Elevator Market size to exceed $135bn by 2026

Elevator Market size will likely exceed USD 135 billion by 2026; according to a new research report by Global Market Insights, Inc.

Elevator maintenance and service in developed regions will have significant contribution

Increasing elevator maintenance and service activities in Europe and North America will augment the global elevator market size in near future. Residential construction market recovered in 2017 owing to robust economic developments in North America and Europe. These regions are considered as mature sectors due to a large installed base. Thus, a significant demand share arises from maintenance, repair, service and modernization services. Construction industry in Europe contributes to around 9% of its GDP and employs more than 18 million people. Previously the growth of the regional construction sector was confined to Germany, UK, Netherlands and Sweden. Recent economic development in other European countries has slowly increased their contribution to the regional construction industry. The U.S. accounted for over USD 1,250 billion worth of construction revenue in 2018. Increasing expenditure in both residential and non-residential construction sectors have boosted the construction activities in the country. New elevator installations as well as aftersales services will continue to drive the elevator market growth in coming years.



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However, high installation and service costs associated with elevators may limit the growth potential in developing countries to a certain extent. Elevators require periodic maintenance in order to avoid any major damage or accidents. In the U.S., a regular service might cost up to USD 2,000 per service, depending on the type of lift. Average national cost for elevator servicing is in the range of USD 370 per service. Overall maintenance cost incurred during the entire lifespan of a lift might be several times of its initial purchasing cost. Similarly, replacement and installation costs associated with the lift are also significantly high.

MR Traction vs. MRL Traction vs. Hydraulic & Pneumatic Vs. Other Elevators

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Browse key industry insights spread across 250 pages with 309 market data tables & 29 figures & charts from the report, “Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By Industry (Building & Construction [Residential, Institutional, Commercial], Industrial), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:

MRL traction type lifts are likely to generate approximately USD 45 billion in 2026, growing at a CAGR over 5% between 2019 & 2026. The basic difference between MR and MRL product type is the availability of a dedicated machine room. This product type requires lesser space and is more energy efficient than other elevator types. Such factors will augment the elevator market growth of this product segment in coming years.

Commercial construction category will have more than 20% market share throughout the forecast timeframe. It can be attributed to heavy spending on commercial construction across the world. Rising spending on commercial buildings in Asia as well as Middle East region has significantly boosted their tourism sector. Similarly, expenditure on commercial construction in the U.S. increased by over USD 1.5 billion between 2017 and 2018. These trends will prosper the growth of commercial construction category and will boost the market growth in near future.

Europe accounted for 1/4th the revenue share globally

Europe will hold around 25% market share throughout the forecast timeframe, owing to presence of several elevator manufacturers. The regional demand for lifts will be majorly driven by the repair and maintenance services. Surging residential construction activities in the eastern European region, coupled with robust economic development will drive the regional elevator market throughout the forecast timeframe.

Manufacturers focusing on technological dominance for competitive edge

Some participants in elevator market share include Schindler, Kone, Otis, Mitsubishi Electric Company, Thyssenkrupp AG, Fujitech Co. Ltd., Hitachi Ltd. Express Lifts Limited, Hyundai, Glarie, Escon Elevators, Toshiba, Eita Elevator Sdn Bhd and Orona SC. Focused research and development activities, new product development, acquisitions, mergers are some of the major strategies implemented by the major industry participants to gain competitive edge in the market.

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