Global elevator market is set to witness a meritorious growth over the coming years considering the significant expansion of worldwide building & construction sector which has impelled the installation of elevators to a great extent. According to Global Market Insights, Inc., elevator market size is projected to register a valuation of USD 95 billion by 2027.
Speaking of the construction and building activities, thriving construction industry in the U.S. is positively influencing North America elevator market. As per credible sources, in December 2020, construction work valued USD 1.49 trillion was reported in the U.S. which represented a rise of 5.7% in the amount spent in December 2019.
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Moreover, increasing investment by public and private players operating in the U.S. construction industry is fueling the demand for elevators in the region. Citing an instance, in 2020, TEI Group announced that it has been awarded a contract to upgrade and install vertical transportation systems at 660 Fifth Avenue in New York City.
In addition, industry players are also focusing on strategic initiatives to gain strong foothold in the regional market. For instance, in 2020, Otis Worldwide Corporation announced acquisition of Bay State Elevator. This deal provided Otis with the latter’s service portfolio as well as operations across Massachusetts, Vermont, Connecticut and New York which apparently helped the company expand its presence in the country. Reportedly, elevator market in North America is estimated to observe a lucrative CAGR of over 1.8% through 2027.
Apart from increasing construction activities, growing industrial units such as warehouses and production plants is also instigating the application of elevator systems for facilitating transportation of goods across these establishments. Significant rise in industrial outputs across prominent countries across Asia Pacific is further complementing the product adoption. Given these factors, industrial segment across the overall elevator market is projected to show steady growth over the subsequent years.
Catering to such applications, different types of elevators are available in the market such as hydraulic & Pneumatic, Machine Room-Less Traction and Machine Room Traction. Of these, hydraulic & pneumatic elevators are gaining immense popularity as they are widely used for small buildings having two to eight stories and can travel at a speed of at 200 feet/min. In addition, hydraulic & pneumatic equipment offer relatively lower installation and repair costs which supports the product penetration.
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Shifting inclination of luxury homeowners toward enhanced aesthetics and interior designs is also supporting the product demand. This has urged industry players to develop advanced products to effectively meet the growing demand. For instance, in 2020, thyssenkrupp launched 'ALTURA H200', elevator especially for Indian Homes. According to the company, this elevator is based on state-of-the-art Hydraulic technology and is an advanced version of its existing portfolio of home lifts. Considering the burgeoning demand for these elevators, hydraulic & pneumatic product segment is expected to record a substantial valuation of more than USD 18 billion by 2027.
Key Players operating in the market are: Fujitec Co. Ltd, Kone Corporation, Mitsubishi Electric Corporation, OTIS Elevator, Schindler, Thyssenkrupp Elevator Technology, Hitachi Ltd., Express Lifts Limited, Escon Elevator Private Limited, Toshiba Elevator and Building System Corporation, Glaire Elevator Co. Ltd, Hyundai Elevator Co., Ltd, Shenyang Yuanda Intellectual Industry Co. Ltd, Eita Elevator (Malaysia) Sdn Bhd and Orona S.C.
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