The elevators market size is projected to grow from US$ 71.43 billion in 2022 to US$ 120.91 billion by 2030; it is projected to grow at a CAGR of 6.8% from 2022 to 2030.
Elevator Market Analyst Perspective:
Elevator manufacturers have taken the modernization up a notch and launched smart elevators in the industry. Smart elevators are equipped with energy-efficient solutions and use advanced technologies like touch screens, biometrics, and access control systems. Modern buildings use smart elevator systems to deliver improved accessibility provision to their customer base. Smart elevators are expected to define the market with increasing adoption in hospitals, airports, and similar public places. Furthermore, there is a surge in the number of high-rise buildings, owing principally to an increase in population. As a result of these trends, cities across the globe must accommodate a growing number of individuals within their limited space. As a result, builders are focusing on the construction of taller buildings that can accommodate a high number of individuals on a smaller footprint on the ground. For instance, Skyscrapers such as Ciel Tower, City Tower 1, and Il Primo Tower 1 are under construction in the United Arab Emirates (UAE).
Moreover, other countries such as China, India, Vietnam, Middle Eastern countries, and others are undergoing a substantial increase in building construction activities. Elevators are extensively used in high-rise buildings to provide residents with quick and easy access to different floors of the buildings. Thus, with the growing focus on construction activity, the market is expected to grow during the forecast period.
Elevator Market Overview:
Elevators are vertical transport berths housed in a platform or shaft for helping descend and ascend people or materials between levels and floors. Elevators are commonly operated by electric motors that power counterweight equipment and pump hydraulic fluid or traction cables to ascend a cylindrical system. Most of the multistoried buildings have elevators to facilitate aid of travel and wheelchair access laws. Further, elevators are extensively used in the construction industries for shipping goods and carrying people from one floor to another. Thus, the demand for elevators is expected to increase in both residential and commercial end-user segments during the forecast period.
Aging is an unavoidable phenomenon, but having a comfortable lifestyle as an elderly is in our hands. Countries are facing enormous pressure to create a public system that is emphatic towards the geriatric populace. Growing accessibility in hospitals, airports, residential buildings, nursing homes, and supermarkets has become a topmost priority for governments globally. The elderly population needs products from the market to make their lifestyles more comfortable. Most senior individuals suffer from unavoidable illnesses such as arthritis issues or cardiovascular diseases. Deployment of elevator help the aging population avoid painful flight of stairs; thus, the elevator market is attracting high demand from this section of society.
Further, according to the United Nations Department of Economic and Social Affairs, Population Division, population and urbanization growth are projected to add 2.5 billion individuals to the world's cities by 2050. This scenario is expected to boost the construction industry, resulting in augmented demand. Elevators are extensively utilized in the construction sector for moving people and items from one floor to the next.
Strategic Insights
Elevator Market Driver:
Increasing Focus on Technological Advancements and Rising Adoption of Smart Elevators to Drive Growth of the Market.
Smart elevators are equipped with modern technology such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and various software and hardware. These systems together allow for condition-based analysis, proactive, real-time data sharing, predictive maintenance, enhanced security, destination prediction, and several other features. A smart elevator is user-friendly, energy efficient, secure & safe, and experiences minimum downtime. Further, the rise in building construction and the increase in demand for green buildings are a few of the major drivers of the increasing demand for smart elevators. Furthermore, the rise in demand for smart elevators is attributed to the several features that set them apart from traditional elevators and place them in an advanced class. Conventional elevators are not very effective since their basic computing power cannot optimize the amount of time spent waiting by the end-users; additionally, they are not very energy efficient and do not incorporate any real-time monitoring of the elevator system. On the other hand, smart elevators are not only technologically improved but also have a wide variety of functions that contribute to their appeal among building developers. Thus, the demand for smart elevators is expected to increase during the forecast period.
