According to a new market report published by Industry Probe, the global elevator market was valued at US$ 55.07 Bn in 2018 and is expected to expand at a CAGR of 10.7% from 2020 to 2027.

New York, NY -- (ReleaseWire) -- 07/07/2020 -- According to a new market report published by Industry Probe, titled 'Elevator Market (Deck Type –Single Deck and Double Deck; Destination Control – Smart and Conventional; Building Height – Low Rise, Mid Rise, High Rise; End-use – Residential, Commercial, Mix Block; Speed – Less than 1m/s, Between 1 to 3 m/s, Between 4 to 6 m/s, Between 7 to 10 m/s, Above 10m/s; Application – Passengers, Freight) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027', the global elevator market was valued at US$ 55.07 Bn in 2018 and is expected to expand at a CAGR of 10.7% from 2020 to 2027.

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As per the report, an increasing trend of modernizing the existing, aging infrastructure is observed in the elevator market in recent years. Aging of the existing installed base of elevators coupled with the need to comply with safety requirements of elevators and escalators are the key factors fueling the elevator market. The modernization of elevators and escalators can enhance the energy saving potential to reach 70%, which is the major factor boosting the modernization concept. Demand for skyscrapers in the cities of ASEAN is increasing, helping to boost the high rise elevators market in the region. Shrinking supply of land combined with increasing population is encouraging planners and developers to turn to luxury residential towers. The Asia Pacific green building market is also on the rise, driven by the latest carbon emission reduction targets such as neutral carbon emission and energy efficiency plans developed by governments of various countries.

The report states that the growing demand to install energy-efficient elevators in green buildings is boosting the growth of the elevators market globally. As buildings become more intelligent and rise higher, efficient elevator and escalator systems have a significant role to play by considerably reducing the cost of operating a building and allowing people to travel farther, more efficiently. The purpose of the skyscraper is steadily changing, from a show of wealth and decadence, to luxury office space. Additionally, high rise buildings now offer premium quality housing, providing a good quality of life. By deck type, single deck elevator has the highest growth opportunity as it is cost effective and ideal for moderate traffic. Double deck elevator consists of two cabins attached together. Depending on which floor the passengers want to go, they can either take the upper or lower deck if they intend to go to even or odd floors.

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The report has segregated the elevator market in terms of deck type, destination control, building height and region. By destination control, the smart elevator segment is expected to rise with new features, enabling passengers to first select the floor they want and then take them to their destination with the fewest number of stops. These elevators are faster and more energy efficient than conventional elevators. By building height, mid-rise segment constitutes major share in the global elevator market. Demand for skyscrapers in Asia Pacific countries is increasing, helping to boost the high rise elevators market in the region. By end-use, mix block segment is expected to expand at the highest CAGR during the forecast period as compared to the residential and commercial segment. By speed, the segment between 1 to 3 m/s has the major share in the global elevator market. However, due to rapid growth of high rise buildings, between 4 to 6 m/s segment is increasing rapidly. By application, passenger elevators are the most commonly used. Freight elevators are mostly used in the commercial sector to transport goods from one floor to another.

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Geographically, in terms of revenue, Asia Pacific held the largest share in the elevator market in 2017, followed by Europe. The market in Asia Pacific region is estimated to witness the fastest growth during the forecast period. China, India, and Japan have the highest growth rate as compared to other countries in the Asia Pacific region. The South America market is expected to show slow growth as compared to the other regions of the world. The elevator market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences and to meet the industry norms and regulations.

The report includes the below mentioned pointers of major players operating in the elevator market:
? Competition Matrix
? Company Overview
? Product Profiling
? Market Share Analysis (2018)
? Product Innovation
? Business Strategies/Recent Developments
? Technological advancements
? Key mergers & acquisitions
? Expansion strategies
? Company Financials

Some of the major players operating in the elevator market include Otis Elevator Company, Electra Elevators, KONE Oyj, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Thyssenkrupp AG, Hitachi, Ltd., Toshiba Corporation, Hyundai Elevator Co., Ltd. and Schindler.

About Industry Probe
Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings. Based on a unique amalgamation of our big data technology and human intelligence, our services are dedicated to serve the businesses operating in the consumer goods and industrial machinery sectors. Our offerings comprise syndicated research, strategic consulting & advisory services, competitive intelligence, and full-time engagement to bring true & actionable insights into our clients' business environment. Combining research & technology adoption, playing the perfect mix of the best data, and centered on consumer goods & industrial machinery sectors, Industry Probe believes in targeting one industry at a time.

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