According to the report by Expert Market Research (EMR), the Global Elevators Market Size is projected to grow at a CAGR of 2.50% between 2023 and 2028. Aided by the escalating demand for high-speed elevators in burgeoning urban landscapes and their increasing integration in diverse industries, the market is expected to grow significantly by 2028.
Elevators, a common mode of vertical transportation, are extensively installed in residential, commercial, and industrial buildings, offering smooth movement between floors. They are paramount in skyscrapers and high-rise buildings, fostering seamless mobility while optimising space utility. Besides facilitating human transport, elevators also assist in the movement of goods and cargo in various industries, underlining their diverse applicability.
The burgeoning demand for high-speed elevators in rapidly urbanising regions is a primary driver for the global elevators market growth. With urban landscapes continually expanding vertically, the need for swift and efficient vertical transportation is becoming increasingly critical. This has led to a substantial surge in demand for high-speed elevators, thereby propelling market growth.
The elevators’ growing applications in various industries also significantly contribute to the elevators market expansion. In healthcare, elevators are crucial for quick patient transport, especially in emergencies. The retail sector relies on them for efficient customer movement across multiple storey shopping complexes. In the industrial sector, heavy-duty elevators are employed for cargo transport, ensuring smooth operational workflow.
Additionally, the rising trend of smart buildings and green architecture has been advantageous for the elevators market. Modern elevators equipped with energy-efficient technologies and advanced features like IoT integration, touchless operation, and predictive maintenance align with this trend, fortifying their demand.
Moreover, the ongoing push for accessibility and inclusivity in public and private infrastructure has necessitated the installation of elevators, providing easy access to differently abled and elderly individuals. This has further amplified the elevators market development.
In the foreseeable future, the demand for customised, luxury elevators in high-end residential and commercial projects are projected to surge, offering lucrative opportunities for market growth. The proliferation of state-of-the-art technologies like AI and machine learning in elevator systems, enabling enhanced safety, energy management, and predictive maintenance, is also expected to create fertile ground for the elevators market expansion.
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Elevators Market Segmentation
The market can be divided based on type, deck, building height, speed, application, control, installation, end use, and region.
Market Breakup by Type
• Hydraulic and Pneumatic
• Machine Room (MR) Traction
• Machine Room-less (MRL) Traction
Market Breakup by Deck
• Single Deck
• Double Deck
Market Breakup by Building Height
• Low Rise
• Mid Rise
• High Rise
Market Breakup by Speed
• Less than 1 m/s
• Between 1 to 3 m/s
• Between 4 to 6 m/s
• Between 7 to 10 m/s
• Above 10 m/s
Market Breakup by Application
• Passenger
• Freight
Market Breakup by Control
• Smart
• Conventional
Market Breakup by Installation
• New Installation
• Maintenance and Modernisation
Market Breakup by End Use
• Building and Construction
o Residential
o Institutional
o Commercial
• Industrial
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global elevators companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Fujitec Co., Ltd.
• KONE Corporation
• Mitsubishi Electric Corporation
• GLARIE Elevator Co., Ltd.
• Hyundai Elevator Co., Ltd.
• Hitachi Ltd.
• Others
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