Selbyville, Delaware, July 08, 2020 (GLOBE NEWSWIRE) -- Global elevator service market attained a valuation of USD 34.9 billion in 2019 and is anticipated to gain decent traction over 2020-2025. Presence of a mature installed base of elevator in developed regions like North America and Europe, coupled with initiatives by leading OEMs to incorporate Internet of Things (IoT) and artificial intelligence (AI) solutions into their services are projected to foster the demand for elevator services over the forecast period, cites the report.
The report carefully crafts market intelligence pertaining the various segmentations, including service type, end-user spectrum, and regional terrain. An intricate analysis of each market segment with respect to growth pattern, current revenue share and anticipated contribution over the forecast duration is encompassed in the report.
Besides, the study also keeps record of the competitive developments, alongside key trends and new product developments in the industry. It further profiles all the leading players and highlights the major prospects to aid partakers in realigning their business strategies.
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Review of service spectrum:
Worldwide elevator service market is bifurcated into maintenance & repair and modernization, wherein the former segment is expected to witness robust gains in the coming future. Periodic elevator maintenance prevents cost by eliminating the need for large repairs and replacement of elevator parts. These plans are specifically designed to keep systems operational by identifying, diagnosing and resolving problems before they cause elevator breakdown. Hence, cost-saving benefits and avoidance of downtime are the key factors encouraging the adoption of maintenance & repair services.
Scrutinizing end-user scope:
Elevator services are primarily availed in residential and commercial establishments. The study cites that residential segment held the majority share of global elevator service market in 2019. Rapid urbanization and increasing elderly population are the primary factors augmenting the demand for maintenance & repair and modernization services in residential settings.
Regional Insights:
Global elevator service market is diversified into North America, Europe and Asia Pacific. Among these, Europe claimed the largest market share in 2019, and is slated to display strong growth trends throughout the forecast duration.
Meanwhile, North America is known to have 8% of worldwide E&E installed base. NA market is reckoned to grow substantially over the analysis timeframe. The growth can be attributed to higher commercial demand for elevators, along with growing installation of machine-room-less (MRL), accounting for two-thirds of new installations in comparison to hydraulic ones.
Competitive Landscape:
Elevator service business comprising of maintenance & repair and modernization accounts for over half of the annual revenue of the four leading OEMs - Otis, Kone, Schindler, and Thyssenkrupp Elevators. Some other renowned names in global elevator service market are EMR Elevator, Hisa Elevator, Orona Group, Mitsubishi Electric, Fujitec, and Hitachi Group.
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Global Elevator Service Market Service Type Review (Revenue, USD million, 2015-2025)
- Maintenance & Repair
- Modernization
Global Elevator Service Market End-User Review (Revenue, USD million, 2015-2025)
- Residential
- Commercial
Global Elevator Service Market Regional Landscape Review (Revenue, USD million, 2015-2025)
North America
- United States
- Canada
Europe
- France
- Germany
- Spain
- United Kingdom
Asia Pacific
- India
- China
- South Korea
- Japan
Global Elevator Service Market Competitive Hierarchy Review (Revenue, USD million, 2015-2025)
- EMR Elevator
- Hisa Elevator
- Orona Group
- Mitsubishi Electric
- Fujitec
- Hitachi Group
- Thyssenkrupp AG
- Schindler Group
- Otis
- Kone
Table of Contents:
1. Report Scope and Methodology
1.1 Scope of the Report
1.2 Research Methodology
1.3 Executive Summary
2. Strategic Recommendations
3. Global Elevator Service Market: Sizing and Forecast
3.1 Market Size, By Value, Year 2015-2025
3.2 Market Size, By Growth Rate, Year 2015-2025
3.3 Impact of COVID-19 on Global Elevator Service Market
4. Global Elevator Service Market Segmentation By Service Type
4.1 Competitive Scenario of Global Elevator Service: By Service Type
4.2 Maintenance & Repair a?? Market Size and Forecast (2020-2025)
4.3 Modernization a?? Market Size and Forecast (2020-2025)
5. Global Elevator Service Market Segmentation By End-User
5.1 Competitive Scenario of Global Elevator Service: By End-User
5.2 Residential a?? Market Size and Forecast (2020-2025)
5.3 Commercial - Market Size and Forecast (2020-2025)
6. Global Elevator Service Market: Regional Analysis
6.1 Competitive Scenario of Global Elevator Service: By Region, By Value
7. North America Elevator Service Market: Segmentation By Service Type, End-User (2020-2025)
7.1 North America Elevator Service Market: Size and Forecast (2020-2025), By Value
7.2 North America Elevator Service Market a?? Prominent Companies
7.3 Market Segmentation By Service Type (Maintenance & Repair, Modernization)
7.4 Market Segmentation By End-User (Residential, Commercial)
8. Europe Elevator Service Market: Segmentation By Service Type, End-User (2020-2025)
8.1 Europe Elevator Service Market: Size and Forecast (2020-2025), By Value
8.2 Europe Elevator Service Market a?? Prominent Companies
8.3 Market Segmentation By Service Type (Maintenance & Repair, Modernization)
8.4 Market Segmentation By End-User (Residential, Commercial)
9. Asia Pacific Elevator Service Market: Segmentation By Service Type, End-User (2020-2025)
9.1 Asia Pacific Elevator Service Market: Size and Forecast (2020-2025), By Value
9.2 Asia Pacific Elevator Service Market a?? Prominent Companies
9.3 Market Segmentation By Service Type (Maintenance & Repair, Modernization)
9.4 Market Segmentation By End-User (Residential, Commercial)
9.5 Asia Pacific Elevator Service Market: Country Analysis
10. Global Elevator Service Market Dynamics
10.1 Global Elevator Service Market Drivers
10.2 Global Elevator Service Market Restraints
10.3 Global Elevator Service Market Trends
11. Market Attractiveness and Strategic Analysis
11.1 Market Attractiveness
11.2 Strategic Analysis
11.2.1 New Product Development
11.2.2 Joint Ventures and Non-Wholly Owned Subsidiaries
11.2.3 Key Developments in Elevator Service Market
12. Competitive Landscape
Related Report:
Smart Elevator Market Size, Competitive Market Share & Forecast, 2019 – 2025
Smart Elevator Market is expected to exceed USD 25 billion by 2025, as per new research report. Rising metropolitan & smart city development followed by construction of high-rise structures is driving the smart elevator market demand. The need for efficient crowd management and fast commuting in huge residential and commercial establishments is creating the demand for intelligent building automation & lift systems. These lift solutions offer security and energy efficiency to elevating operations owing to the integration of IoT technology, communication devices, and access control solutions.
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