Building and Construction Industry Driving Elevator Market

As per the market outlook foreseen by an IndustryARC business intelligence report, titled “Elevator Market: By Type (Modernization, New installation & services; By Subsystems (Controllers, Door Equipment, Cabin Enclosures, and Signaling Fixtures)); By End Users (Residential, Commercial, Industrial, Marine, Others) & By Country – Forecast (2018-2023),” the elevator market players are concentrating on enhancing technology so that their products save energy as well as offer reliability.

Elevators are a necessity, especially for older folks. According to the U.S Census Bureau, senior citizens i.e., people who are above 60 years, were 8.5% of the total population globally in 2015, and is expected to rise to 12% by 2030. Consequently, the elevator market is finding new opportunities across all territories. Among emerging economies, India is a lucrative country. For instance, in terms of development in India, a new series of codes are being implemented to identify requirements of installation, inspections, and maintenance to ensure satisfactory performance in the Indian Metro elevators. On the other hand, according to European Lift Association (ELA), there are approximately 75,000 elevator units that are installed in the EU-27, out of which 60,000 units are used in commercial buildings and the remaining are used in public transportation facilities. Estimation is that 3,500 units of elevators are installed every year.

The elevator market holds a strong position in the building and construction industry, and the shares are mostly consolidated among a handful of players. In the United States, 90% of the share is held by the major companies such as Thyssenkrupp, KONE, and Hitachi. It has been observed that the elevator market is doing tremendous progress, in terms of adoption of latest technologies like Artificial Intelligence, 3D modeling, and other technologies. Even from emerging economies, the demand in flowing in. The government in India has started taking initiatives in the infrastructural development since then they have started funding for the same. According to ELA, the elevator market is expected to grow around $100 billion by 2023 in context with the rise in the different sectors like infrastructure, construction etc.

Elevators Modernization Market: By Type (Hydraulic, Traction, Pneumatic, Climbing); By Component type (Controllers, Door equipment, cabin enclosures, signaling fixtures, power units, oil & grease, full/complete preventive); By modernization type (full, partial); By End-user (Residential buildings, commercial, marine, industrial, institutional, construction) By Geography - (2018-2023)

Elevator & Elevator Control Market: By Type (New Equipment, Maintenance Services & Modernization), By Application (Residential & Commercial), By Elevator Controls (Sensors, Switches & Others), & By Region - Forecast(2018 - 2023)