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The global elevators market size is projected to reach USD 65.46 billion by 2026. It is set to gain impetus from the ever-increasing demand for customized elevators. These are playing a vital role in becoming the architectural features in airports, complexes, and shopping malls. This information is given by Fortune Business Insights™ in a recent report, titled, “Elevators Market Size, Share & Industry Analysis, By Type (Traction with Machine Room, Machine Room Less Traction, Hydraulic), By Installation Type (New Installation, Maintenance, Modernization), By Application (Residential, Commercial, Industrial) and Regional Forecast, 2019-2026.” The report further states that the market stood at USD 40.74 billion in 2018. However, it is likely to exhibit a CAGR of 6.3% during the forecast period between 2019 to 2026.
Advent, Cinven, and RAG-Stiftung Acquire Elevator Technology Business of thyssenkrupp
In February 2020, international private equity firms, namely, RAG-Stiftung, Cinven, and Advent International declared that they have signed an agreement with thyssenkrupp AG, a multinational conglomerate headquartered in Germany. This agreement would enable the three companies to acquire the latter’s ‘Elevator Technology’ business. It would also aid thyssenkrupp AG in reinvesting in its business. The total worth of this acquisition is USD 18.58 billion. The product portfolio of thyssenkrupp consists of stair and platform lifts, freight elevators, passenger boarding bridges, moving walkways, and escalators. It also provides customized services including maintenance.
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Rising Shift towards Cost-effective & Energy Efficient Elevators to Boost Growth
Consumers nowadays are inclining rapidly towards energy efficient and cost-effective products. Hence, manufacturers worldwide are persistently striving to upgrade the existing technology for offering sustainable solutions to their large consumer bases. They are also keeping up with the new certification standards implemented by various government and private agencies to intensify competition. KONE, for instance, created new models of 14 elevators by sticking to the A-Class ISO 25745 highest energy efficiency rating. Development of similar solutions would propel the market growth during the forecast period. However, the increasing concerns regarding safety may hamper growth.
Key Players Focus on Mergers & Acquisitions to Gain Competitive Edge
The market consists of many companies that are trying to adopt the latest elevators market trends to fulfil the unmet needs of their clients. Companies such as KONE and Otis are focusing on launching cutting-edge products for upsurging their sales. On the other hand, Mitsubishi and Advent are engaging in opening new enterprises and acquiring other organizations to broaden product portfolio and enhance their businesses.
Fortune Business Insights™ lists out all the companies operating in this market. They are as follows:
Noteworthy Industry Developments-
Further Report Findings-
The market can be segmented in the following way:
Value (USD billion)
By Installation Type