Elevator Market - Forecast(2021 - 2026)
Elevator Market Overview:
According to 2017 World Population Prospects data by United Nations, approximately 2.1 billion older persons are expected to be alive by the year 2050. Ageing is an inevitable phenomenon, but having a comfortable lifestyle as a geriatric is in our hands. Countries are facing immense pressure in creating a public system that is emphatic towards the geriatric population. Increasing accessibility in airports, hospitals, residential buildings, supermarkets, and old-age homes has become a top priority for governments worldwide. The older population needs products from the elevator market in order to make their lifestyles more comfortable. Most of the older people suffer from unavoidable illnesses such as cardiovascular diseases or arthritis issues. Elevator market will help increase longevity of the ageing population by helping them in avoiding a painful flight of stairs, thus obtaining high demand from this section of the society.
The estimated global elevator market size in 2018 was between $78 billion to $82 billion. And, the elevator market will thrive in the upcoming forecast period of 2019-2025 with a noticeable CAGR of 4%-5%.
Elevator Market Outlook:
From a layman’s perspective, an elevator is simply a metallic box that is useful in vertically transporting goods from one floor to another easily, as compared to the painful experience of climbing a flight of stairs. But in its technicality, an elevator utilizes electric motors and hydraulic technology for pulling goods up and down. Connections Elevator, a North American elevators maintenance company, reported around 90,000 operative elevators in the world. This is only slightly reflective of the importance that elevators hold in the lives of people in the 21st century. The time is not far away when we will witness elevator market ruling the construction industry, and earning high market revenue out of it. Elevators are mostly prominently used for residential purposes as buildings in metropolitan cities are employing them without fail for increased accessibility. This application segment is expected to grow with a progressive CAGR of 4.5%-5.2% during the forecast period of 2019-2025.
Elevator Market Growth Drivers:
- Rising Construction Industry
By the year 2050, urbanization and expanding world population are expected to put another 2.5 billion people in the cities of our world. This will boost the construction industry, generating demand for the elevator market in our return. Elevators are extensively used in the construction industry for transporting goods, and carrying people from one floor to another. Europe leads the elevator market share geographically with a regional share of 39%-41% during 2018. This should not come as a surprise since construction center contributes 9% to European GDP according to European Builders Confederation. 3 million enterprises in Europe are immensely responsible for the growth of the elevator market.
Elevator Market Challenges:
The greatest challenge associated with the elevator market is the risk factor present in elevators. A large population minus the millennials still rely on the good old non-electrical methods like using a staircase. Improving safety standards in elevator systems will help in combating this challenge. High initial investment costs is also a pertinent challenge that can be solved only if companies take the risk of investment while maintaining negligible damage or loss simultaneously.
Elevator Market Key Players Perspective:
German company ThyssenKrupp is tirelessly producing in the elevator market and working on innovative elevator systems like MULTI which removes the need for an elevator cable, and enables both vertical, and horizontal travel technology.
Some other key players in the elevator market are KONE, Schindler , OTIS, Mitsubishi , Fujitec Co Ltd, Toshiba Elevator and Building System Corporation, Hundai, Hitachi Ltd, and Orona Elevators.
Elevator Market Trends:
- Defining The Height and Scope of Buildings
Increasing elevator technology will define the market’s growth in the upcoming times. Presence of elevators in the market has left unlimited scope for architects and construction houses to create buildings. Burj Khalifa in Dubai boasts 163 floors, which would not have been possible if not for elevators. These are some reasons why key market players are consistently innovating, and coming with finer types of elevators like the TWIN system which enables fitting two elevators in the same shaft, thus saving up on time, and making the process more efficient.
- Smart Elevators Is The Future
Elevator market key players have taken the innovation up a notch, and introduced smart elevators in the industry. These elevators are equipped with energy-efficient solutions, and use advanced technologies like biometrics, touch screens, and access control systems. Modern buildings use smart elevator systems for enhanced accessibility provision to their consumer base. Smart elevators will define the market in the upcoming years when we will get to witness its impact on airports, hospitals and similar public places.
Elevator Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Elevator Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Elevator Market, and their specific applications in different areas.
Elevator Market Report: Industry Coverage
The Elevator Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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