Pune, India, Aug. 05, 2021 (GLOBE NEWSWIRE) -- The global elevators market is likely to gain traction from the growing emphasis on providing holistic user experience. Hence, manufacturers are working to enhance the quality of journey by developing unique aesthetic styles to fulfil the various requirements of the consumers. This information is provided by Fortune Business Insights™ in a recent report, titled, “Elevators Market Size, Share & Industry Analysis, By Type (Traction with Machine Room, Machine Room Less Traction, Hydraulic), By Installation (New Installation, Maintenance, Modernization), By Application (Residential, Commercial, Industrial) and Regional Forecast, 2019-2026.” The report further states that the elevators market size was USD 40.74 billion in 2018 and is projected to reach USD 65.46 billion by 2026, exhibiting a CAGR of 6.3% during the forecast period.
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Competitive Landscape-
Key Companies Aim to Unveil Novel Products to Broaden Product Portfolio
The market houses many enterprises that are striving persistently to introduce new products equipped with cutting-edge technologies for fulfilling the demand of their growing consumer base. Below are a couple of the latest key industry developments:
- November 2019: Mitsubishi Electric Corporation unveiled its latest elevator model named Move. It provides low environmental impact, more space savings, and fast delivery. It is best suited for low- and medium-rise apartments and buildings in Europe.
- May 2018: Otis launched its new IoT service platform called Otis ONE™ at the World Elevator Expo. This latest connected elevator solution would aid in personalizing the service experiences through real-time predictive maintenance insights, proactive communication tools, and transparent information sharing.
Fortune Business Insights™ provides a list of all the companies operating in this market. They are as follows:
- KONE CORPORATION
- Schindler
- Mitsubishi Electric Corporation
- thyssenkrupp AG (Cinven, Advent and RAG foundation)
- United Technologies
- Hitachi, Ltd.
- HYUNDAIELEVATOR CO., LTD
- Johnson Elevator Co., Ltd.
- Fujitec Co., Ltd.
- Toshiba Corporation
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 6.3 % |
| 2026 Value Projection | USD 65.46 Brillion |
| Base Year | 2018 |
| Market Size in 2018 | USD 40.74 Brillion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 140 |
| Segments covered | By Type, By Installation, and By Application, By Region |
| Growth Drivers | Increasing Demand for Smart Elevators is Expected to Drive the Market |
| Increasing Demand for Sustainability is Gaining Popularity in the Elevators Industry | |
| Customized Elevators are Gaining Popularity among Customers and are Contributing to the Growth of the Market | |
| Pitfalls & Challenges | Increasing Safety Concerns is Expected to Impact the Market |
Drivers & Restraints-
Increasing Adoption of Smart Elevators Equipped with Unique Features to Spur Growth
In today’s technology-driven world, the utilization of cutting-edge products is surging. It is not only lowering waiting time, but also providing various industry verticals with automation. Smart elevators are becoming more and more popular amongst the populaces. These types consist of digital security controls such as access control, destination dispatching, and biometric systems. Apart from that, they feature touch screen and aid in managing increased traffic through better serviceability. Therefore, manufacturers across the world are trying to design new smart elevators to gain more consumer satisfaction and improve their experience.
This Report Answers the Following Questions:
- What are the elevators market trends, growth drivers, and obstacles?
- How will changing consumer behaviour affect the market in the near future?
- What are the major challenges and opportunities of the market?
- Which significant strategies are adopted by key companies to gain competitive edge?
- Which region is likely to lead in terms of revenue?
- Which segment is expected to dominate in terms of share?
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Segment-
Traction with Machine Room Segment to Grow Backed by Various Usage Benefits
In terms of type, the market is classified into hydraulic, machine room less traction, and traction with machine room. Out of these, the traction with machine room segment held 38.8% elevators market share in 2018. This growth is attributable to their possession of several benefits consisting of smaller motor size, smooth transportation, and energy-efficiency. They are also faster in performance unlike the hydraulic elevators. Thus, they are best suited for the modern high rise buildings. The hydraulic segment would exhibit considerable growth in the coming years as they are mainly used for transporting heavy loads and for low-rise applications. They are also highly cost-efficient.
Regional Analysis-
Asia Pacific to Exhibit Slow Growth Fueled by the Outbreak of Coronavirus
Based on geography, the market is grouped into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Amongst these, Asia Pacific generated USD 20.48 billion elevators market revenue in 2018. This growth is attributable to the rising demand for elevators owing to the increasing number of residential and commercial construction activities. But, the recent outbreak of coronavirus has created uncertainty. The overall region is expected to be recovered by the second half of 2020. China would exhibit a comparatively slow growth. The maintenance and services sector would grow robustly in the region.
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MARKET TRENDS
Customized Elevators are Gaining Popularity among Customers and are Contributing to the Growth of the Market
The increasing focus on holistic user experience to improve the quality of journey is resulting in the development of new aesthetic styles to suit the different needs of customers. This is an emerging trend across various verticals including medical infrastructure and hospitality industry. Furthermore, customized elevators are becoming a part of architectural features in shopping centers, complexes, and airports. KONE launched Nmono and Nmini lifts with five different themes based on their lighting, materials, and patterns. Furthermore, the sustainability of products is playing a major role in the development of this market. The increasing demand for high sustainability is further expected to drive the product penetration.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Elevators Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Traction with Machine Room
- Machine Room Less Traction
- Hydraulic
- Market Sizing Estimations and Forecasts – By Installation(Value)
- New Installation
- Maintenance
- Modernization
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Elevators Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Traction with Machine Room
- Machine Room Less Traction
- Hydraulic
- Market Sizing Estimations and Forecasts – By Installation(Value)
- New Installation
- Maintenance
- Modernization
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Country (Value)
- United States
- Canada
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