people or materials to ascend and descend between floors and levels. Electric motors power counterweight equipment and traction cables or pump hydraulic fluid to ascend a cylindrical system, in most cases. The majority of multi-story buildings have lifts to facilitate aid of travel and wheelchair access laws. Elevators are commonly used in the construction industry to transport goods and people from one floor to another.
The global elevator market growth dramatically over the last decade, and according to MRFR analysis, the global elevator market growth will maintain its growth rate status during the forecast period. The rapid transformation of technology in the construction industry has become one of the primary reasons for the global market's overall growth. The global elevator market growth is primarily driven by factors such as expanding construction, rapid urbanization, technological advancement, massive investment, high demand for security, and others. Aside from that, the high maintenance and installation costs may be major market restraints.
Another growth enabling factor globally is the increasing requirement for elevator maintenance and modernization. Due to high labor costs and a short service cycle, elevators are maintained under full-service contract agreements. The global installed base of elevators and escalators is expected to rise gradually by 2027. Concerns over aging infrastructure in North America and Europe are anticipated to fuel the demand for elevator services and modernization. Elevator maintenance, on the other hand, will be heavily influenced by elements such as equipment base, regulatory landscape, and service costs across different countries.
COVID-19 Impact on the Global Elevators Market
The ongoing coronavirus pandemic is expected to slow the worldwide elevator industry size between 2019 and 2020. This will contribute to a decrease in global construction volume, which will be followed by restrictions on international trade between countries. Europe and North America have suffered significant losses in new equipment sales and service contracts for elevators and escalators. The market is expected to recover after 2021 as global construction output grows gradually.
Market Segmentation
As per MRFR analysis, the global elevator market growth has been segmented into type and application.
By type, the global elevators market has been segmented into passenger elevators, good elevators, capsule elevators, automobile elevators, stretcher elevators, and hydraulic elevators.
By application, the global elevator market growth has been segmented into residential and commercial.
Regional Analysis
Regionally, the global elevator market growth has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific leads the elevator market growth because the region offers more significant growth prospects, as developing countries are expected to be progressing markets, making the region the fastest-growing market for elevators. The expansion of the elevator market growth in this region is estimated by variables such as the increase in the residential, commercial, institutional, expanding population, economic advancement, and infrastructure industries.
Competitive Landscape
The elevator industry is split between manufacturers of new equipment and service providers. The New Equipment/Installation (NI) sector is highly consolidated, with top industry players controlling the majority of the global market.
Key Players
The leading market players in the global elevator market growth include Kone Corporation, Thyssenkrupp AG, Dover, Fujitec, Hyundai, Mitsubishi, Sigma, Schindler, Armor, Omega Elevators and others.
Summary
The global elevator market growth is expected to witness exponential growth from 2020 to 2027 (forecast period). Rapid urbanization, strong demand for security, a developing construction industry, massive investment, technological advancement, and other are factors driving the global elevator market growth.
Read More: https://www.marketresearchfuture.com/reports/elevators-market-1546
