Elevators Market is Likely to Garner a Healthy CAGR by Forecast 2021

Elevators Residential

Updated on Nov 20, 2019

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Advancement in Technologies to Drive the Global Elevators Market over the Forecast Period

Market Overview           

The global elevators market was analyzed by Market Research Future (MRFR) and it was projected that a notable CAGR will be attained by the market over the forecast period of 2017 to 2022. The valuation of the elevators market was further stated to surpass its previous valuation in 2015 by the end of the forecast period. The global elevators market is slated to grow due the booming construction business, huge investment, high demand for security, advancements in technologies, and fast-paced urbanization. However, on the flip side, the increasing cost of installation and maintenance can dampen the growth potential of the global market.

Competitive Landscape

The global elevators market comprises a host of key players. This includes names like Hyundai (South Korea), Armor (USA), Dover Elevators (USA), Fujitec (Japan), Schindler (Switzerland), Sigma (USA), Kone Corporation (Finland), Mitsubishi Motors Corporation (Japan), Omega Elevators (India), and ThyssenKrupp AG (Germany).

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Industry Buzz

July 2019, Thyssenkrupp Elevators announced that at Expo 2020 the world’s first-ever ropeless elevator will be revealed, known as Multi.

Market Segmentation

The global elevators market has been segmented in terms of type and applications.

By application, the market is divided into commercial and residential areas. Residential areas are typically areas wherein housing societies are based. Commercial areas, on the other hand, are places wherein we can find businesses, retail outlets, corporate offices, or even, at times, factories being located.

By type, the market segments into capsule elevators, automobile elevators, passenger elevators, goods elevators, hydraulic elevators, and stretcher elevators. The automobile elevators are primarily used for transporting vehicles; for example, when in a car showroom, the location of the vehicle needs to be changed. The segment is expected to garner notable growth in the coming years with the number of vehicle showrooms being set-up across the developing nations due to the increasing production of cars and expanding list of manufacturers. The capsule elevators are used generally in corporate buildings in order to add a decorative look to them. The shape of these elevators are similar to a capsule, as its name implies. Good elevators is also known popularly as luggage lifts, which are designed in a manner to aid in moving heavy objects or items between different floors of a building. Stretcher elevators are used in hospitals and nursing centers to migrate stretchers, with or without patients, from one area to another. However, the most common and the market leading elevators around the world is passenger elevators. These elevators are used by people to move from one floor to another of a building.

Regional Analysis

The global elevators market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, Latin America, and the Rest of the World (RoW).

In terms of both value and volume, the Asia Pacific region is expected to hold the primal spot in the global elevators market. The regional market is primed to lead the global market due to a number of key factors. MRFR reports that the presence of a huge market in countries like India, Indonesia, and China, and the booming development of the construction industry due to foreign direct investment are slated to be some of the major factors influencing a positive demand of the market in the region. Japan is another key nation in this region. The country is technologically advanced and boasts a fast-paced construction sector due to rising urbanization. This is expected to push the market growth of elevators in Asia Pacific in a major manner over the forecast period.

In regions like Europe and North America, the market is expected to grow at a consistent pace due to a presence of a number of key players, an established construction industry, and technological advancements. Countries like the US and Canada from the North America regional market and countries like the UK, Germany, and France from the European regional market are expected to contribute majorly to the overall growth of these regions.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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