What's driving the Elevator Market Size? Thyssenkrupp AG, Schindler, Kone, Otis, Express Lifts Limited, Mitsubishi Electric Company, Escon Elevators Pvt Ltd., Fujitech Co. Ltd., Toshiba, Hitachi Ltd., Eita Elevator Sdn Bhd, Hyundai
Hydraulic & pneumatic elevator type will account for approximately USD 25 billion in 2026, growing with a CAGR of over 3%. Hydraulic elevators generate movement through fluid compression. The lift cab is elevated with the help of an electric motor that drives oil into piston and enables the movement of the piston. These lifts also use electrical valves in order to control the release of oil. This product category finds application in low- and medium-rise structures with 2 to 8 stories. It can travel at a maximum speed of 200 feet or 61 meters per minute. These lifts have lesser initial and maintenance costs than traction product types, are easy to install, and occupy less space. However, higher energy consumption, lesser travel speed, more power requirements and higher noise levels associated with hydraulic elevators as compared to other lifts might hinder the growth of this product category in coming years.
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Elevator Market is expected to exceed USD 135 billion by 2025. Booming construction activities in the developing countries are driving the market growth.
Some major findings of the elevator market report include:
-Developments in the Asia Pacific and Middle East building & construction industry is the chief factor driving the market growth.
-MRL traction elevators will have largest market share owing to increasing construction of mid- and high-rise buildings.
-Building and construction industry will dominate the market due to increasing expenditure on residential and non-residential constructions.
-Major players operating in the elevator market are Otis, Kone, Mitsubishi Electric Company, Schindler, Fujitech Co. Ltd., Thyssenkrupp AG, and Hitachi Ltd.
- Companies are engaged in acquisitions and partnerships for expanding their business operations and gain competitive advantage
Application of elevators in industrial segment is primarily confined to transfer of goods or operators within different vertical levels of the plant.
Industrial segment will witness a growth at CAGR over 3% during the forecast timespan. Driven by their lower cost and better weight carrying capacities, hydraulic & pneumatic elevators are preferred in this segment. Rising industrialization in developing countries, coupled with increasing industrial output and production India and China is likely to propel the growth of industrial segment in coming years.
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Prominent industry participants in the elevator market includes Thyssenkrupp AG, Schindler, Kone, Otis, Express Lifts Limited, Mitsubishi Electric Company, Escon Elevators Pvt Ltd., Fujitech Co. Ltd., Toshiba, Hitachi Ltd., Eita Elevator Sdn Bhd, Hyundai, Orona SC, Glarie, etc. Mergers, acquisitions, and investment in R&D are key strategies adopted by elevator manufactures to enhance their market share in the industry.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Elevator Industry Insights
Chapter 4. Elevator Market, Product By End-user
Chapter 5. Elevator Market, By End-user
Chapter 6. Elevator Market, By Region
Chapter 7. Company Profiles
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