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Three major trends intensifying elevator market growth between 2021-2027

Author : Rahul Varpe | Published Date : 2021-03-03 

The elevator market is expected to witness lucrative growth owing to factors like heavy spending on enhancing interior designs and aesthetics of luxury homes and robust developments in the global construction sector. Rise in construction of high-rise buildings and skyscrapers worldwide is expected to escalate the requirement for MRL elevators. Housing sector development along with renovation activities meanwhile may instigate the requirement for elevators. According to Global Market Insights, the elevator market size is projected to exceed USD 95 billion by 2027.

As per a report, the market is expected to exceed 2.5% throughout the study period. Although elevator businesses might face many certain challenges based on high cost associated with maintenance and installation. This could adversely affect the overall industry development. As stated, the average lifecycle of residential elevators varies from 20 to 25 years and requires undergoing semi-annual or annual repair works. Nevertheless, construction of taller building worldwide may propel product installation during the estimated timeframe.

Highlighting some of the trends that may augment elevator market growth:

  1. Steady demand across industrial establishments

The elevator market may register steady growth in the industrial end-user sector during the estimated timeframe. This growth in majorly expected to be witnessed across industrial establishments in Asia Pacific countries. Generally, elevators are used for multiple uses at places like production plants and transportation of goods in the warehouses. The need to improve production efficiency across such plants may boost elevator sales in the estimated timeframe.

  1. Public & private investments in North America

Snowballing investments in public & private sectors in the U.S. construction sector will majorly drive the elevator market growth in the coming future. As per a report, the North America elevator industry will witness a 1.8% CAGR during the study period. In the year 2020, the U.S recorded construction work of over USD 1.49 trillion, 5.7% higher as compared to the amount spent in December 2019. Increasing instances of spending by the regional players in the real estate business combined with government focus on the renovation of the modern infrastructure may boost the requirement for elevators in the region.

  1. Emerging players in the elevator industry

Some emerging players in the elevator industry include ThyssenKrupp AG, Glarie, Hyundai, Express Lifts Ltd., Fujitec, Eita, Escon, Toshiba, Kone, Mitsubishi Electric, Otis, Schindler, Hitachi, Shenyang Yuanda Intellectual, and Orona. Companies in this niche are making efforts to develop green vertical transportation system. Implementation of such initiative could drive the demand for such modernized elevators globally, expanding business presence of emerging companies.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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