The global elevators market is highly consolidated. The top five players in the market held more than 75% of the overall share in it in 2015. The top five vendors, namely Otis Elevator Company, KONE Corporation, ThyssenKrupp AG, Schindler Holding Ltd., and Fujitec Co. Ltd., have solid global presence. They are deep pocketed and invest heavily in technological advancements. They are also present in the highly potential smart elevators sector which has helped them maintain their top slots. The vendors mostly try to outshine one another on the basis of installation, maintenance, and modernization of services in order gain greater market share.
A report by Transparency Market Research finds that savvy players in the market are focusing on emerging economies that have a burgeoning construction sector. TMR forecasts the global market for elevators to rise at a CAGR of 7.4% vis-à-vis revenue during 2016 and 2023. At this rate, the market is slated to reach a value of US$330.45 bn by 2023 from US$181.50 bn in 2015. The market is predicted to see a 6.3% CAGR vis-à-vis volume in the same period.
Burgeoning Construction Industry Fillips Asia Pacific Market Substantially
Depending upon the type of products, the global market for elevators is divided into conventional elevators and smart elevators. Among them, conventional elevators account for maximum share in the market both in terms of revenue and volume. In 2015, for example, the segment accounted for more than 80% in revenue and more than 75% in terms of volume. Going forward, however, smart elevators are will see swift uptake because of the growing adoption of wireless technology, security concerns, and higher demand for energy efficient solutions.
Asia Pacific accounts for a dominant share in the global market for elevators. In 2015, it grossed more than 34.0% of the overall global revenue. The fast-expanding construction industry and the major thrust on infrastructure development in the developing countries in the region is the primary driver of the market in Asia Pacific. Going forward, these factors would continue boosting the market in the region. The market in the Rest of the World (RoW), which includes the Middle East and Africa and Latin America, too is slated to see sufficient growth in the years to come on account of increasing construction activities and infrastructure building.
Swift Pace of Urbanization Stokes Growth
Elevators, a fixture in the modern urban landscape, are installed in different public and private places, including residential buildings, airports, IT parks, retail outlets, hotels, mixed-used buildings, commercial buildings, and restaurants. They facilitate ease of movement. At the forefront of fuelling demand in the global elevators market is the swift pace of urbanization and the growth in geriatric population worldwide.
Further, maintenance and modernization of the existing elevators is also stoking demand in the market. The increasing shift towards green buildings has also lead to swift uptake of energy-efficient elevators. “As buildings become more intelligent and rise higher, efficient elevator and escalator systems are having a significant impact by considerably driving down the costs of operating a building and allowing people to travel farther, more efficiently. New technologies adopted by the key players in the elevator market, such as coated steel belts which are helping to replace the conventional cable ropes in a few elevators, are allowing for more efficient operation,” elaborates the lead analyst of the report.
The use of Internet of Things (IoT) in elevators has also opened up new avenues for growth. IoT enables modern elevators to gauge the traffic and respond in real-time intelligently, communicate with service teams, and even enable passengers to summon the elevators through a mobile application.
This review is based on the findings of a TMR report, titled “Elevators Market ( Elevator Type - Smart Elevators and Conventional Elevators, Application - Commercial, Hotels, Retail, Residential, Transportation, Hospitals, and Parking Building) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023.”
Global Elevators Market, by Type:
- Smart Elevators
- Conventional Elevators
Global Elevators Market, by Application:
- Parking Building
Global Elevators Market, by Geography:
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East
- Latin America
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