Global Elevators Market: Snapshot
Rapid urbanization in emerging economies of Asia Pacific is surging the global elevators market to new heights. Top companies that operate globally are vying to obtain contracts for installation and long-term maintenance of newly built residential and commercial buildings in these nations. These companies are engaged in aggressive research and development to come up with technologically advanced systems and are aligning business strategies to serve a large geographical area.
Apart from this, environmental norms in place that mandate buildings to be equipped with energy-efficient elevators to curb emissions is fuelling the elevators market. On the downside, safety mandates that manufactures of elevators need to adhere to prevent accidents is impacting the growth of the market to some extent. Considering a number of favorable factors, the global elevators market is poised to clock a CAGR of 6.5% from 2017 to 2023.
Attributes of Efficiency and Reduced Waiting Time to Boost Installation of Smart Elevators
The global elevators market is segregated in terms of type, application, and geography. Depending upon type, the global elevators market is bifurcated into conventional elevators and smart elevators. Vis-à-vis revenue and volume, conventional elevators currently dominance in the overall market. However, smart elevators are anticipated to display a significant growth rate in the years ahead. Being IoT enabled, smart elevators display attributes of reduced waiting time, energy efficiency, and can communicate with service teams to enable passengers to summon the elevator via a mobile application. On account of these factors, swift adoption of smart elevators in place of traditional hydraulic elevators is expected to be witnessed in the future.
Based on application, the global elevators market is broadly classified into commercial, hotels, retail, residential, transportation, hospital, parking building, and others. Of them, residential is the most attractive segment holding the leading share in the elevators market. Expansion of the building and construction sector to serve the residential needs of a growing global population is boosting the residential application segment. The residential segment is predicted to be worth US$35.86 bn by 2023.
Commercial and hotel are other lucrative application segments of this market. Expansion of several business verticals that operate from large commercial buildings has been instrumental in the growth of commercial segment. Elevators designed for ultra-modern commercial buildings can travel at a high speed and are programmed to stop at select floors. With IoT enabled elevators increasing becoming a reality, commercial segment is anticipated to gain traction for faster movement of passengers. Hotel is a key application segment as elevators are invariably present in large hotel chains. Hospitals, transportation, and retail are emerging significant application segments with the growth of these service and business areas.
Thriving Construction Sector Makes Asia Pacific Prominent
Geographically, the elevators market is segregated into North America, Europe, Asia Pacific, and Rest of the World. North America is a key market due to steady construction of high rise buildings in large metropolitan areas. Nevertheless, due to early adoption of modern systems most old buildings are pre-installed with elevators which will account for low growth of North America elevators market.
Asia Pacific holds prominence in the global elevators market due to a thriving building and construction sector. Government funding as well as investments from private parties for infrastructural development are boosting the elevators market in emerging economies of the region.
Key companies operating in the global elevators market include Otis, ThyssenKrupp AG, KONE Corporation, Schindler Holding Ltd., Fujitec Co. Ltd., Toshiba Corporation, Mitsubishi Electric Corporation, Kleemann Hellas SA, Hitachi Ltd., and Hyundai Elevator Co. Ltd.
Global Elevators Market: Overview
Transparency Market Research’s publication on the global elevators market is a veritable guide for its many offerings. The report looks examines the global elevators market for the 2017-2023 forecast period with 2016 as the base year. The report provides 2015 figures for historical reference. It studies vital market indicators which include demand drivers, restraints, and opportunities that will influence the growth of the elevators market between 2017 and 2023. It also looks into macroeconomic factors such as socio economic factors and political fluctuations that could impact the growth of the global elevators market between 2017 and 2026.
Global Elevators Market: Research Methodology
The research report is a result of a perfect combination of primary research and secondary research. Primary research phase involved in-depth interviews and discussions with a host of industry experts and opinion leaders. Primary research phase constituted the bulk of research efforts along with an elaborate secondary research phase. Secondary research phase involved reaching out to annual reports, press releases, product literature and relevant business documents of key players. It also involved collecting data from recent trade journals, technical writings, government websites, proprietary databases, and internal and external databases. Data collected in the secondary research phase are scrutinized using industry-best analytical tools.
Primary research phase involved reaching out to industry experts and opinion leaders. This included e-mail communication, telephonic interviews and face-to-face interviews. Participants who typically take part in such a process are CEOs, marketing/product managers, VPs, market intelligence managers, and national sales managers. Other participants include purchasing managers, distributors, technical personnel, and resellers. Apart from this, outside experts who participate for insightful industry inputs are valuation experts, investment bankers, research analysts specializing in specific markets.
Interactions with industry experts were carried out on a regular basis for validation of collected and scrutinized data. A typical research interview helps to serve the following;
- It provides first-hand information on market size, growth trends, market trends, and competitive outlook, etc.
- It helps to validate and strengthen secondary research findings
- It helps develop analytical ability and market understanding of research team
Global Elevators Market: Competitive Insights
The report comprises a section dedicated to the competitive outlook. This includes identifying key companies along with a detailed competitive profile of each of them. Business overview, recent developments, technological advancements, and financials are some of the attributes these companies are profiled for in the report. An analysis of indices of strengths, weakness, threat, and opportunities of key players over the forecast period is a highlight of the report. Insights into key players’ competitive positioning and their winning strategies are useful for new and existing players to leverage for growth.