Elevators Market Showcases Promising Growth during Forecast 2019-2029

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.

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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.

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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.

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 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.

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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.

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