Elevators Market is set to clock a CAGR of 6.5% by revenue between 2017 and 2023 for the market to be worth US$330.45 bn by 2023-end; demand in the market translated into a revenue of US$225.57 bn in 2017.

Albany, NY -- (SBWire) -- 04/17/2018 --Rapid urbanization in emerging economies of Asia Pacific is surging the global elevators market to new heights. Top companies that operate globally are vying to obtain contracts for installation and long-term maintenance of newly built residential and commercial buildings in these nations. These companies are engaged in aggressive research and development to come up with technologically advanced systems and are aligning business strategies to serve a large geographical area.

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Apart from this, environmental norms in place that mandate buildings to be equipped with energy-efficient elevators to curb emissions is fuelling the elevators market. On the downside, safety mandates that manufactures of elevators need to adhere to prevent accidents is impacting the growth of the market to some extent. Considering a number of favorable factors, the global elevators market is poised to clock a CAGR of 6.5% from 2017 to 2023.

Attributes of Efficiency and Reduced Waiting Time to Boost Installation of Smart Elevators

The global elevators market is segregated in terms of type, application, and geography. Depending upon type, the global elevators market is bifurcated into conventional elevators and smart elevators. Vis-à-vis revenue and volume, conventional elevators currently dominance in the overall market. However, smart elevators are anticipated to display a significant growth rate in the years ahead. Being IoT enabled, smart elevators display attributes of reduced waiting time, energy efficiency, and can communicate with service teams to enable passengers to summon the elevator via a mobile application. On account of these factors, swift adoption of smart elevators in place of traditional hydraulic elevators is expected to be witnessed in the future.

Based on application, the global elevators market is broadly classified into commercial, hotels, retail, residential, transportation, hospital, parking building, and others. Of them, residential is the most attractive segment holding the leading share in the elevators market. Expansion of the building and construction sector to serve the residential needs of a growing global population is boosting the residential application segment. The residential segment is predicted to be worth US$35.86 bn by 2023.

Commercial and hotel are other lucrative application segments of this market. Expansion of several business verticals that operate from large commercial buildings has been instrumental in the growth of commercial segment. Elevators designed for ultra-modern commercial buildings can travel at a high speed and are programmed to stop at select floors. With IoT enabled elevators increasing becoming a reality, commercial segment is anticipated to gain traction for faster movement of passengers. Hotel is a key application segment as elevators are invariably present in large hotel chains. Hospitals, transportation, and retail are emerging significant application segments with the growth of these service and business areas.

Thriving Construction Sector Makes Asia Pacific Prominent

Geographically, the elevators market is segregated into North America, Europe, Asia Pacific, and Rest of the World. North America is a key market due to steady construction of high rise buildings in large metropolitan areas. Nevertheless, due to early adoption of modern systems most old buildings are pre-installed with elevators which will account for low growth of North America elevators market.

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Asia Pacific holds prominence in the global elevators market due to a thriving building and construction sector. Government funding as well as investments from private parties for infrastructural development are boosting the elevators market in emerging economies of the region.

Key companies operating in the global elevators market include Otis, ThyssenKrupp AG, KONE Corporation, Schindler Holding Ltd., Fujitec Co. Ltd., Toshiba Corporation, Mitsubishi Electric Corporation, Kleemann Hellas SA, Hitachi Ltd., and Hyundai Elevator Co. Ltd.