In Brief
- Global elevators market registered exponential growth at a CAGR of over 9% from 2014 to 2018. Monumental growth of the building and construction industry along with increasing reliance on technology is underpinning growth of elevators market.
- Worldwide sales of elevators exceeded a valuation worth US$ 65 Bn in 2018, and are estimated to grow by over 10% Y-O-Y in 2019.
- Asia Pacific will continue to be the leading market for elevators, with flourishing economies such as China and India at the forefront of demand. Elevator sales in Asia Pacific are predominantly upheld by increasing focus on infrastructure development and swift pace of urbanization across developing economies. In addition, Asia Pacific is also likely to emerge as a high growth market for elevators through 2029.
- Energy efficiency ranks among the top end-user considerations while choosing a specific elevator model. In line with the aforementioned, manufacturers are extensively focusing on development of elevators that offer energy and space saving benefits.
What are the Key Growth Drivers of Elevators Market?
- Rapid urbanization and the consequential proliferation of multi-storey buildings will continue to intensify the demand for elevators.
- A massive outpouring of investments in building and construction projects is likely to underpin growth of elevators market.
- Focus on upgrading infrastructure of industrial, commercial, and residential spaces is likely to set a buoyant tone for elevators market in 2019 and beyond.
- Escalating demand for elevators from industrial units for seamless transportation of heavy loads to various floors will continue to boost market revenues through 2029.
What are the Challenges to be Addressed by Key Stakeholders?
- Strict government policies and regulations have been put in place to administer safety and security in elevators. Ensuring conformity to the above-mentioned policies and regulations will continue to exert high pressures on companies.
- Over-the-top demand for top-notch assistance and instant reverts to repairs, replacements, and queries is also posing considerable challenges for companies in terms of keeping up with ever-evolving customer expectations.
Elevators Market- The Competitive Landscape
- In 2019, Mitsubishi Electric Corporation announced the official launch of NEXIEZ-LITE MRL elevator developed by its very own subsidiary i.e. ‘Mitsubishi Elevator India Private Limited (IMEC)’. This specific product will be added to its exclusive ‘NEXIEZ-LITE’ series of elevators for use in mid- and low-rise office space, hotels, and residencies in India. This product launch was aimed at leveraging prime opportunities in India, one of the leading elevator markets.
- In 2018, ThyssenKrupp Elevator - a leading player of the urban mobility space - announced the official launch of two new exclusive elevator families namely, ‘evolution’ and ‘synergy’ with an objective of offering customized mobility in Europe and Africa. These two new product launches were aimed at catering to increasing demand for elevators of the best quality, service, and design across the above-mentioned regions.
- In 2018, KONE- a leading provider of escalators and elevators- made an official announcement of its acquisition of the service & repair business of Eltec Elevator Ltd. This acquisition was aimed at delivering outstanding service to the customer bases spread across various regions. In addition, this acquisition was also a big step to strengthen the company’s market foothold and ability to offer innovative elevator and escalator solutions.
Otis Elevator Company
Founded in 1853, the Otis Elevator Company has its official headquarters in Farmington, Connecticut, United States. The company is a subsidiary of the United Technologies Corporation and is involved in developing, manufacturing, and marketing of a wide range of escalators, elevators, moving walkways, and other mobility solutions.
KONE Oyj
Founded in 1910, KONE Oyj has its official headquarters in Espoo, Finland. The company offers a wide range of elevators, escalators, and other solutions for modernization and maintenance. The company has total number of eight R&D centers and seven productions sites worldwide and offers industry-best services for developers, builders, designers, and architects.
The Schindler Group
Founded in 1874, The Schindler Group has its official headquarters in Ebikon, Switzerland. Ranked among one of the leading providers of escalators and elevators, Schindler has successfully marked its presence across 100 countries. Schindler holds specialization in latest-technology engineering to develop mobility solutions offering seamless efficiency, safety, and reliability.
Fujitec Co., Ltd.
Founded in 1948, Fujitec Co., Ltd. has its operational headquarters in Japan, the Americas, East Asia, South Asia, and Europe. The brand has its own legacy and specializes in development of standardized elevators, escalators, and modern mobility solutions.
Hitachi, Ltd.
Founded in 1910, Hitachi, Ltd. has its official headquarters in Japan, Tokyo. The company operates in umpteen key business segments, which include social infrastructure & industrial systems, information & telecommunication systems, construction machinery, high functional materials & components, automotive systems, and others.
Additional Insight
Smart Elevators – End Users’ New Choice for Connected Mobility
Demand for connected and smart elevators is on a significant rise, as end-users show high enthusiasm to explore beyond the conventional elevator technologies. The global elevators market is witnessing considerable interest in smart elevators that offer high-end security, enhanced energy efficiency, effective crowd management, and ultra-speed operation. This evolution of smart elevators can be attributed to the sheer proliferation of artificial intelligence across a wide spectrum of applications.
