The global market for elevators heavily relies on the development of the residential and commercial construction sector globally. As a result, it presently draws a significant share in its overall revenues from sales across developing economies in regions such as Asia Pacific, Latin America, and Africa. In developed economies across Europe and North America, the market achieves more gains from repair and maintenance services as against new product sales. This is owing to the stagnant growth of the construction industry in these regions post the recent economic depression of 2008. However, the situation is steadily improving and the market for elevators is expected to witness healthy growth across Europe and North America as well in the next few years.
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Transparency Market Research estimates that the global elevators market will exhibit a 7.4% CAGR in terms of revenue over the period between 2016 and 2023. At this pace, the market will rise from a valuation of US$181.50 bn in 2015 to US$330.45 bn by 2023. In terms of volume, the market is projected to expand at a healthy 6.3% CAGR over the said period.
Rising Need for Energy Efficiency to Drive Demand for Smart Elevators
On the basis of product types, the global elevators market is segmented into conventional elevators and smart elevators. Of these, the segment of conventional elevators dominated the global elevator market in terms of both revenue and volume in 2015. The segment held a share of over 80% in terms of revenue and over 75% in terms of volume of the overall market in the said year.
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However, the segment of smart elevators is expected to emerge as the most lucrative one in the next few years. The market for smart elevators will be influenced by factors such as the rising adoption of wireless technology, enhanced security concerns, rapid urbanization, increasing demand for energy efficient solutions, and steady growth of global economies. Owing to these factors, a sharp shift from traditional hydraulic elevators to the smart elevators that consume less time and energy is expected to be witnessed in the coming years. The market for smart elevators is expected to exhibit a CAGR of 7.9% in terms of revenue and 6.6% in terms of volume from 2016 through 2023.
Asia Pacific to Continue to Uplift Growth Prospects
The market for elevators in Asia Pacific held the dominant share in the global elevators market, accounting for over 34% in terms of revenue and 50% in terms of volume in 2015. The vast rise in adoption of elevators in APAC’s burgeoning construction industry is a key driver of the market in the region. Governments of developing countries in the region are increasingly funding infrastructure development and construction activities, which is fuelling the growth of the elevator market. For instance, in the twelfth five-year plan (2012–2017), the government of India plans to invest more than 7% of its total budget for industrial infrastructure development and construction. This trend is expected to keep the elevators market guiding along a healthy growth path in the region in the next few years as well.
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The elevators market in the Rest of the World (RoW) is expected to gain significant traction from 2016-2023. Including regions such as Middle East, Africa and Latin America according to the scope of the report, the market for elevators in the RoW sector is driven by the rising number of construction activities in the Middle East. At present, not many African countries have many skyscrapers and the demand for elevators is primarily for repair and maintenance purposes. However, new installations are projected to rise in the next few years owing to initiatives taken by the African government to improve infrastructure, which is presently one of the biggest obstacle to the region’s economic growth.
Some of the key vendors operating in the highly consolidated global market for elevators are Toshiba Corporation, Mitsubishi Electric Corporation, Kone Corporation, Schindler Holding Ltd., Hitachi Ltd., ThyssenKrupp AG, Otis Elevator Company, Kleemann Hellas SA, Hyundai Elevator Co., Ltd, and Fujitec Co., Ltd.
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