Pune, India., Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to a new report published by The Insight Partners on “Elevator Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (Hydraulic, Traction, Machine Room-Less Traction, Others), Business Outlook (New Equipment, Maintenance, Modernization), Application (Residential, Commercial, Industrial), and Geography” the market in terms of revenue was estimated to be worth $71.43 billion in 2022 and is poised to reach $120.91 billion by 2030, growing at a CAGR of 6.8% from 2022 to 2030.
The growth of the elevator market is driven by growing construction industry and increasing integration of advanced technologies such as AI and ML. However, growing focus on technological advancement is emerging as a future trend in the industry.
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Global Elevator Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 71.43 Billion in 2022 |
| Market Size Value by | USD 120.91 Billion by 2030 |
| Growth rate | CAGR of 6.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Business Outlook, Application, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Growing Focus on Elevator Modernization to Create Lucrative Opportunities for the Global Elevator Market
Vertical transportation for raising and lowering individuals or things to different levels in a building is an elevator. There are three types of elevators: traction, hydraulic, and machine room-less. Elevator maintenance is about updating old components with new components. Before changing the old components, exports check these and replace them with the new ones. By this process, the performance of the elevators increases, and even the safety also improves. It helps to move traffic competently while enhancing safety and comfort. They have made it easy for end-users to travel vertically in their comfort zone. Modernization helps increase the life of existing elevators and offers cost-effective solutions. Modernization includes replacing existing control stations, cabin interiors, doors, signaling features, electric connections, etc. Modern elevators cater to various uses, including moving goods and individuals. Furthermore, in the coming years, demand will be boosted by the development of collective operation, in which a group of elevators or elevator bids enhanced automatic operation and is popular in hospitals and residential complexes owing to its affordability.
Countries across the globe have experienced rapid urbanization in the past few decades. This trend significantly increased the population density in urban areas, thereby generating a need for vertical expansion of cities. Thus, an increase in the number of elevated buildings drives the usage. Elevator systems comprise various complex components such as control units, machine drives, counterweights, and signaling features. Thus, the modernization of such components plays a significant role in maintaining elevators' performance, safety, and aesthetic appearance. Furthermore, modernization helps commercial and industrial buildings keep their elevators on par with advancements in elevator technology. However, elevators with worn-out components can cause fatal accidents. Thus, local governing authorities are implementing new laws to maintain the safety of elevators. In addition, increased awareness among people regarding elevator safety has positively influenced the market. Furthermore, elevator modernization market growth is driven by advancements in technology.
Increasing focus on smart city initiatives worldwide is expected to propel the market's growth. Integrating innovative technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and Big Data have the maximum impact on the market development. For instance, with the help of artificial intelligence technology, elevators can store the previous movements of the occupants and can ultimately predict the movement of occupants. Further, with the RFID sensors and the Internet of Things (IoT), connecting to the elevator system gate is feasible. By connecting the smartphones to the elevator system using the Internet of Things (IoT), the elevators understand where the individual wants to go. Big Data and IoT can also function together in the elevator system to understand if a person wants to exit the building at a particular time. The Manufacturing industry comprises companies that produce elevator cars, hoisting systems, and escalators for commercial, residential, and industrial buildings. Demand for this industry is largely based on trends in the Construction sector (IBISWorld report 23), as buildings with multiple floors typically need elevators to move people and equipment between floors quickly and safely. The pandemic weakened the construction sector, as work-from-home capabilities and growing economic uncertainty reduced demand for new construction projects. The residential sector expanded momentarily during the pandemic; however, growing economic uncertainty and inflation caused residential projects to fall, placing downward pressure on profit.
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Global Elevator Market: Segmental Overview
The traction type segment led the elevator market share in 2022. Traction elevators are commonly used in commercial and industrial structures. Furthermore, expanding infrastructure projects for commercial buildings, including malls, offices, and retail centers, will further drive market demand during the forecast period. The global market will also have profitable growth prospects owing to favorable government measures supporting the construction sector. The hydraulic type segment is expected to grow at a significant CAGR over the forecast period due to numerous benefits, such as great weight-bearing capability, increased durability, and comparatively low noise levels. Hydraulic elevators, which have a lifting capacity of up to 1,000 pounds and a travel speed of approximately 40 feet per minute, are observed as one of the safest solutions because of their fire and earthquake-resistant features. These factors will boost the demand for hydraulic elevators in the market. The commercial application segment is expected to grow at a CAGR of 6.0% over the forecast period. Elevators are used in hospitals, metro stations, apartment buildings, shopping centers, schools, business buildings, train stations, and airports. Commercial elevators are generally larger than residential elevators since they are required to business more individuals at once, combined with the need to meet minimum weight and size criteria. Over the anticipated timeframe, the causes mentioned above will fuel demand for elevators applied for commercial applications.
Global Elevator Market: Competitive Landscape
Schindler, TK Elevator, KONE Corporation, Hitachi Ltd., HYUNDAIELEVATOR CO., LTD., Toshiba Group, Mitsubishi Electric Corporation, Aritco Lift AB, EMAK, FUJITEC CO., LTD., Sigma Elevator Company, and Schumacher Elevator Company are a few of the key companies operating in the Elevator Market. The market leaders focus on expansion and diversification, acquisition strategies, and new product launches, which allow elevator market players to access prevailing business opportunities.
Recent Developments:
- In May 2022: A fully owned subsidiary of KONE Corporation, named KONE Elevators India, engaged in the industry, announced its world's largest passenger elevator at a press conference at the Jio World Centre, BKC, Mumbai. The new elevator is spread over a floor area of 25.78 sq meters; this 5-stop, 16-ton elevator is cautiously designed, built, and tested from the most optimum individual flow analysis, with high quality and safety features built in.
- In November 2022: TK Elevator, for the enhancement of smart and connected elevators, launched Application Programming Interfaces (APIs). These open interfaces connect elevators, buildings, and residents – allowing operators to automate some processes and end-users to control elevators through mobile applications.
Go through further research published by The Insight Partners:
Smart Elevators Market - Global Analysis and Forecast to 2030
Bucket Elevator Market - Global Analysis and Forecast to 2028
IoT in Elevators Market - Global Analysis and Forecast to 2028
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