The usage of autonomous systems in smart elevators aids in optimizing elevator movements, which in turn benefits reducing wait time, which eventually leads to more effective passenger transportation during peak periods. Furthermore, in contrast to traditional elevators, smart elevators make use of progressive security measures such as facial recognition, bio-metric, and other similar technologies to avert any unauthorized access. Moreover, smart elevators incorporate sensors and other systems that continually monitor the abnormal behavior shown by the elevators, which includes excessive vibration, sabotage, electrical faults, fire, and others.
Additionally, technology developments in the smart elevator industry are estimated to create lucrative opportunities for market players that operate in the smart elevator market. For instance, in March 2023, Otis Elevator introduced a Gen3TM digitally connected elevator, which is now available in South Korea. The new offering includes Otis's proprietary technology, 'Otis ONE technology,' which allows 24/7 real-time monitoring of equipment health and performance. In addition, it includes an Otis review in-car infotainment display, which can connect to the 24/7 OTISLINE customer support center via video chat in case of an emergency. Advancements in Artificial Intelligence (AI), the Internet of Things (IoT), cameras, spatial technologies, and sensors are playing a foremost role in the smart elevator market growth.
Elevator Market Segmental Analysis:
The elevator market based on type is segmented into hydraulic, traction, machine room-less traction, and others. Based on the business outlook, the market is divided into new equipment, maintenance, and modernization. By application, the market is segmented into residential, commercial, and industrial. The new equipment type segment led the smart elevator market share in 2022 as a result of increasing urbanization and a sharp growth in construction activities. In the upcoming years, the necessity for advanced elevators will be driven by the factors mentioned above. For instance, in June 2023, Otis Worldwide Corporation announced the launch of a new Gen3 Core elevator under the Gen3 product portfolio. The novel digitally native elevator is designed particularly to fit in with North America's increasing demand for two-to-six-story buildings.
The maintenance type segment is expected to grow at a significant CAGR over the forecast period. Increasing technological developments intended to improve maintenance standards for elevators at construction sites are acting as a significant factor for segment growth. Maintenance of the elevator improves machine functionality. Thus, the requirement for elevator maintenance is expected to supplement the growth of the maintenance type segment during the forecast period. The residential segment accounted for the largest revenue share of the market in 2022. The demand is expected to grow during the forecast period as a result of growing urbanization and an increasing standard of living in developing countries like India and China. As a result, the development of multistory structures with smart elevators will further boost the market for elevators used in residential applications. Furthermore, increasing investment in residential construction will fuel the market growth.
Elevator Market Regional Analysis:
The Asia Pacific region is expected to grow at a significant growth rate in the global market during the projection period. The growth of the Asia Pacific regional market can be attributed to the developments and improvements in the construction industry. Additionally, the region is anticipated to remain prominent in the elevator market over the forecast period. Additionally, the Asia Pacific region is home to many manufacturing industries. The increasing number of high rises in building infrastructure and the development of smart cities is anticipated to boost further the market growth in the region over the prediction period.
Elevator Market Key Player Analysis:
The market landscape consists of players such as Schindler, TK Elevator, KONE Corporation, Hitachi Ltd., HYUNDAIELEVATOR CO., LTD., Toshiba Group, Mitsubishi Electric Corporation, Aritco Lift AB, EMAK, FUJITEC CO., LTD., Sigma Elevator Company, and Schumacher Elevator Company are the key players owing to the diversified product portfolio offered.
Elevator Market Recent Developments:
Companies in the market highly adopt inorganic and organic strategies such as mergers and acquisitions. A few recent key market developments are listed below:
- In November 2022, TK Elevator, for the enhancement of smart and connected elevators, launched Application Programming Interfaces (APIs). These open interfaces connect elevators, buildings, and residents – allowing operators to automate some processes and end-users to control elevators through mobile applications.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The List of Companies
1. Escon Elevators Private Limited
2. Express Lifts Limited
3. FUJITEC CO., LTD
4. Hitachi, Ltd.
5. KONE Corporation
6. Mitsubishi Electric Corporation
7. Otis Elevator Company
8. Schindler
9. Thyssenkrupp Elevator Technology
10. Toshiba Elevator and Building Systems Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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