Increasing demand for cable-free lifts moving effortlessly across both vertical and horizontal lines is also fuelling the demand for smart elevators. Sensing end user demand in this direction, manufacturing are focusing on development of smart elevators with interactive touch panels, intuitive technologies, and cloud-predictive maintenance. End users are on the constant lookout for elevator solutions that are highly efficient, effective, and engaging, which is further boosting the demand for smart elevators.
Research Scope
Research Methodology
The Fact.MR research study on global elevators market underlines various factors driving the market revenues and trends shaping growth of elevators market. The report on elevators market offers industry-best intelligence and incisive insights into the elevators market space and the demand-supply scenario. To compile the report on elevators market, primary and secondary phases were carried out, which form the foundation of the diligent market assessment.
While primary phase included interviews and in-person interactions with key players of elevators market, secondary phase involves meticulous research from various sources, including white papers, press releases, company websites, investor presentations, and others.
Fact.MR offers a 10-year forecast for the elevators between 2019 and 2029. The main objective of the report is to offer insights on the advancements in the global elevators market. The study provides market dynamics that are expected to influence the current environment and future status of the elevators over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts and opportunities for manufacturers operating in the elevators market.
A section of the report discusses how the overall competition in the elevators market is progressively increasing. It discusses various factors that are shaping internal, as well as external, competition in the elevators market. Elevators market is expected to grow at a significant pace in the near future. Moreover, rise in the residential & commercial sector along with positive global economic outlook owing to increase in income spending by the growing population are anticipated to create healthy growth opportunities for the elevators market.
The report provides detailed market share analysis of the elevators on the basis of key manufacturers. A section of the report highlights overall country-wise elevators market. It provides a market outlook for 2019–2029 and sets the forecast within the context of the report. The report sheds light on key developments and activities executed by the prominent manufacturers operating in the elevators market.
Key Segments Covered in Elevators Report:
On the basis of Deck type, the elevators market can be segmented into:
- Single Deck
- Double Deck
On the basis of Building Height, the elevators market can be segmented into:
- Low Rise
- High Rise
- Mid Rise
On the basis of Speed, the elevators market can be segmented into:
- Less than 1 m/s
- Between 1 to 3 m/s
- Between 4 to 6 m/s
- Between 7 to 10 m/s
- Above 10 m/s
On the basis of Destination Control, the elevators market can be segmented into:
- Smart
- Conventional
On the basis of End Use, the elevators market can be segmented into:
- Commercial
- Residential
- Mix Block
On the basis of Application, the elevators market can be segmented into:
- Passengers
- Freight
On the basis of Region, the Elevators market can be segmented into:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
A detailed analysis for elevators has been provided for every segment, in terms of market size (volume and value) analysis for elevators.
The report starts with the market overview and provides market definition and analysis about drivers, restraints, opportunities, supply chain analysis, key forecast factors and key trends in the elevators market. The next section includes global market analysis, analysis by deck type, building height, speed, destination control, end use, application and region level analysis for elevators. All the above sections evaluate the market for elevators on the basis of various factors affecting the market and cover present scenario and future prospects. For market data analysis, the report considers 2018 as the base year, with Elevators market numbers estimated for 2019 and forecast made for 2019–2029.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR but also analyzes the same on the basis of key parameters, such as year-on-year (Y-o-Y) growth, to understand the predictability of the market and to identify the right opportunities for market players.
Another key feature of elevators market report is the analysis of all key segments in terms of absolute dollar. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as in identifying potential resources, from a sales and delivery perspective in the elevators.
Research Methodology of Elevators
The report titled “Elevators” focuses on providing information regarding the volume and value of market from a global perspective. The research on the elevators market was initiated through secondary research on the product, using both top-down and bottom-up approaches, right down to the country and segmental level. Global construction sector market trends and growth projections were taken into consideration to arrive at the total elevators market. In addition to the above secondary research, yearly revenue generated by the various speed of elevators has been estimated.
Furthermore, the yearly revenue generated from elevators manufacturing companies from each capacity were obtained from both primary and secondary sources and then benchmarked at the regional level. Fluctuations in annual prices over the forecast period is based on the historic market trends and expected percentage change in the upcoming years on the basis of investment is done on the patent market and the related industry. Any decline or increase in price in the upcoming years is kept linear for all the regions.
The elevators market value, thus, deduced was once again cross verified and validated from the supply side. Fact.MR’s proprietary regression analysis forecast model has been adopted to generate the market estimation for the forecast years and takes into account the effects of macroeconomic factors impacting the overall elevators market. The approach was further validated by the primary respondents belonging to different levels across the entire value chain of elevators market, such as manufacturers and independent service providers.
Elevators Participants
In the final section of the elevators report, a competitive landscape has been included to provide report audiences with a dashboard view. Detailed profiles of elevators manufacturers have also been included within the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments in the elevators market. Key players operating in the global market for Elevators includes Otis Elevator Company, KONE OYJ, Schindler, Fujitec, Hitachi Ltd., Hyundai Elevator, Electra Elevator, Mitsubishi Electric Corporation, Thyssenkrupp AG, and Toshiba.
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Elevators Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 - 2029