The global market for elevators is highly competitive in nature with a high degree of consolidation and is expected to remain in a similar scenario throughout the focus period, states a new market research report by Transparency Market Research. The high growth of this market can be attributed to increasing trends in urbanization across the developing countries in Asia Pacific. Some of the leading players operating in the elevator market across the globe are Schindler Holding Ltd., Fujitec Co. Ltd, ThyssenKrupp AG, and KONE Corporation. These players are vying for mergers and opportunities which would prove to be beneficial for them in the next few years. In addition to this, these companies are focusing on new markets in order to expand their business horizon. Technological advancements and innovations are expected to encourage the overall growth of the elevators market.
According to the Transparency Market Research report the global elevators market the US$ is expected to reach US$330.45 bn by the end of 2023 end. The market is likely to register a healthy 6.50% CAGR between 2017 and 2023.
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Rising Metropolitan Areas to Encourage Growth of North America Elevators Market
From a geographical point of view, the elevators market is can be bifurcated into separate groups namely, North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Although North America is an important market for elevators due to increasing metropolitan areas, the pre-installed elevators in existing and old buildings is projected to have a low growth rate for the region. On the other hand, Asia Pacific, with a number of developing economies promises to be a hub for infrastructural growth and so for the elevators market. The rapid rate of urbanization is further projected to encourage the growth of the elevators market in Asia Pacific throughout the forecast period.
The elevators market is spanned over various industries like residential, retail, parking building, hospital, hotel, commercial, transportation, and others. The residential segment owing to the growth of construction sector for providing to the increasing global population is a key segment. It is predicted to become worth US$35.86 bn by 2023. Both commercial and hotel segments are good prospects due to smarter and faster elevators becoming a reality. The technology enabled elevators are especially expected to attract both industries owing to decreased time for movement of passengers.
Rising Rate of Urbanization to Encourage Growth of Global Elevators Market
The high rate of urbanization and the development in the construction industry are some of the key factors that are anticipated to accelerate the growth of the global elevators market in the next few years. The rising focus of leading players on innovations is predicted to offer potential growth opportunities in the near future. On the flip side, the requirement of high cost of maintenance and the uncertainty and risks concerning the global economy are projected to curtail the growth of the global elevators market in the next few years. Nonetheless, the increasing adoption of energy efficient products and green building codes are projected to accelerate the growth of the global elevators market in the next few years.