Rockville, MD -- (SBWIRE) -- 04/09/2018 -- As the world recovers from the recent economic crises, urbanization and globalization are among the trends that are on the rise. With the increasing activities of construction and infrastructural developments across the globe, demand for elevators is likely to surge up in the upcoming years. Elevator technology is one of the most popular and most commonly implemented technologies in the largest part of the world. Rise in the geriatric population in the world in another major driving engine for the growth of the global elevators market.
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As elevators offer the ease of navigation through high-rise buildings, demand for elevators is likely to increase rapidly with the expeditious growth of the global construction industry. Especially in the developing economies in the world such as China and India, demand for elevators continues to remain high. Manufacturers are making use of advanced technology to improve the ease-of-use and attract a larger customer base in the global market.
However, a variety of parameter associated with the operation of elevators such as lighting, electricity, and the number of floors served are leading to increasing the energy consumption. High operational cost remains to be one of the leading restraints that are limiting the pace of market expansion. Leading market players are focusing on reducing operational costs of elevators and reach a larger consumer base. Energy-efficient or green elevators are gaining more popularity among the consumers, with the increasing environmental awareness across the globe. Also, manufacturers are employing the next-gen technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) to produce smart elevators. Leading market players are providing more safety features with smart elevators, which is likely to boost the growth of the global elevators market during the forecast period.
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A recent market study by Fact.MR predicts that the global elevators market will witness expeditious growth during the forecast period 2017-2026. The report states that over 59,721 units of elevators were sold in 2017, and the number is likely to reach 138,326 units of elevators by the end of the forecast period. Along with the detailed information about growth prospects of the market, the report also gives a thorough idea of the leading manufacturers and distributors present in the global elevators market. The report also provides insights into the trends that are likely to influence the market growth in the foreseeable future. With the help of the valuable insights that this report pertains, manufacturers, distributors, and suppliers of elevators will be able to plan the strategies to gain a competitive edge in the leading regions.
Fact.MR categorizes the global elevators market into three segments according to geographical regions, service types, and applications of elevators. The report offers a thorough explanation of the microeconomic and macroeconomic factors associated with the growth of the market. According to the report, the key companies that are leading the global elevators market include Generac Holdings Inc., Hyundai Motor Company, Honda Motor Co. Ltd., Toshiba Corporation, Briggs & Stratton Corporation, Yamaha Motor Co., Ltd., Wuxi Kipor Power Co. Ltd., Subaru Corporation, and Ryobi Limited.
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