Elevators Market Analysis Revealing Cost Structure, Key Drivers, Market Participants & Growth Trends
According to recently published report by Fact.MR, the global market for elevators is poised to expand at 9.8% volume CAGR, during the forecast period, 2017-2026. The report further projects that by the end of 2026, more than 138,000 units of elevators are expected to be sold globally.
[ClickPress, Mon Dec 03 2018] With rapid growth in urbanization, construction companies and governments around the world are shifting their focus toward optimum utilization of spaces existing within urban areas. With urban population witnessing a significant upsurge, construction companies are increasing focusing on vertical expansion of buildings including low-, mid- & high-rise buildings. High rise buildings are increasingly prevalent in developed economies such as the U.S., the U.K and UAE, and make efficient utilization of spaces, accommodating large number of people within a confined land space in consequent vertical spaces. Globally, over 450 high-rise buildings are under construction, with nearly 400 high-rise buildings still in pipeline. Elevators deployed over a decade ago are pushing for modernization, as obsolete parts require replacement with new efficient and cost-effective parts. New elevators will also find immense application growing construction of high-rise buildings.
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Toshiba Corporation, Honda Motor Co., Ltd., Generac Holdings Inc., Champion Power Equipment, Inc., Lifan Industry (Group) Co. Ltd, Yamaha Motor Co., Ltd., Wuxi Kipor Power Co. Ltd., Hyundai Motor Company, Briggs & Stratton Corporation, Ryobi Limited, and Subaru Corporation are expected to be recognized as leading manufacturers of elevators in the global market during the forecast period.
Emergence of Net-Zero Elevators to Influence the Market Expansion
Commercial builders are currently more focused than ever toward creation of energy-efficient structures to cater highest environmental benchmarks, while sustaining in the test of time. Elevators significantly contribute to energy consumption in a residential as well as commercial buildings, accounting for over 10% of total energy consumed. However, after decades of machine and technology advancements, modern elevators being developed comparatively consume lesser energy. In addition, the concept of a net-zero elevators is likely to gain immense traction in residential as well as commercial sectors in the upcoming years. As a net-zero building produces only the amount of energy that is required by the structure, implementing a net-zero elevator commences with the emphasis on improving solar footprint. Infrastructure developers are therefore increasingly focusing on incorporating solar panels within the elevator shaft’s footprint, making it cost-effective and more practical. Another imperative factor gaining attraction of builders is inclusion of microprocessor controls in a net-zero elevator, to reduce energy losses as well as the amount of energy consumed by implementing more integrated circuits in every area of printed circuit boards
Key Projections on Future of Elevators Market for Forecast Period 2017-2026
- According to the report, 59,721 units were sold in 2017, and by the end of forecast period, this number is scheduled to reach 138,326 units.
- North America will continue to be the largest market for elevators globally during the assessment period. The U.S. will remain at the forefront of demand, while Canada will account for a miniscule revenue share of the market. The report projects 56,087 units of elevators to be sold in North America by 2026.
- Among all the service type segments – maintenance & repair, refurbishing, and new equipment – demand for new equipment is the highest. The report projects new equipment to be the leading service type segment during the assessment period.
- By application type, the key segments include residential, commercial, and industrial. Demand for elevators from all these three segments is likely to remain steady during the assessment period, however, residential segment is projected to maintain a slight edge over the other two segments.
- According to the report, some of the key companies operating in the global elevators market include Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Generac Holdings Inc., Champion Power Equipment, Inc., Hyundai Motor Company, Toshiba Corporation, Wuxi Kipor Power Co. Ltd., Briggs & Stratton Corporation, Lifan Industry (Group) Co. Ltd, Ryobi Limited, and Subaru Corporation.
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Table of Content:
- Global Economic Outlook
- Global Elevators Market - Executive Summary
- Global Elevators Market Overview
3.1.1. Global Elevators Market Taxonomy
3.1.2. Global Elevators Market Definition
3.2. Global Elevators Market Size (US$ Mn) and Volume (Units)Forecast, 2012-2026
3.2.1. Global Elevators Market Y-o-Y Growth
3.3. Global Elevators Market Dynamics
3.4. Supply Chain
3.5. Life Cycle of Elevators Market Equipment
3.6. Leading Manufacturers of Elevators and their Production (in millions)
3.7. Porter's Five Forces Analysis
3.8. Distribution Channel Analysis
3.9. Consumer Demands and their Impacts
3.10. PESTLE Analysis
3.11. Region-wise Market Positioning Assessment
3.12. Developments in the Global Elevators and Escalators Market
3.13. Key Takeaways
3.14. Key Participants Market Presence (Intensity Map by Region)
- Global Elevators Market Analysis and Forecast 2012-2026
4.1. Global Elevators Market Size and Forecast By Service Type, 2012-2026
4.1.1. Maintenance & Repair Market Size and Forecast, 2012-2026
188.8.131.52. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
184.108.40.206. Market Share Comparison, By Region
220.127.116.11. Y-o-Y growth Comparison, By Region
4.1.2. Refurbishing Market Size and Forecast, 2012-2026
18.104.22.168. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
22.214.171.124. Market Share Comparison, By Region
126.96.36.199. Y-o-Y growth Comparison, By Region
4.1.3. New Equipment Market Size and Forecast, 2012-2026
188.8.131.52. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
184.108.40.206. Market Share Comparison, By Region
220.127.116.11. Y-o-Y growth Comparison, By Region
4.2. Global Elevators Market Size and Forecast By Application, 2012-2026
4.2.1. Residential Market Size and Forecast, 2012-2026
18.104.22.168. Revenue (US$ Mn) and Volume (Units) Comparison, By Region
22.214.171.124. Market Share Comparison, By Region
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