Turkey Elevator Market Forecast to 2027 - COVID-19 Impact and Country Analysis By Type (Hydraulic Elevator, Traction Elevator, Machine-Room-Less (MRL) Elevator, and Vacuum Elevator); Application (Residential, Commercial, and Industrial)
The Turkey elevator market was valued at US$ 658.6 Million in 2019 and is estimated to reach US$ 1,159.9 Million by 2027; it is expected to grow at a CAGR of 7.5% from 2019 to 2027.
The market has witnessed significant growth in recent years owing to increasing urbanization, as well as growing infrastructural construction. Also, the robust presence of several multinational companies (MNCs) in Turkey for more than a century is boosting the elevator market. The elevator industry in the country is engaged in three main areas: assembly production; elevator design as well as assembly; and elevator repair and maintenance. Elevator manufacturing and assembly companies are located in ~81 provinces in Turkey. However, the elevator component manufacturing operations are concentrated in Istanbul, Bursa, and Kocaeli, particularly in the in Izmir in the Aegean region; Marmara Region; as well as in Kayseri and Konya in the Central Anatolia Region. The Turkey elevator market companies are strategically situated across the country as per the demand of customers.
Impact of COVID-19 Pandemic on Turkey Elevator Market
The continuity of the COVID-19 spread would be severely dangerous for the elevator market players. Further, the deteriorating economic conditions, is anticipated to weaken the growth of the Turkish construction sector severely. If the lira continues to get weak, the government has to take action by delaying some of its major infrastructure projects.
Market Insights - Turkey Elevator Market
Growing Demand for Smart Elevators
Owing to the technological advancements and acceptance of IoT, as well as AI, the demand for installing smart elevators is also increasing. The smart elevator system comprises new-age digital security system controls, such as touch screen, biometrics, and destination dispatching as well as access control systems. Further, the elevated spending capabilities of customers and need to reduce waiting time of passengers are the major factors driving the adoption of smart elevators. Elevators are the primary mode in the buildings for vertical transportations amid individuals; thus, security is the primary concern in these automated elevator systems. Hence, the manufacturers and builders are focusing on taking security measures to install these elevators across commercial and residential complexes to safeguard their individuals, customers, residents, and employees. Additionally, the integration of biometric and iris recognition are among the advanced features that are used to ease the emerging security concerns. The smart elevators are constantly being upgraded with the integration of security systems to provide protection to the buildings, which is boosting their installation in buildings in Turkey. Such upgrades in the smart elevators are anticipated to drive the Turkey elevator market during the forecast period.
Type-Based Insights - Turkey Elevator Market
Based on type, the Turkey elevator market is segmented into hydraulic elevator, traction elevator, machine-room less (MRL) elevator, and vacuum elevator. The traction elevator segment led the Turkey elevator market in 2019.
Turkey Elevator Market, by Type - 2019 and 2027
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Application-Based Insights- Turkey Elevator Market
Based on application, the Turkey elevator market is segmented into residential, commercial, and industrial. The commercial segment led the Turkey elevator market in 2019.
Strategic Insights
Market initiative is a primarily adopted strategy by the companies to expand their footprint worldwide and meet the growing demand of their customers. The elevator market players are mainly focusing on the development of advanced and efficient products. Engaging in partnerships, contracts, and joint ventures; gathering funding; and inaugurating new offices worldwide permit the companies to maintain their brand names in the global marketplace.
- In 2018, Arkel announced the opening of its Indian subsidiary in Vadodara—Arkel Electronic India Private Ltd. It is the joint venture between Tangent Technologies and Arkel.
