Increasing levels of urbanization and industrialization is the major factors behind Elevator industry growth

Elevator can be defined as a means of transport that is used vertically in buildings or other structures for the movement of passengers or freight, between the various levels of a building. They are powered by electric motors and its movement is based on counterweight systems.

Global Elevator Market is expected to rise from its initial estimated value of USD 62.71 billion in 2018 to a projected value of USD 150.68 billion by 2026, registering a Compound Annual Growth Rate of 11.58% in the forecast period of 2019-2026. This rise in market value can be attributed to the demand and enhancement in capabilities of carrying larger loads of passengers and freights through the elevators.

In November 2018, thyssenkrupp Elevator announced the launch of two new elevator products category, namely “synergy” & “evolution” for low-rise and mid-rise buildings in Europe and Africa. The new launch is expected to meet the growing demand for enhanced quality and products provision in mobility solutions.

In July 2018, KONE Corporation announced the launch of two new range of elevators namely, “U MonoSpace” & “U MiniSpace” to meet the growing demands of mid-range elevators. Along with that, they are planning on expanding and establishing a new manufacturing plant in Tamil Nadu, India which will be operational by second quarter of 2019.

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Prominent players involved are Otis Elevator Co., KONE Corporation, Schindler Group, Hitachi, Fujitec Elevator, Hyundai Elevator Company, Mitsubishi Electric, thyssenkrupp Elevator.

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