According to Market Research Future (MRFR)’s assessment, the global elevators market is expected to scale a moderate CAGR over the forecast period. The growth of the market is anticipated to be driven by the increasing number of skyscrapers being built around the world. Rapid urbanization is one of the key factors responsible for expediting the expansion of the elevators market in the foreseeable future.

The growing number of hospitals and other medical service providers has intensified the demand for the installation of elevators for patients. Similarly, the exponential geriatric population has necessitated the installation of elevators across hospitality and shopping centers. According to a published report, the world’s geriatric population is expected to double up by 2050. It is poised to augment the elevators market over the next couple of years.

The expansion of high-end offline retail stores, hotels, etc. is projected to catapult the elevators market on an upward trajectory. Thus, the growth of end-user industries is likely to influence the growth pattern of the market positively through the assessment period.

The growth of the construction sector has a direct impact on the proliferation of the global elevators market size. The accelerated economic activities in the construction sector are prognosticated to catalyze the expansion of the elevators market in the foreseeable future. Also, the rising investments in the renovation are forecasted to favor the growth of the market positively.

The development of corporate culture and rapid industrialization are likely to expedite the revenue creation for the market participants. In addition, technological innovations are expected to unleash developmental opportunities into the global elevators market.

Market Segmentation:

By type, the global elevators market has been segmented into passenger elevator, good elevators, capsule elevators, automobile elevators, stretcher elevators, and hydraulic elevator.

By application, the elevators market has been segmented into residential and commercial.

Regional Analysis:

By region, the global elevators market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific signifies strong growth opportunities. Asia Pacific signifies strong growth opportunities and is expected to exhibit a steep rise in the growth curve. The boom witnessed in the end-user industries such as retail, hospitality, etc. is anticipated to drive the expansion of the elevators market in the region. In addition, the accelerated economic activities witnessed in the construction sector is also poised to augment the market over the next couple of years.

North America and Europe are important revenue pockets and are anticipated to grow substantially across the review period. The regional markets are prognosticated to remain highly lucrative through the projection period. Also, the Rest of the World (RoW) is likely to demonstrate significant growth pattern owing to the developmental opportunities present in the Middle Eastern countries.

Competitive Dashboard:

Some of the major players profiled in this MRFR report are ThyssenKrupp AG, Dover, Kone Corporation, Fujitec, Mitsubishi, Sigma, Hyundai, Schindler, Omega Elevators, and Armor.

Industry News:

In February 2019, ThyssenKrupp Elevator, a German multinational conglomerate with a focus on industrial engineering and steel production, has announced the rolling out of the world’s first predictive elevator maintenance service, MAX. IoT-based elevator service MAX is applied at energy supplier EDF’s headquarter in France and maintains 85 elevators and 1,545 automatic doors across France.

In February 2019, ThyssenKrupp, a German multinational conglomerate, has tested a rope-free elevator system in a 246m tower in Rottweil, Germany. The elevator is designed for traveling both vertically and horizontally.

In July 2018, ThyssenKrupp Elevator, a global leader in elevators, announced its plan for the development of a new headquarter - elevator high-rise test tower and innovation complex – in Atlanta. The plan has been initiated in collaboration with the Braves Development Company.