Elevators market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity.
The global Elevators market size was estimated at USD 78.5 billion in 2023 and is projected to reach USD 119.60 billion in 2030 at a CAGR of 6.2% during the forecast period 2024-2030.
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In November 2021, the U.S. Government's announcement of a USD 1.2 trillion Infrastructure Bill marked a significant step towards revitalizing the construction industry and transportation sectors, aiming to counteract the economic downturn induced by the pandemic. This bill is anticipated to positively influence the elevator market as construction activities ramp up.
The Associated General Contractors of America, Inc. highlights the construction industry's significant contribution to the U.S. economy. Employing over 745,000 individuals in 2021, the sector plays a crucial role in economic growth. Strict regulations surrounding elevator maintenance, established by organizations such as the American Society of Mechanical Engineers (ASME) and the Occupational Safety and Health Administration (OSHA), ensure the safe and efficient operation of elevators, thereby supporting the market's growth.
Key Findings:
- On the basis of Type, in 2023, the traction type segment dominated the elevator market, accounting for 52.6% of the global revenue. These elevators are commonly used in industrial and commercial buildings, with demand driven by ongoing infrastructure projects such as offices, malls, and retail centres.
- On the basis of Business, the new equipment type segment dominated the elevator market in 2023, accounting for 49.1% of global revenue. This growth is driven by rising urbanization, demographic shifts, and a surge in construction activities.
- On the basis of Application, the residential application segment led the elevator market in 2023, accounting for 70.5% of the revenue.
Asia pacific to Dominate the Market
- Asia Pacific leads the market, accounting for over 42.7% of the global revenue in 2023. This growth is attributed to the rapid expansion of the construction industry in countries like India, China, and South Korea. The ongoing urbanization, industrial growth, and population migration from rural areas to urban centres have fuelled the demand for elevators.
- In Central South America, the market is projected to grow at a CAGR of 6.4% during the forecast period. The demand in this region is driven by increased technological and infrastructure development, alongside government initiatives to renovate outdated structures for public safety.
- North America is experiencing a surge in residential and commercial construction projects, which is expected to drive the demand for elevators. Urban population growth is increasing the need for housing and commercial spaces.
Competitive Landscape
- TK Elevator
- Schindler
- KONE Corporation
- Hitachi Ltd.
- HYUNDAIELEVATOR CO., LTD.
- Mitsubishi Electric Corporation
- Toshiba Group
- FUJITEC CO., LTD.
- Aritco Lift AB
- EMAK
- Sigma Elevator Company
- Schumacher Elevator Company
- ESCON Elevators Pvt Limited
- Electra Elevators
- CANNY ELEVATOR CO, LTD.
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Recent Developments
In December 2023, Schindler revealed a partnership with Umm Al Qura, a leading development and construction company, to supply additional elevators and escalators for the latest phase of the Masar development in Saudi Arabia.
In June 2022, KONE Corporation, a multinational elevator and escalator company, announced plans to sell its operations in Russia to local management. This strategic move aims to provide a more sustainable long-term solution for both employees and customers through local ownership and operations.
The Elevators Market is segmented into various segments such as Type, Business, Application, and Region:
Based on Type
- Hydraulic
- Traction
- Machine Room-Less Traction
- Others
Based on Business
- New Equipment
- Maintenance
- Modernization
Based on Application
- Residential
- Commercial
- Industrial
The Report helps to identify the opportunities in Global Regions:
- North America (the United States, Canada, and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
- South America (Brazil etc.)
- The Middle East and Africa (North Africa and GCC Countries)
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In addition to the market data for the Elevators Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
Key Features of Global Market Report:
- Analyze competitive developments like expansions, deployments, new product launches, and acquisitions.
- Identify growth opportunities for stakeholders by pinpointing high-growth segments.
- Study global industries status and forecast, focusing on key regions.
- Conduct an in-depth analysis of product segments and applications, offering strategic recommendations for competitive advantage.
- Provide a comprehensive analysis of key regions, including SWOT and Porter's Five Forces analyses.
- Assist in making strategic business decisions and investment plans.
Frequently Asked Questions
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