Home Elevator Market Research Analysis, Characterization And Quantification and top vendors
Industry Trends
Due to growing urbanization and significant increase in the geriatric population, the global elevators market is expected to experience high growth during the forecast period. The elevators market features among the industries that have capitalized highly on the rapidly evolving technology field. The market is expected to drive ever increasing architectural and building activities. Elevators are widely used across multiple verticals such as industrial, residential, and commercial locations. In places like railway stations, residential complexes, hospitals, metro stations, malls, office buildings, schools, and airports, they are conventionally installed. It has become essential to install elevators in high and mid-rise buildings, thereby helping the market gain momentum in the construction sector.
Elevator systems include geared & gearless elevators, hydraulic elevators and machine room less elevators (MRLs) for computer rooms. The market is experiencing a major shift from traditional geared hydraulic lifts to the more recent technologically advanced MRL elevators, which facilitate space savings and are energy efficient. The essential prerequisite includes new equipment, modernization and maintenance. Gross Domestic Product (GDP) growth overall is a major driving force in the new equipment market. Critical drivers in the maintenance segment are expected to be growing demand for safety, legislation and installed base. The modernization segment is driven by aging of the installed base and safety requirements.
High consumption of energy and power pose as a major challenge to the global escalators and elevators market. Heavy investments are being made on R&D to find out ways for reducing the amount of energy consumption. The market is very receptive and susceptible to prevailing economic conditions. Being highly capital intensive, new entrants in the market have to deal with high initial investment, installation, and set up costs, which may pose a challenge to penetrate into the market.
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Rapid urbanization took shape as a universal trend and enveloped the Asia Pacific region in particular. Countries in Asia Pacific such as China, India and Japan exhibit a very high population density, as a result of which these countries are perceived to have significant potential for growth in living standards. In addition, the region is projected to see a significant rise in the construction sector, which can be attributed to rising private and public infrastructural development projects. A competitive climate conducive to market growth has been formed through joint ventures of domestic companies and international participants.
Elevator Market Revenue & Forecast, (US$ Million), 2015 – 2027
Competitive Landscape
The report provides both, qualitative and quantitative research of elevator market, as well as provides comprehensive insights and development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and details on the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by these major market participants are also recognized and analysed in the report. For each company, the report studies their global presence, competitors, service offerings and specification amongst others.
Most domestic and international vendors aim to gain market share while establishing a competitive market environment. Market players on the elevator market have become more aware of improving and enhancing their products. Safety is considered a top priority, as several mishaps have occurred due to malfunctioning of escalators and elevators, in particular elevators. Fatalities can significantly dent the image of a brand, as a result of which manufacturers of escalators and elevators adhere to stringent quality controls under several conditions before releasing their products commercially.
The key participants include: Canny Elevators, Fujitec Co. Ltd, Hyundai, Johnson Lifts, Kleenmann Group, KONE Corporation, Hitachi, Mitsbushi, Otis Elevator Company, Schindler Holding Limited, Sigma, ThyssenKrupp Elevator AG, and Toshiba.
Elevator Market:
By Product Type: Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction
By Industry: Building & Construction, Residential, Institutional, Commercial
By Geography:
North America: (U.S, Canada, Mexico, Rest of North America)
Europe: (France, The UK, Spain, Germany, Italy)
Nordic Countries: (Denmark, Finland, Iceland, Sweden, Norway)
Benelux Union: (Belgium, The Netherlands, Luxembourg, Rest of Europe)
Asia Pacific:(China, Japan, India, New Zealand, Australia, South Korea)
Southeast Asia: (Indonesia, Thailand, Singapore)
Rest of Southeast Asia
Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)
Latin America: (Brazil, Argentina, Rest of Latina America)
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