Wilmington, Delaware, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global elevators market stood at US$ 82.2 billion in 2022 and the global market is projected to reach US$ 215.31 billion in 2031. The elevators market is anticipated to expand at a CAGR of 11.2% between 2022 and 2031.
Elevators enhance the value of properties and reduce the risk of falls on steps, particularly among children and the elderly. They provide a smooth and comfortable ride from floor to floor. Warehouse freight elevators are installed in commercial buildings and warehouses to assist the transportation of goods between floors.
Elevator industry statistics demonstrate a meteoric rise in elevator usage by over 2 billion people across the globe, as faster and more energy-efficient lifts are making inroads. Cables made from carbon fiber have replaced woven steel cables, as they are more flexible, durable, and have a longer lifecycle than metal cables. The usage of carbon fiber also increases the speed of elevators due to 90% reduction in their weight.
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Governments across the globe are offering tax benefits for green buildings. This is propelling the demand for smart and energy-efficient building solutions. Smart elevators and escalators are energy-efficient and reduce operational costs. Electric motors installed in these elevators reduce friction by raising counterweights, thereby saving energy. Leadership in Energy and Environmental Design (LEED) certification is a widely recognized emblem of sustainable accomplishment, and many infrastructure projects aspire to achieve it. It has prompted the integration of environment-friendly features such as LED lighting, water-based paint, and recycled building materials in conventional elevators. Market players are also developing recyclable elevator parts to achieve sustainable production goals.
Elevator manufacturers are introducing cable-less elevators that run on magnetic propulsion and are faster in terms of travel time. Elevator industry trends suggest that product diversity and R&D investments are expected to contribute significantly to the market growth in the near future. The market is also witnessing a surge in demand for advanced integrated products, with additional features such as touch panel control instead of traditional buttons.
Key Takeaways of Market Report
- Global elevators market to generate absolute dollar opportunity worth US$ 215.31 billion until 2031.
- Global elevators market is valued at US$ 75.23 billion in 2021.
- The global elevators market management market value from 2022 to 2031 is 11.2%.
Elevators Market: Growth Drivers
- The urban population increase and disposable income growth are propelling the residential elevator market size. The population is projected to reach 6.68 billion by 2050, with an additional 2.22 billion people shifting to urban areas.
- Cities such as Beijing, Mumbai, and Tokyo are continually improving their urban planning and building capabilities with robust communication and transportation systems to attract domestic and foreign direct investment. Low-income and lower-middle-income countries are focused on offering affordable housing solutions and efficient management of cities to boost urbanization. These trends are creating a favorable environment for the growth of the global elevators market.
- Rise in demand for energy-efficient elevators in green buildings is fueling the global elevators market. Buildings account for a significant portion of energy & resource consumption and emission of greenhouse gases. This has led to a rise in adoption of sustainable building solutions.
Elevators Market: Regional Landscape
- Asia Pacific is expected to dominate the global elevators market during the forecast period. China is the largest market for elevators in terms of new installations, followed by India. Around 60%-65% of new installations occur in these countries.
- The Middle East is projected to be one of the emerging markets for elevators during the forecast period. Rapid growth in the construction sector is expected to boost the installation of smart elevators and escalators in the region.
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Elevators Market: Key Players
- In 2021, Toshiba Johnson Elevators won a contract to supply 168 elevators at three projects of RMZ Corp., a real estate and construction company.
- In May 2018, Otis Elevator Company launched its Gen2 Elevator for the global high-rise market, expanding its popular Gen2 family of elevators.
Elevators Market: Segmentation
- Deck Type
- Single-deck
- Double-deck
- Building Height
- Low-rise
- Mid-rise
- High-rise
- Speed
- Less than 1 m/s
- Between 1 to 3 m/s
- Between 4 to 6 m/s
- Between 7 to 10 m/s
- Above 10 m/s
- Destination Control
- Smart
- Conventional
- End-use
- Residential
- Commercial
- Mix Block
- Application
- Passenger
- Freight
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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