Prominent Shift towards Profitable Applications Cushion Demand for Elevators during 2019 - 2029 | Key Players - Honda Motor Co., Generac Holdings Inc., Champion Power Equipment, Lifan Industry (Group) Co. Ltd, Yamaha Motor Co., Wuxi Kipor Power

Adoption of electronic devices not only enhances convenience but also improves lifestyle of consumers, which has further resulted into the concept of smart homes. In addition, smart buildings are witnessing a tremendous surge in prevalence, with the rise in development of smart cities. Rising integration of essential building equipment and systems with artificial intelligence (AI) has further proliferated demand for smart buildings in developed and developing countries. Various governments across the globe are focusing on funding smart cities projects, which in turn is expected to influence demand for equipment such as elevators. Elevator manufacturers across the globe are increasingly being encouraged to incorporate internet of things (IoT) in elevator systems, which will improve the service by lowering downtimes and enhancing the efficiency. It will further enable real-time remote monitoring and actionable analytics. Integration of IoT into elevators is considered to be one of the latest trends in the elevators industry, and such elevator systems are likely to gain immense traction globally in the near future.

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Emergence of Net-Zero Elevators to Influence the Market Expansion

Commercial builders are currently more focused than ever toward creation of energy-efficient structures to cater highest environmental benchmarks, while sustaining in the test of time. Elevators significantly contribute to energy consumption in a residential as well as commercial buildings, accounting for over 10% of total energy consumed. However, after decades of machine and technology advancements, modern elevators being developed comparatively consume lesser energy. In addition, the concept of a net-zero elevators is likely to gain immense traction in residential as well as commercial sectors in the upcoming years. As a net-zero building produces only the amount of energy that is required by the structure, implementing a net-zero elevator commences with the emphasis on improving solar footprint. Infrastructure developers are therefore increasingly focusing on incorporating solar panels within the elevator shaft’s footprint, making it cost-effective and more practical. Another imperative factor gaining attraction of builders is inclusion of microprocessor controls in a net-zero elevator, to reduce energy losses as well as the amount of energy consumed by implementing more integrated circuits in every area of printed circuit boards.

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Key Projections on Future of Elevators Market for Forecast Period 2019-2029

Global elevators market registered exponential growth at a CAGR of over 9% from 2014 to 2018. Monumental growth of the building and construction industry along with increasing reliance on technology is underpinning growth of elevators market.
Worldwide sales of elevators exceeded a valuation worth US$ 65 Bn in 2018, and are estimated to grow by over 10% Y-O-Y in 2019.
Asia Pacific will continue to be the leading market for elevators, with flourishing economies such as China and India at the forefront of demand. Elevator sales in Asia Pacific are predominantly upheld by increasing focus on infrastructure development and swift pace of urbanization across developing economies. In addition, Asia Pacific is also likely to emerge as a high growth market for elevators through 2029.
Energy efficiency ranks among the top end-user considerations while choosing a specific elevator model. In line with the aforementioned, manufacturers are extensively focusing on development of elevators that offer energy and space saving benefits
Key Companies

According to the report, some of the key companies operating in the global elevators market include Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Generac Holdings Inc., Champion Power Equipment, Inc., Hyundai Motor Company, Toshiba Corporation, Wuxi Kipor Power Co. Ltd., Briggs & Stratton Corporation, Lifan Industry (Group) Co. Ltd, Ryobi Limited, and Subaru Corporation.

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