The elevator Market will likely surpass $130bn by 2025. Elevators are one of the major transit mediums which facilitates urban flow by transporting goods and population vertically within a building. Hence, advancements in the construction industry would augment the growth in global lift market.
Product maintenance and service activities will also be an important factor augmenting the elevator market in forecast years. Rising elevator service and maintenance activities in mature construction markets such North America and Europe will be a major contributor for the lift market development.
Asia Pacific holds a major share in the worldwide lift market owing to the fast growth in its construction industry. Rising demand from Asian countries like Japan, China and India is a major reason behind its key position in the worldwide elevator market. Economic development, regulatory changes, and expanding population are major reasons driving the growth of the industry.
This product is apt for tall buildings whereas hydraulic and pneumatic elevators are suitable for buildings with smaller heights. Machine room less traction helps in saving space and energy and are growing in popularity since the last two decades.
The North American and European region already has a mature construction industry which is employing many lifts. The repair, maintenance, and service of these existing products will positively influence the industry growth during the forecast timeframe. Rising construction activities in East and Central European countries such as Ukraine, Poland, and Croatia, will also favor advancements in the lift market in forecast years.
North America and Europe are other potential markets with rising demand for the product owing to rising urbanization. Elevator Market can be segregated on the basis of product, end user, and region. Machine room and machine room-less traction, hydraulic and pneumatic, and others are the various product types available in the industry. Machine room traction acquires the major industry share and will gain by a significant rate from 2017 to 2025.
Toshiba, Otis, Hitachi Ltd, KONE, Mitsubishi Electric Company, Schindler, Thyssenkrupp, are some key companies in the worldwide elevator market. Research and development and introducing innovative products into the industry are important strategies adopted by players to strengthen their position in the industry.
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