The report segments the Turkey elevator market as follows:
By Type
- Hydraulic Elevator
- Traction Elevator
- Machine-Room-Less (MRL) Elevator
- Vacuum Elevator
By Application
- Residential
- Commercial
- Industrial
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Turkey Elevator Market Landscape
4.1 Market Overview
4.2 SWOT & PEST ANALYSIS
4.2.1 Turkey PEST Analysis
4.2.2 Turkey SWOT Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 Leading companies and developments
4.5.1.1 Drive
4.5.1.2 Control Card
4.5.1.3 Control Panel, Features, and Customer Support Analysis
4.5.1.4 Installation and Packaging
4.5.1.5 Cabins, Doors, Motor (Traction), Rails, and Cables
4.5.2 Elevator Products Imports & Exports & Target Countries
4.5.3 Price Range of Drives and Control Panels
4.5.4 The price sensitivity of the market and trends toward quality seeking information
4.5.5 The standpoint of international firms in Turkey
5. Turkey Elevator –Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Infrastructural Developments in Turkey
5.1.2 Growing Demand for Smart Elevators
5.2 Market Restraints
5.2.1 High Maintenance Cost and Long Lifespan of Elevators
5.3 Market Opportunities
5.3.1 Availability of Predictive Maintenance Service for Elevators
5.4 Future Trends
5.4.1 Rising adoption of Analytics in Elevators Technology
5.5 Impact Analysis of Drivers and Restraints
6. Turkey Market Analysis
6.1 ELEVATOR - TURKEY MARKET OVERVIEW
6.2 ELEVATOR - TURKEY MARKET AND FORECAST TO 2027
6.3 Market Positioning – Five Key Players
7. Turkey Elevator Market Analysis – By Type
7.1 Overview
7.2 Turkey Elevator Market Breakdown, by Type, 2019 & 2027
7.3 Hydraulic Elevator
7.3.1 Hydraulic Elevator Market Revenue and Forecast to 2027 (US$ Million)
7.4 Traction Elevator
7.4.1 Overview
7.4.2 Traction Elevator Market Revenue and Forecast to 2027 (US$ Million)
7.5 Machine-room Less Elevator
7.5.1 Overview
7.5.2 Machine-room Less Elevator Market Revenue and Forecast to 2027 (US$ Million)
7.6 Vacuum Elevator
7.6.1 Overview
7.6.2 Vacuum Elevator Market Revenue and Forecast to 2027 (US$ Million)
8. Turkey Elevator Market Analysis – By Application
8.1 Overview
8.2 Turkey Elevator Market Breakdown, by Application, 2019 & 2027
8.3 Residential
8.3.1 Overview
8.3.2 Residential Market Revenue and Forecast to 2027 (US$ Million)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial Market Revenue and Forecast to 2027 (US$ Million)
8.5 Industrial
8.5.1 Overview
8.5.2 Industrial Market Revenue and Forecast to 2027 (US$ Million)
9. Turkey Elevator Market- COVID-19 Impact Analysis
9.1 Overview
10. Industry Landscape
10.1 Market Initiative
11. Company Profiles
11.1 Alben
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 ASIR LIFT ELEVATOR MANUFACTURER CO.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 BSB Elevator
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 HAS Elevator
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 ISF Elevator and Engineering Company
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 MP YENER ÖVÜNÇ ASANSÖR
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Arkel
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 M?KROL?FT MÜHEND?SL?K ASANSÖR OTOMASYON S?ST. SAN. ve T?C. LTD. ?T?.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 AYBEY ELEKTRON?K A.?.
