Elevator Market

Global Elevator Market is valued at USD 50.96 Billion in 2021 and is expected to reach USD 78.46 Billion by 2028 with a CAGR of 6.36% over the forecast period.

Scope of Global Elevator Market

Elevator, also known as a lift, is a car that travels in a vertical shaft, transporting passengers and goods between levels of a building. Modern elevators are propelled by electric motors, along with a counterweight, via cables and a system of pulleys (pulleys). Moreover, an elevator can be defined as an electric lift that transports people and goods vertically between floors in a building using bins or silos. As usual, these are powered by electric motors that drive counterweight cables for drive transactions as with a hoist or pump hydraulic fluid for raising a cylindrical piston as with a jack. And, in elevators and lifts, the principle is the same as the pulley system. A pulley system is used for drawing the water from a well. This type of pulley system can use a bucket, rope, and wheel. A bucket is connected to a rope that runs through a wheel. Similarly, modern elevators work in a similar manner. The main difference is that pulley systems are operated manually, while elevators use sophisticated mechanisms to handle the elevator's load. 

The Covid-19 outbreak in 2020 has led to government emergency measures, as well as a suspension of numerous activities and facilities. The impact of Covid-19 produced a disturbance within the supply chain, which delayed market expansion owing to a scarcity of raw materials and a personnel shortage. The Covid-19 pandemic had a touch influence on the elevators industry in 2020, with a minor reduction in CAGR. Reduced staple output and provide chain issues have impacted the market. However, the market has started recovering soon post Covid-19 owing to the increasing infrastructural development and the positive outlook of the construction activities in developing regions.

Global Elevator Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028. The growing need for reducing energy consumption in buildings and growth in the real estate sector are some of the major factors driving the growth of the Global Elevator Market.

The global elevator market is segmented based on type, installation type, industry and geography. Based on type, the market is divided into hydraulic and pneumatic, machine room traction and machine room-less traction. Based on installation type, the market is divided into new installation, maintenance, and modernization. Based on industry, global elevator market is classified into residential, commercial, institutional, infrastructure and others.

Global Elevator Segmentation

By Type

• Hydraulic and Pneumatic 
• Machine Room Traction 
• Machine Room-Less Traction 

By Installation

• New Installation 
• Maintenance 
• Modernization

By Industry

• Residential 
• Commercial 
• Institutional 
• Infrastructure 
• Others 

Elevator Companies

Some of the key players in the Global Elevator Market are

• Kone Corporation
• Schindler
• Mitsubishi Electric Corporation
• ThyssenKrupp AG (Cinven, Advent, and RAG foundation)
• United Technologies
• Hitachi
• Hyundaielevator 
• Johnson Elevator
• Fujitec Co
• Toshiba Corporation
• others. 

Recent Developments

KONE Installed the World’s Largest Elevator in Mumbai at Jio World Centre Spread Over a Floor 

 On May 18th, 2022; KONE installed the world’s largest elevator in Mumbai at Jio World Centre Spread over a floor area of 25.78 sq. meters, this 16-ton, 5-stop elevator was designed, built, and tested by the foremost optimum people can carry 200 people together. 

Mitsubishi Electric Signed Share-Transfer Agreement to Wholly Acquire Swedish Elevator Company Motum 

On April 7th, 2022; Tokyo-based Mitsubishi Electric Corp. announced that it formally agreed to acquire a Swedish company named Motum AB, which runs an elevator and automatic door business primarily in Sweden, Mitsubishi Electric says. 

Schindler Partnered with Leading Hotel Chain citizenM to Deliver Vertical Mobility Solutions 

On February 3rd, 2021; Schindler signed a partnership agreement with citizen M hotels, a leading boutique hotel chain based in the Netherlands, to provide service and modernization of existing escalators and elevators as well as installation of future vertical mobility solutions for new hotels. 

Global Elevator Market Dynamics

Growing need for reducing energy consumption in buildings is one of the major factors driving the demand for elevators. Rising infrastructure costs by developing economics have also led to the growth of the global elevator market. In addition, the UNCTAD Trade and Development Report analyzes more than 40 developing countries, focusing on infrastructure projects. Thus, the development of urban infrastructure, such as bridges, dams, and highways, schools, sports, and airports, is increasing due to government initiatives being developed by various emerging nations to boost their economies, which is also driving the market. For example; India plans to invest USD 1.4 trillion in infrastructure over the next five years. This does not rule out the possibility of large-scale market growth. 

In addition, the rapid growth of smart cities is also supplementing the market growth. For example; the policy forum stated that China's smart city investment was around USD 30.4 billion in 2018 and is expected to reach USD 59.9 billion by 20 to 23 billion. In addition, the Merdeka PNB 118 is a 644-meter skyscraper under construction in Malaysia. The tower is expected to be the tallest building in Southeast Asia. Due to this growing urbanization as well as the huge infrastructure children's market is expected to take a massive different turn. And, the installation of smart elevator consumption would reduce the dependency and consumption rate. Elevator producers are fabricating lifts for mid-and high-rise buildings that are energy-effective and are integrating smart controls, hardware, and different frameworks that consume low energy which also augments the growth of the elevator market during the forecast period. 

However, the rising concerns about lift accidents are expected to affect the market. The U.S. According to the Bureau of Labor Statistics and Consumer Product Safety Commission, more than 30 people are killed and about 17,000 seriously injured each year in the elevator and escalator accidents in the U.S. Improving safety standards in elevators would help combat this problem.

In spite of that, growing adoption of green building codes and energy-efficient products may create more opportunities for the further growth of the market. According to Brandessence, the global energy demand is forecast to increase by 20%-35% in the next 15 years, with cities accounting for around two-thirds of the projected energy consumption. By 2030, buildings would account for 31% of the global energy consumption. In addition, the increasing construction of shopping malls and multiplex buildings is also boosting the market through its services in infrastructure. In order to take advantage of these growth opportunities and make a significant impact, market players have adopted an organic strategy in this market. 

Global Elevator Market Regional Analysis

Geographically, Asia Pacific is expected to show significant growth in the global elevator market owing to the presence of highly popular countries such as China, India South Korea, Japan, and many more and the increasing growth of the commercial and residential sectors in this region. As the largest elevator market in the world in 2020, China dominates over 70 percent of the market's revenue owing to the dominance of the construction industry in the country. In 2018, approximately 485,000 elevators were sold in China, up 1% from 2017 amid growth in the real estate sector and rail transit, accounting for more than 60 percent of global sales. On the other hand, the real estate segment in India attracted private equity investment worth Rs 23,986 crore (USD 3,242 million) across 19 deals in the fourth quarter of 2021 these are the factors that drive the growth in this region. 

However, North America holds the second-largest market share in the global market owing to the high urbanization rates of countries like Mexico, Canada, and the United States. The presence of major key players is another factor fuelling the market growth. 

Furthermore, the European region holds the third-largest market share in the global market on the back of a well-developed technologically advanced infrastructure that requires more elevators to be further enhanced and, therefore, creates more growth opportunities. And, increasing infrastructure expenditure coupled with increasing investment is also driving the demand for elevators in this region. 

By Regional & Country Level

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA 

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 50.96 Billion
Base year considered	2021
Forecast Period CAGR %:	6.36%
Market Size Expected in 2028:	USD 78.46 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Kone Corporation, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG (Cinven, Advent and RAG foundation), United Technologies, Hitachi, Ltd., Hyundaielevator Co., Ltd., Johnson Elevator Co., Ltd., Fujitec Co., Ltd., Toshiba Corporation and others.
Segments Covered	By Type, By Installation, By Industry
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa