The global elevator market is expected to witness exponential growth over the forthcoming years, on account of the rising number of elevator maintenance and installation activities across the world. The industry is expected to witness substantial demand from factors such as service, repair, maintenance, and modernization services of ageing elevator infrastructures.

Meanwhile, growing construction activities, which call for new elevator installations, and aftersales services are some of the other factors that would be responsible for the growth of global elevator market share in the forthcoming years.

With respect to the product segment, the Machine Room-Less (MRL) traction segment is expected to witness extraordinary growth over the forecast timespan. The segment is projected to generate about $45 billion by 2026, recording growth at a CAGR of approximately 5% during the projected timespan.

The fundamental difference between the Machine Room (MR) traction elevators and Machine Room-Less (MRL) elevators is the overall availability of a machine room that is dedicated to the operations. The MRL product type is largely used since it takes up lesser space while offering greater level of energy efficiency than other types of elevators.

These advantages would further propel the growth of this product segment in the forthcoming years, eventually driving the expansion of the global elevator market outlook for upcoming years.

In terms of industry, the commercial construction segment is expected to witness exponential growth over the forthcoming years. In fact, the commercial construction sector is expected to account for a market share of over 20% across the forecast timespan. This growth can be projected owing to the momentous rise in spending that is being witnessed in commercial construction sector throughout the world.

Increasing spending on commercial construction projects throughout APAC and the Middle East have fostered substantial growth in their respective tourism sectors. To keep this growth coming the regions are expected to continue their spending on commercial infrastructure, creating lucrative business opportunities for the elevator market.

Similarly, commercial construction activities across the U.S. have witnessed a substantial growth with expenditure surpassing the $1.5 billion mark between year 2017 and 2018 alone. These trends would further propel the expansion of the commercial construction segment, which would eventually drive the global elevator industry outlook during the forecast timeframe.

From a regional growth perspective, Europe elevator market is expected to show significant contribution in the development of the global elevator industry, primarily owing to the its construction sector, which contributes to approximately 9% of its total GDP, employing over 18 million individuals.

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Earlier, the region’s growth in construction sector was limited to the UK, Germany, Sweden, and the Netherlands. Recently, however, the economic development of other countries in the Europe has gradually boosted their contributions in the development of the regional construction market, creating significant growth opportunities in the process.

In North America construction sector, the U.S accounted for more than $1,250 billion in terms of construction sector revenue beck in 2018. Growing expenditure in non-residential as well as residential construction segments are the major driving factors boosting construction activities in the region. Thereby, new elevator installations and the need for aftersales services would increasingly propel the North America elevator market trends in the future.

Some of the prominent companies that are making substantial contributions to the elevator market share include Kone, Thyssenkrupp AG, Otis, Mitsubishi Electric Company, Schindler, Hitachi Ltd., Fujitech Co. Ltd., Hyundai, Express Lifts Limited, Escon Elevators, Glarie, Eita Elevator Sdn Bhd, Toshiba and Orona SC.

Activities dedicated towards research and development, mergers, acquisitions, and new product development are a few prominent strategies that are being implemented by major market participants to further set themselves apart from the competition in the market.

According to the latest research report published by Global Market Insights, Inc., the global elevator market is expected to surpass a valuation of $135 billion by 2026.

Author Name : Bhushan Tambe