Elevator Market size is anticipated to cross USD 99.5 billion by 2032, according to the recent research report by Global Market Insights, Inc.
The surging need for elevator maintenance and services driven by the booming construction sector, mainly in Europe and North America will positively influence the industry growth. The construction sector in European Union (EU), inclusive of Netherland, the U.K., Sweden and Germany among others generates nearly 9% of the GDP. This is likely to favor the significant demand for new elevator installations in the region. The thriving need for renovation, new housing, and modernization has also propelled the preference for elevator maintenance, repair and aftersales services, further driving the product adoption.
Low maintenance requirement of MRL traction elevators
The MRL traction elevator market is poised to depict 3% CAGR from 2023 to 2032 attributed to the rising popularity of these elevators in building & structures with space constraints as they directly place the compact and gearless machine in the elevator shaft. Rising preference over hydraulic lifts for offering lower cost of maintenance as well as improved safety and reliability will further augment the demand for these elevators.
Rising utility to reinforce industrial output and production may accelerate product demand
The industrial elevators industry size is slated to exceed USD 15.5 billion by 2032. Lately, traction elevators have grown widely popular as they have better load carrying capacity and low initial installation costs. The swiftly rising industrial developments mainly in China and India have resulted in the improved industrial output and production activities in these countries. Hence the increasing application scope in various industries will aid positive business outlook.
Browse key industry insights spread across 591 pages with 845 market data tables & 43 figures & charts from the report, “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) & Forecast, 2023-2032”, in detail along with the table of contents:
Surging government support to anchor elevator industry expansion in Europe
The Europe elevator market revenues will surpass exceed USD 11.7 billion by 2032. The proliferating construction demand in Croatia, Georgia, Romania, and Ukraine has led to the increasing number of new buildings and infrastructure. The improved customer spending, rising urbanization, and the increasing government investments are other trends driving the industry growth. The rapidly growing construction activities in Germany, the U.K., and France has propelled the need for repair maintenance and aftersales services of elevators. The growing number of migrants along with the greater focus on sustainability will further favour product uptake.
New product developments to augment elevator industry growth
Leading elevator manufacturers and suppliers include Toshiba Elevator and Building Systems Corporation, Fujitec Co., Ltd., Hitachi Ltd., Mitsubishi Electric Corporation, Kone Corporation, Shenyang Yuanda Intellectual Industry Group Co., Ltd., Otis Elevator Company, Schindler, Express Lifts Limited, Thyssenkrupp Elevator Technology (Thyssenkrupp AG), Escon Elevators Private Limited, Hyundai Elevator Co. Ltd., Glarie Elevator Co. Ltd., Eita Elevator (Malaysia) Sdn. Bhd, and Orona S.C.
These elevator market players are placing targeted efforts on innovations to come up with new elevators to cater to the growing end-user demands. For instance, in March 2021, KONE Elevator India introduced KONE DX Class, the first-ever ground-breaking class of digitally connected elevators, to offer improved experience to users.