Transparency Market Research has published a new report on elevator market, according to which, the global elevator market was valued at US$ 59.26 Bn in 2017 and is expected to reach US$ 151.26 Bn in terms of revenue by 2026, expanding at a CAGR of 11.1% from 2018 to 2026. As per the report, the market stood at around 773.8 Thousand Units in 2017, in terms of volume. Regionally, Asia Pacific is projected to register the fastest growth rate during the forecast period owing to the increase in number of high rise buildings and rapid urbanization. As per the report, the increasing demand for skyscrapers in the cities of Asia Pacific is helping to boost the high rise elevator market in the region. Moreover, factors such as increasing aging population and demand for accessible housing and infrastructure are contributing to the growth of the elevator market.
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The TMR report has segmented the elevator market, in terms of deck type, into single deck and double deck. Based on deck type, single deck elevator has the highest growth rate as it is cost effective and ideal for moderate traffic. Further, double deck elevator consists of two cabins attached together. Depending on which floor passengers need to go, they can either take the upper or lower deck if they are intended to go either to even or odd floors. In terms of destination control, the report has segregated the elevator market into smart and conventional. Among these, the smart elevator segment is anticipated to rise with new features, enabling passengers to first select the floor they want and then take them to their destination with the fewest number of stops. These elevators are faster and more energy efficient than conventional elevators.
On the basis of building height, the report has divided the elevator market into low rise, mid rise and high rise. Out of these, mid-rise segment dominates the global elevator market. However, demand for skyscrapers in Asia Pacific countries is increasing, helping to boost the high rise elevators market in the region. In terms of end-use, mix block segment is anticipated to expand at the highest CAGR during the forecast period as compared to the residential and commercial segment. ON the basis of speed, the segment between 1 to 3 m/s holds the major share in the global elevator market. However, due to rapid growth of high rise buildings, between 4 to 6 m/s segment is increasing rapidly. In regards with application, passenger elevators are the most commonly used. Freight elevators are mostly used in the commercial sector to transport goods from one floor to another, says the report.
From a geographical perspective, Asia Pacific held the largest market share in the elevator market in 2017 in terms of revenue. After Asia Pacific, Europe has the largest share in the market. The Asia Pacific region is estimated to witness the fastest growth during the forecast period. China, India, and Japan have the highest growth rate as compared to other countries in the Asia Pacific region. South America is expected to show slow growth as compared to the other regions of the world. Some of the major players operating in the global elevator market include Otis Elevator Company, KONE Oyj, Schindler, Fujitec Co., Ltd., Hitachi, Ltd., Hyundai Elevator Co., Ltd., Electra Elevators, Mitsubishi Electric Corporation, Thyssenkrupp AG, and Toshiba Corporation.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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