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Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By End-user (Building & Construction [Residential, Institutional, Commercial], Industrial), By Installation (New Installation, Maintenance & Modernization), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI2834
  • Published Date: Feb 2022
  • Report Format: PDF

Industry Trends

Elevator Market size surpassed USD 99.3 billion in 2021 and is poised to witness over 3% CAGR from 2022 to 2028. Rising commercial construction activities will positively influence the industry growth.

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The global construction sector is expected to expand in the next decade to a nominal value of more than USD 6 trillion. This will, in turn, increase the sales for elevators. The increasing demand from the Asia Pacific region is the major driving force behind this growth. APAC has observed rapid urbanization and this trend is anticipated to continue in coming years and bring unique demographic & economic modifications. Growing urbanization will further increase the requirement for elevators.

Demand from the construction industry in developed regions, such as Europe and North America, has reached consistency compared to developing regions. Hence, the major demand in the regional elevator market will rise owing to maintenance, repair & after-sales service along with a considerable demand for new installations. The construction industry in the European Union generates 9% of the GDP and employs 18 million people. The EU construction output grew by 4.8% in 2018, which has been the strongest in the last decade.

Costs associated with elevator installation & maintenance will be a major factor hindering industry statistics. However, maintenance costs may range from USD 120 to USD 2,000 for a single run of repairs, depending on the type of elevator. Regularly scheduled maintenance, which may cost between USD 220 to USD 320 a year for semi-annual to annual maintenance, can help in keeping the elevator from having major issues. Installation costs are also significantly high in the elevator industry. Elevators need timely repair & maintenance for their regular operations. The cost of such maintenance activities can be several times the initial purchasing cost.

MRL traction elevators will gain significant demand

MRL traction segment is estimated to grow at around 3.5% gains through 2028. MRL traction elevators do not need a machine room as their traction machines & controllers are designed to be compact and are installed in the hoist way. Control boxes are situated in a control room, which is adjacent to the elevator shaft within 150 feet of the machine. The machine is accessed from the top of the elevator cab whenever repair and maintenance are required. The absence of a dedicated machine room makes the elevator a preferred choice in buildings with space constraints.

Rising residential construction activities globally

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The building & construction segment is set to capture more than 80% of the market share by 2028 on account of the increasing construction of private homes, apartments, and high-rises across the globe. Developing regions have been witnessing a growth in the number of people living in cities & urban centers. The rising construction of commercial buildings, such as shopping malls, restaurants, hotels, hypermarkets, etc., impelled by growing tourist traffic will be a major growth enabler.

The booming construction sector in Asia Pacific

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Asia Pacific elevator market size is predicted to generate about USD 85 billion revenue by 2028. The construction industry in the region is a key factor fueling the regional market demand. Rising expenditures coupled with supportive government policies are augmenting the construction sector growth. The Indian construction industry received USD 24.67 billion worth of foreign direct investment in the construction development sector from April 2000 to December 2017. This positive trend can be attributed to the various government initiatives to propel the Indian construction sector.

A high degree of competition can be seen in the elevator industry

Fujitec Co., Ltd., Mitsubishi Electric Corporation, KONE Corporation, Schindler, thyssenkrupp Elevator Technology, Hitachi Ltd., Toshiba Elevator and Building Systems Corporation, and Hyundai Elevator Co., Ltd. are a few key players in the elevator market. These participants adopt various strategies including product differentiation & development, strategic partnerships & collaborations, and expansion of sales & distribution networks to gain a competitive advantage.

The market research report on elevator includes in-depth coverage of the industry with estimates & forecast .in terms of revenue in USD million from 2018 to 2028 for the following segments:

Product By End-user

  • Hydraulic & pneumatic
    • Building & construction
    • Commercial
  • Machine-Room traction (MR traction)
    • Building & construction
    • Commercial
  • Machine-Room Less traction (MRL traction)
    • Building & construction
    • Commercial
  • Others (climbing, inclined, etc.)
    • Building & construction
    • Commercial

Market, By End-user

  • Building & construction
    • Residential
    • Institutional
    • Commercial
  • Industrial

Market, By Installation

  • New installation
  • Maintenance & modernization

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
    • South Korea
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE
    • Kuwait


Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

The market size of elevator crossed USD 99.3 billion in 2021 and is poised to record a CAGR of over 3% up to 2028 owing to the increasing number of commercial construction activities worldwide.
MRL traction elevator segment is poised to gain around 3.5% up to 2028, says this GMI report.
The building and construction sector will capture more than 80% of the market share by 2028 due to the higher construction of commercial buildings, such as shopping malls, restaurants, hotels, and hypermarkets.
Asia Pacific elevator industry is expected to exceed USD 85 billion up to 2028 driven by the booming construction sector along with the escalating expenditures and the presence of supportive government policies.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 15
  • Tables & Figures: 376
  • Countries covered: 21
  • Pages: 330
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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