An elevator is a platform or compartment accommodated in a shaft for vertical transportation of people or things to different levels.
Most modern elevators operate on electric motors, and through a system of cables and pulleys. Elevator systems comprise various technologies such as hydraulic elevators, machine room-less elevators (MRLs), and geared and gearless traction elevators with machine room. MRLs are preferred over the conventional geared elevators as these are technologically advanced, consume less energy, and save space.
The Asia Pacific is the largest market for elevators in the world, followed by Europe.
The Asia Pacific has the largest market share in elevators due to the rise in construction activities in China and India. This induces the growth of the elevator market all over the world. The Asia Pacific elevator market is driven by factors such as rapid urbanization, demographic changes, and increasing demand for skyscrapers.
China dominates the elevator market followed by India and Japan. Although the Asia Pacific forms the major chunk of the elevator market, demand for elevators is expected to increase globally during the forecast period. This is due to the construction of high rise buildings in the coming years. Companies are expanding their portfolio by introducing advanced techniques to increase speed and shorten travel time.
The Mixed-block development trend is on the rise, but it is nothing new. In real estate, trends come and go. In recent years, the pendulum has shifted back to mixed-block. As a result, mixed-block has become increasingly popular yet again with an increase in the intensity of high-rise construction and also in the percentage of mixed-block high rise buildings. Mixed-block tall buildings are a mix of various types of buildings such as residential, office, retail, serviced apartments, exhibitions, hotel, casinos, etc.
People want faster vertical movement in high-rise buildings. Taller buildings need lesser waiting time; hence, the speed factor plays a vital role. The increasing number of high-rise buildings in major cities requires elevators with higher speed and heavier load capacities to carry a large number of passengers safely and comfortably. Hence, high speed is a major trend in the high rise elevator market
The key factor exerting a significant impact and driving the global elevator market is rapid urbanization
According to World Bank records published in 2016, 54% of the population resides in urban areas globally and by 2045 this number is expected to increase 1.5 times with 6 billion people living in cities. Demand for residential properties has surged due to increased urbanization and rising household income. Cities of ASEAN are continually focusing on improving urban planning and building capabilities in resource-rich regions and major cities with good communication and transportation systems to attract domestic and foreign direct investment, which in turn is driving urban growth in this region
Buildings are responsible for a huge amount of global greenhouse gas consumption, energy use, and resource consumption. Green construction has increasingly become more desirable and profitable in the international construction market with the rise in demand for sustainable building options.
The global elevator market has been segmented on the basis of deck type, destination control, building height, end-use, speed, application, and region
Based on deck type, the market is segmented into the single and double deck. As compared to the double deck, single deck elevators are more widely used globally.
Based on destination control, the elevator market is classified into smart and conventional. The conventional segment held a major share in the global elevator market. In conventional elevators, the passenger has to push the up or down button to go to the desired floor.
In terms of building height, the elevator market is segmented into the low rise, mid-rise, and high rise. The mid-rise segment accounted for a major share in 2017 followed by the low rise segment. High rise buildings are increasing in number and is expected to contribute a considerable share to the elevator market in the near future.
Based on end-use, the elevator market has been segmented into residential, commercial, and mix blocks. Residential has the major share across the globe; however commercial and mix block segments are expanding steadily over time
In terms of speed, the market is classified into – less than 1m/s, between 1 to 3 m/s, between 4 to 6 m/s, between 7 to 10 m/s, and above 10m/s. The most common segment is between 1 to 3 m/s in developing countries.
Based on the application, the elevator market is segmented into passenger and freight. Passenger elevators held a major share in 2017. Freight elevators are used for carrying goods and only the operator and the persons necessary to load and unload the goods are allowed to ride in these elevators. These elevators have strong interiors to withstand the loading and can bear heavyweights.
Based on region, the market is classified into North America (U.S, Canada, and Rest of North America), Europe (U.K, Germany, France, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa), and South America (Brazil, and Rest of South America)
The elevator market is consolidated due to the dominance of a few strong players. Otis Elevator Company, KONE Oyj, Schindler, Fujitec Co., Ltd., Hitachi, Ltd., Hyundai Elevator Co., Ltd., Electra Elevators, Mitsubishi Electric Corporation, Thyssenkrupp AG, and Toshiba Corporation are the key companies profiled in the research report.