Turkey Elevator Market Trends and Analysis by 2027

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

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 Scope

Turkey Elevator Market Regional Insights

The regional trends and factors influencing the Turkey Elevator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Turkey Elevator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Turkey Elevator Market Report Scope

Turkey Elevator Market Players Density: Understanding Its Impact on Business Dynamics

The Turkey Elevator Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Turkey Elevator Market are:

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.

Disclaimer: The companies listed above are not ranked in any particular order.