Elevators Market Size Emerging Technologies and their Impact on Business Growth

The global elevators market is projected to experience healthy growth over the forecast period from 2022 to 2029. The market was valued at approximately USD 68.04 billion in 2021, and it is expected to grow at a compound annual growth rate (CAGR) of over 6.4% during the forecast period.

Elevators are machines used to transport people between different levels, powered by electric motors and equipped with traction, cables, and counterweight systems.

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Several factors are driving the expansion of the elevators market. Firstly, there is increasing demand from various end-use industries such as residential, commercial, and industrial sectors. Secondly, the rise in the geriatric population worldwide is favoring market growth, as older individuals face difficulties in walking and have a greater need for elevators.

According to the World Bank Group, the global elderly population was 727 million in 2020 and is projected to reach 1.5 billion by 2050. Additionally, the growing investment in the construction industry is contributing to market growth. Construction spending worldwide stood at USD 12 trillion in 2019 and is projected to reach USD 19.2 trillion by 2035, as reported by Statista.

Rising urbanization and investments in the development of smart infrastructure are also driving market growth.

In terms of regional analysis, Asia Pacific currently dominates the global elevators market in revenue, attributed to the dominant construction industry and increased investment in the development of smart cities in the region.

However, North America is expected to grow at the highest CAGR during the forecast period, primarily due to the rising development of residential and commercial sectors.

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The major players in the global elevators market include TK Elevator, Schindler, KONE Corporation, Hitachi Ltd., HYUNDAIELEVATOR CO., LTD., Toshiba Group, Fujitec Co., LTD, Aritco Lift AB, EMAK, and Sigma Elevator Company.

Some recent developments in the market include TK Elevator's acquisition of Accurate Elevator in 2021, which aims to strengthen the company's presence in the regional market. Mitsubishi Electric also announced plans to expand its presence in Florida by establishing a new branch in Miami in 2022.

The report covers historical data from 2019 to 2021 as a basis for estimation in 2021 and provides a forecast period from 2022 to 2029. It includes revenue forecasts, company rankings, competitive landscape analysis, growth factors, and trends. The report segments the market based on type (hydraulic, traction, machine room-less traction, and others), business (new equipment, maintenance, and modernization), application (residential, commercial, and industrial), and region (North America, Europe, Asia Pacific, Latin America, and Rest of the World).

The objective of the study is to define the market sizes of different segments and countries in recent years and forecast their values for the coming years. The report incorporates both qualitative and quantitative aspects of the industry and provides insights into driving factors, challenges, and potential opportunities for stakeholders. It also offers a detailed analysis of the competitive landscape and the offerings of key players in the market.

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