Turkey Elevator Market to Grow at a CAGR of 7.5% to reach US$ 1,159.9 Million from 2020 to 2027

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)

Publication Month : Jun 2020

  • Report Code : TIPRE00011240
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 141
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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

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.

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Turkey Elevator Market: Strategic Insights

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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

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


Which factor is driving growth of the market?

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.

Which type led the Turkey elevator market?

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.

Which application led the Turkey elevator market?

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.

The List of Companies - Turkey Elevator Market

  1. Alben
  2. AsirLift Elevator Manufacturer CO.
  3. AybeyElektronik A.?.
  4. Delta GreentechElektronik San. Ltd. Sti.
  5. Mik-el Elektronik San. ve Tic. Ltd. Sti.
  6. Kleeman
  7. Arkel
  8. BSB Elevator
  9. Has Elevator
  10. ISF Elevator
  11. M?KROL?FT MÜHEND?SL?K ASANSÖR OTOMASYON S?ST. SAN. ve T?C. LTD. ?T?.
  12. MP YENER ÖVÜNÇ ASANSÖR
  13. NergizKablovePlastik San. Tic. Ltd. ?ti. (Nergiz Cable)
  14. Prysmian Group
  15. PT. IndustriLiftindo Nusantara
  16. Shenzhen Hpmont Technology Co.,Ltd.
  17. YukselisAsansor

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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