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Elevators Market to Reach USD 65.46 billion by 2026; High Demand for Customized Products to Augment Growth

April 24, 2020 | Machinery & Equipment

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/elevators-market-102683


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:



  • KONE CORPORATION

  • Schindler

  • Mitsubishi Electric Corporation

  • thyssenkrupp AG (Cinven, Advent and RAG foundation)

  • United Technologies

  • Hitachi, Ltd.

  • HYUNDAIELEVATOR CO., LTD

  • Johnson Elevator Co., Ltd.

  • Fujitec Co., Ltd.

  • Toshiba Corporation


Noteworthy Industry Developments-



  • September 2019: Otis Elevator Company based in Connecticut, unveiled its latest IoT Solution in China. With the help of this new service, the company will be capable of delivering a complete proactive and end-to-end digital service for connecting with the elevator systems, regulatory authorities, property managers, and Otis field professionals in China. The main aim of making this solution is to remold the elevator performance and safety by lowering elevator downtime and enhancing maintenance quality.

  • June 2019: Mitsubishi Electric Corporation unveiled a new company named MELCO Elevator Lao Sole Co., Ltd. (MLAO) for boosting the growth of its escalator and elevator business in the Mekong market. The newly formed company will aid in strengthening Mitsubishi’s sales of escalators and elevators, as well as maintenance services.


Further Report Findings-



  • Asia Pacific procured USD 20.48 billion market revenue in 2018 owing to the increasing number of residential and commercial construction activities.

  • Europe is set to remain in the second position owing to the surging adoption of elevators in various sectors.

  • In terms of type, the traction with machine room segment held 38.8% elevators market share in 2018 backed by their possession of numerous benefits, such as smaller motor size, smooth transportation, and energy-efficiency.


The market can be segmented in the following way:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



Segmentation



By Type



  • Traction with Machine Room

  • Machine Room Less Traction

  • Hydraulic



By Installation Type



  • New Installation

  • Maintenance

  • Modernization



By Application



  • Residential

  • Commercial

  • Industrial



By Region



  • North America (the U.S. and Canada)

  • Europe (UK, Germany, France, Rest of Europe)

  • Asia Pacific (China, Japan, India, and the Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)


Elevators Market
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  • 2015-2017
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