Elevator Market Scope
An Elevator, also known as Lift in British English, is a type of transport equipment that moves in vertical shaft to carry passenger or freight between levels of multistory building. Most modern elevators are driven by electric motors through a system of cables and sheaves (pulleys), with the aid of a counterweight. The elevator played a decisive role in scrappers and creating the characteristic urban geography of many modern cities, especially in the Dubai, Vietnam and others and promises to fill an indispensable role in future city development
According to AMA, the Global Elevator market is expected to see growth rate of 9.1%The elevator market is poised for continued growth, driven by urbanization, technological advancements, and sustainability concerns. We can expect even smarter elevators with advanced connectivity, AI-powered optimization, and integration with building and city infrastructure. The focus will be on enhancing efficiency, accessibility, safety, and personalized experiences for users while minimizing environmental impact. Research Analyst at AMA estimates that Vietnamese and Japanese Manufacturers will contribute to the maximum growth of Global Elevator market throughout the predicted period.
Mitsubishi Electric (Japan), Thyssen Krupp (Germany), Pacific Elevator Co. Ltd. (Vietnam), Schindler Vietnam (Vietnam), HISA Electrical Elevator Company (Vietnam), Otis Elevator Company (United States), Kone (Finland) and Hitachi (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Fujitec Co. Ltd. (Japan), Motion Control Engineering, Inc. (United States), Toshiba Elevators and Building Systems Corporation (Japan), Kleemann Hellas (Greece) and Hyundai Elevator Co. Ltd. (South Korea).
Segmentation Overview
The study have segmented the market of Global Elevator market by Type (Elevator (Vertical), Escalator and Moving Walkway), by Application (Residential, Commercial, Industrial and Institutional) and Region with country level break-up.
On the basis of geography, the market of Elevator has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Top Players Are Manufacturing Smart Elevator Which is Being IoT Technology Enabled and Rising Adoption of Wireless Technology
Market Growth Drivers:
Rapid Urbanization in Emerging Economies of Asia Pacific, Expansion of The Building and Construction Sector Across the Globe and Rapidly Increasing Skyscraper Building Construction in the Middle East
Challenges:
Lack of Interoperability and Entry Barriers and Market Consolidation
Restraints:
High Installation and Maintenance Cost
Opportunities:
The Economy Modernization Initiatives and Government Support in Emerging Economies and Industrial Inclination Toward Green Technologies
Market Leaders and their Expansionary Development Strategies
In August 2023, KONE acquires a smart building technology startup to enhance its elevator connectivity and data analytics capabilities.
In November, Mitsubishi Electric and Hitachi Building Systems join forces to develop next-generation elevators with integrated robots for automated cargo transport.
Key Target Audience
Building owners, Elevator access control vendors, Real estate builders, Private construction/elevator consultants, Smart Elevator manufacturers and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.