MRFR Assess COVID 19 Impacts on the Global Elevators Market| Global Trends, Business Overview, Challenges, Opportunities and Forecast to 2022
The global elevators market is garnering substantial
traction. The market growth attributes to the highest standards set by key
manufacturers in elevator and escalator innovation, efficiency, safety, and
comfort. Besides, the continually increasing pressure for optimization of
resources and energy drives the development of the market. Moreover, constant
innovation in technology, upgrades of manufacturing plants, and the expansion
of manufacturing sectors worldwide accelerate the growth of the market.
According to Market Research Future (MRFR),
the global elevators market is projected to grow at an exponential CAGR
throughout the review period (2016 -2022). Elevators have become a crucial
aspect across all applications, whether residential, commercial, or industrial.
Rapid urbanization and the changing construction industry foster the growth of
the market. Rapid technological transformation in the construction sector has
become one of the major growth drivers for the overall elevators market growth
globally.
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Additionally, growing construction businesses
due to the rapid urbanization worldwide boost the growth of the elevators
industry. Also, technological advancement, huge investment, and high demand for
security influence market growth. Conversely, high costs associated with
initial investments for purchase & deployments and maintenance are major
factors projected to impede the market growth. Nevertheless, the increasing
demand for energy-efficient material handling instruments would support market
growth throughout the review period.
Global Elevators
Market - Segments
The report is segmented into three dynamics;
By Type : Passenger
Elevator, Good Elevators, Capsule Elevators, Automobile Elevators, Stretcher
Elevators, Hydraulic Elevators, and others.
By Application: Residential, Commercial, and
Industrial.
By Regions : Europe,
Americas, APAC, and Rest-of-the-World.
Global Elevators Market - Regional Analysis
The Asia Pacific region dominates the global elevators
market. The largest market share attributes to the rising urbanized population,
increase in industrialization. Besides, the spurting rise in construction
activities and increasing investment drives the growth of the regional market.
China exhibits not only significant levels of growth but also standouts in construction
spending, followed by India, Vietnam, and Indonesia.
On the other hand, India is seeking an increase in
private funding solutions in the provision of much of the new infrastructure
needed. Moreover, the increase in non-residential construction
projects boosts market growth in the region. Also, the booming industrial
sector and the rising emphasis on improving employee performance in workplaces
and industrial set-ups push the regional market growth. The APAC elevators
market is projected to retain its dominance throughout the assessment period.
North America stands second in the global elevators
market. The market growth is driven by increasing numbers of production plants
across the region. Additionally, the spurting rise in the major end-user
industries such as automotive, O&G, and metal & heavy industries
substantiates market demand. The wide adoption of advanced technology drives
market growth for elevators. Simultaneously, the strong presence of notable
industry players in the region positively impacts the growth of the market.
Furthermore, the high penetration of various types of
elevators, including passenger elevators, good elevators, stretcher elevators,
hydraulic elevators, and others, drives the regional market growth. The US
& Canada account for the largest share, providing an enormous impetus to
the regional market growth. The elevators market in the North American region
is projected to create a substantial revenue pocket during the forecast
period.
Europe holds a sizable share in the global elevators market.
Factors such as the rapidly resurging economy and per capita disposable income
of demographics substantiate the regional market growth. Moreover, augmented
demand from rapidly growing end-use industries boosts the market growth.
Germany, Italy, and France are key markets for elevators, expanding the
regional market growth. The European elevators market is expected to increase
at a steady growth rate during the review period.
Global Elevators
Market - Competitive Analysis
Highly competitive, the elevators market appears
fragmented due to the presence of several well-established players. To gain a
larger competitive share, industry players incorporate strategic initiatives
such as mergers & acquisitions, collaboration, product launch, and expansion.
They focus on developing their product portfolios,
engaging the latest technologies in product development. For which these
companies invest substantially in R&D to develop adept technologies and
products. The market competition is likely to intensify due to new product
launches and entrants in the market.
Major Players:
Players leading the elevators market include Thyssenkrupp
AG, Kone Corporation, Dover, Hyundai, Fujitec, Mitsubishi, Schindler, Sigma,
Armor, and Omega Elevators, among others.
Industry/ Innovation/ Related News:
October 06, 2020 ---- American Testing and Inspection Services (ATIS – the US),
a global leader in the elevator industry, announced the acquisition of Kenneth
H. Lemp Elevator Consultant, Inc. to expand ATIS conveyance management offering.
ATIS is a leading global conveyance management company, improving device
safety, compliance, and performance.
K.H. Lemp has been offering vertical transportation
inspection and consulting services, with a primary focus on new elevator
construction and modernization design and pre-design services, project
management/administration, maintenance management, and maintenance audits.
The acquisition would help ATIS to provide the highest
levels of quality customer services to its customers. With this acquisition,
ATIS has significantly expanded its capabilities to deliver full-lifecycle
elevator and conveyance management services for building owners, property
managers, contractors, and architects.
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Key Questions
Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is
driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET
DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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