Elevators Market: Vertical Expansion of Buildings to Entail High Demand for Elevators
According to recently published report by Fact.MR, the Elevators Market is poised to expand at 9.8% volume CAGR, during the forecast period, 2017-2026. The report further projects that by the end of 2026, more than 138,000 units of elevators are expected to be sold globally.
[USPRwire, Wed Mar 06 2019] According to recently published report by Fact.MR, the Elevators Market is poised to expand at 9.8% volume CAGR, during the forecast period, 2017-2026. The report further projects that by the end of 2026, more than 138,000 units of elevators are expected to be sold globally.
Adoption of electronic devices not only enhances convenience but also improves lifestyle of consumers, which has further resulted into the concept of smart homes. In addition, smart buildings are witnessing a tremendous surge in prevalence, with the rise in development of smart cities. Rising integration of essential building equipment and systems with artificial intelligence (AI) has further proliferated demand for smart buildings in developed and developing countries. Various governments across the globe are focusing on funding smart cities projects, which in turn is expected to influence demand for equipment such as elevators.
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Elevator manufacturers across the globe are increasingly being encouraged to incorporate internet of things (IoT) in elevator systems, which will improve the service by lowering downtimes and enhancing the efficiency. It will further enable real-time remote monitoring and actionable analytics. Integration of IoT into elevators is considered to be one of the latest trends in the elevators industry, and such elevator systems are likely to gain immense traction globally in the near future.
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According to the report, residential sector will continue to be the most lucrative for elevator manufacturers, whereas demand will be steady in the commercial and industrial segments. The report also projects that North America will remain the largest market for elevators during the assessment period, whereas demand will grow at a steady pace in Asia Pacific excluding Japan (APEJ). On the basis of service type, demand for new elevators is projected to be higher than maintenance & repair and refurbishing segments.
By application type, the key segments include residential, commercial, and industrial. Demand for elevators from all these three segments is likely to remain steady during the assessment period, however, residential segment is projected to maintain a slight edge over the other two segments.
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Toshiba Corporation, Honda Motor Co., Ltd., Generac Holdings Inc., Champion Power Equipment, Inc., Lifan Industry (Group) Co. Ltd, Yamaha Motor Co., Ltd., Wuxi Kipor Power Co. Ltd., Hyundai Motor Company, Briggs & Stratton Corporation, Ryobi Limited, and Subaru Corporation are expected to be recognized as leading manufacturers of elevators in the global market during the forecast period.