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 YukselisAsansor
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
11.11 Shenzhen Hpmont Technology Co.,Ltd.
11.11.1 Key Facts
11.11.2 Business Description
11.11.3 Products and Services
11.11.4 Financial Overview
11.11.5 SWOT Analysis
11.11.6 Key Developments
11.12 Delta GreentechElektronik San. Ltd. Sti.
11.12.1 Key Facts
11.12.2 Business Description
11.12.3 Products and Services
11.12.4 Financial Overview
11.12.5 SWOT Analysis
11.12.6 Key Developments
11.13 Mik-el Elektronik San. ve Tic. Ltd. Sti.
11.13.1 Key Facts
11.13.2 Business Description
11.13.3 Products and Services
11.13.4 Financial Overview
11.13.5 SWOT Analysis
11.13.6 Key Developments
11.14 NergizKablovePlastik San. Tic. Ltd. ?ti. (Nergiz Cable)
11.14.1 Key Facts
11.14.2 Business Description
11.14.3 Products and Services
11.14.4 Financial Overview
11.14.5 SWOT Analysis
11.14.6 Key Developments
11.15 Prysmian Group
11.15.1 Key Facts
11.15.2 Business Description
11.15.3 Products and Services
11.15.4 Financial Overview
11.15.5 SWOT Analysis
11.15.6 Key Developments
11.16 KLEEMANN
11.16.1 Key Facts
11.16.2 Business Description
11.16.3 Products and Services
11.16.4 Financial Overview
11.16.5 SWOT Analysis
11.16.6 Key Developments
11.17 PT. IndustriLiftindo Nusantara
11.17.1 Key Facts
11.17.2 Business Description
11.17.3 Products and Services
11.17.4 Financial Overview
11.17.5 SWOT Analysis
11.17.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary
LIST OF TABLES
Table 1. Turkey Elevator Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. Glossary of Terms, Turkey Elevator Market
LIST OF FIGURES
Figure 1. Turkey elevator Market Segmentation
Figure 2. Turkey Elevator Market Overview
Figure 3. Hydraulic Elevator Segment Dominated the Market
Figure 4. Commercial Segment to be a Fastest Growing Application
Figure 5. TURKEY– pest analysis
Figure 6. Ecosystem Analysis
Figure 7. Expert Opinion
Figure 8. Turkey Elevator Market Impact Analysis of Drivers and Restraints
Figure 9. Turkey Elevator Market – Revenue and Forecast to 2027 (US$ Million)
Figure 10. Turkey Elevator Market Breakdown, By Type (2019 and 2027)
Figure 11. Hydraulic Elevator Market Revenue and Forecast To 2027(US$ Million)
Figure 12. Traction Elevator Market Revenue And Forecast To 2027(US$ Million)
Figure 13. Machine-room Less Elevator Market Revenue And Forecast To 2027(US$ Million)
Figure 14. Vacuum Elevator Market Revenue And Forecast To 2027(US$ Million)
Figure 15. Turkey Elevator Market Breakdown, by Application (2019 and 2027)
Figure 16. Residential Market Revenue and Forecast to 2027(US$ Million)
Figure 17. Commercial Market Revenue and Forecast to 2027(US$ Million)
Figure 18. Industrial Market Revenue and Forecast to 2027(US$ Million)
The List of Companies - Turkey Elevator Market
- Alben
- AsirLift Elevator Manufacturer CO.
- AybeyElektronik A.?.
- Delta GreentechElektronik San. Ltd. Sti.
- Mik-el Elektronik San. ve Tic. Ltd. Sti.
- Kleeman
- Arkel
- BSB Elevator
- Has Elevator
- ISF Elevator
- M?KROL?FT MÜHEND?SL?K ASANSÖR OTOMASYON S?ST. SAN. ve T?C. LTD. ?T?.
- MP YENER ÖVÜNÇ ASANSÖR
- NergizKablovePlastik San. Tic. Ltd. ?ti. (Nergiz Cable)
- Prysmian Group
- PT. IndustriLiftindo Nusantara
- Shenzhen Hpmont Technology Co.,Ltd.
- YukselisAsansor
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Turkey elevator market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Turkey elevator market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Frequently Asked Questions
Rising urbanization in Turkey has also boosted the construction of residential buildings, malls, hospitals, and airports, among others, in it. There is growing awareness in the commercial and residential sectors about the advantages of the smart elevators. Owing to the technological advancements and acceptance of IoT, as well as AI, the demand for installing smart elevators is also increasing. The smart elevator system comprises new-age digital security system controls, such as touch screen, biometrics, and destination dispatching as well as access control systems. Thus, driving the growth of elevator market across Turkey.
The traction elevator segment is the leading Turkey elevator in the market. The significant difference between the traction and hydraulic elevators is the way the systems transport the cab. On a pulley system, the cab is raised with traction elevators and lowered by traction steel ropes or belts. Traction elevators, as compared to hydraulic systems: serve mid to high-rise buildings, uses less energy, and ride smoother. Traction elevators use a counterweight to offset cab and occupant weight.
The commercial segments the leading application in the market. In Turkey, the development of the Green Buildings project is booming the commercial sector. Due to the increasing construction of the Leadership in Energy and Environmental Design (LEED)-certified building, across the suburbs of Ankara in 2016, boosted the acceptance of green building design as well as construction practices across Turkey.