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Global Elevator Market to reach USD 130.76 Billion by the end of 2029.

Global Elevator Market Size study&Forecast, byProduct (Hydraulic and Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), by Deck Type (Single Deck, Double Deck),by Application (Passengers, Freight), by Destination Control (Smart, Conventional), by Technology (Traction elevator, Machine Room less Traction Elevator, Hydraulic), by Installation (New Installation, Maintenance, Modernization), by Industry (Residential, Commercial, Institutional, Infrastructure, Others) and Regional Analysis, 2022-2029

Product Code: EESC-11630216
Publish Date: 1-04-2023
Page: 200

Global Elevator Market is valued at approximately USD 99.30 Billion in 2021and is anticipated to grow with a healthy growth rate of more than 3.50% over the forecast period 2022-2029. Elevators are vertical berths for the transport of people and materials within several floors and levels. They are operated with the help of electric motors installed that powers counterweight equipment and cables to work. People are inclined towards elevators to escape from everyday stress and indolent behavior. Elevators are widely used in the construction sector for transporting goods and carrying people or machines from one floor to another. It makes it easier to raise and lower things and people. Additionally, the growing construction and building industry and the increasing elderly population are major drivers of the elevator market.

The growing construction and building industry surge the demand for the elevator market. As changing lifestyles of people are raising their standard of living. The global construction industry is expected to be twice bigger in 2030 as compared to that in 2022, with a market value of USD 6.4 trillion in 2030. The increasing elderly population is another major growth factor in the elevator market. For instance, in 2020 there was a steady increase in the total elderly population, compared to that of 1961 the female elderly population grew by 6% of the total female population. In 2031, the value is further anticipated to reach almost 14%. Moreover, continuous advancements in the formulation and increasing investments in infrastructure are creating market opportunities in the forecast period.. However, the high maintenance and installation cost of the Elevator stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Elevator Marketstudy includes Asia Pacific, North America, Europe, Latin America, and Rest of the World.North America dominated the market for an elevator due to support from the government to propel the contraction industry in the region. Industrialization, growing population, changing lifestyles and raising standards of people are major drivers for the elevator market. Asia Pacific is anticipated to be the fastest-growing region due to the easy availability of raw materials and lower cost of labor. The rising demand for elevators for commercial and infrastructural activities is capturing the market demand.
Major market player included in this report are:
Schindler Holding Ltd.
CCL Industries Inc.
Intouch Labels and Packaging Inc.
Hitachi Ltd.
KONE Corporation
Fujitec Co., Ltd
Mitsubishi Electric Corporation
Elevator World, Inc.
Toshiba Elevator and Building Systems Corporation
Otis Elevator Company (I). Ltd.

Recent Developments in the Market:
 In February 2021, Schindler and citizen hotels signed a partnership agreement to modernize their services for elevators in their existing building groups.
 In July 2020, CCL Industries announced its acquisition of InTouch Labels and Packaging Co., Inc. Here, CCL specializes in labels and packaging whereas InTouch Labels provides custom label design and printing.
Global Elevator Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Product, Deck Type, Application, Destination Control, Technology, Installation, Industry, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporatespotential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Hydraulic and Pneumatic
Machine Room [MR] Traction
Machine Room-Less [MRL]

By Deck Type:
Single Deck
Double Deck

By Application:

By Destination Control:

By Technology:
Traction elevator
Machine Room less Traction Elevator

By Installation:
New Installation

By Industry:

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Elevator Market, by Region, 2019-2029 (USD Billion)
1.2.2. Elevator Market, by Product,2019-2029 (USD Billion)
1.2.3. Elevator Market, by Deck Type, 2019-2029 (USD Billion)
1.2.4. Elevator Market, by Application, 2019-2029 (USD Billion)
1.2.5. Elevator Market, by Destination Control, 2019-2029 (USD Billion)
1.2.6. Elevator Market, by Technology, 2019-2029 (USD Billion)
1.2.7. Elevator Market, by Installation, 2019-2029 (USD Billion)
1.2.8. Elevator Market, by Industry, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Elevator Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Elevator Market Dynamics
3.1. Elevator Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Growing Construction and Building Industry. Increasing elderly population.
3.1.2. Market Challenges High Maintenance and Installation Cost of Elevator
3.1.3. Market Opportunities Advancements in Formulation. Increasing Investment in Infrastructure.
Chapter 4. Global Elevator Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Elevator Market, by Product
6.1. Market Snapshot
6.2. Global Elevator Market by Product, Performance – Potential Analysis
6.3. Global Elevator Market Estimates & Forecasts by Product2019-2029 (USD Billion)
6.4. Elevator Market, Sub Segment Analysis
6.4.1. Hydraulic and Pneumatic
6.4.2. Machine Room [MR] Traction
6.4.3. Machine Room-Less [MRL] Traction
Chapter 7. Global Elevator Market, by Deck Type
7.1. Market Snapshot
7.2. Global Elevator Market by Deck Type, Performance – Potential Analysis
7.3. Global Elevator Market Estimates & Forecasts by Deck Type2019-2029 (USD Billion)
7.4. Elevator Market, Sub Segment Analysis
7.4.1. Single Deck
7.4.2. Double Deck
Chapter 8. Global Elevator Market, by Application
8.1. Market Snapshot
8.2. Global Elevator Market by Application, Performance – Potential Analysis
8.3. Global Elevator Market Estimates & Forecasts by Application2019-2029 (USD Billion)
8.4. Elevator Market, Sub Segment Analysis
8.4.1. Passengers
8.4.2. Freight
Chapter 9. Global Elevator Market, by Destination Control
9.1. Market Snapshot
9.2. Global Elevator Market by Destination Control, Performance – Potential Analysis
9.3. Global Elevator Market Estimates & Forecasts by Destination Control2019-2029 (USD Billion)
9.4. Elevator Market, Sub Segment Analysis
9.4.1. Smart
9.4.2. Conventional
Chapter 10. Global Elevator Market, by Technology
10.1. Market Snapshot
10.2. Global Elevator Market by Technology, Performance – Potential Analysis
10.3. Global Elevator Market Estimates & Forecasts by Technology2019-2029 (USD Billion)
10.4. Elevator Market, Sub Segment Analysis
10.4.1. Traction elevator
10.4.2. Machine Room less Traction Elevator
10.4.3. Hydraulic
Chapter 11. Global Elevator Market, by Installation
11.1. Market Snapshot
11.2. Global Elevator Market by Installation, Performance – Potential Analysis
11.3. Global Elevator Market Estimates & Forecasts by Installation2019-2029 (USD Billion)
11.4. Elevator Market, Sub Segment Analysis
11.4.1. New Installation
11.4.2. Maintenance
11.4.3. Modernization
Chapter 12. Global Elevator Market, by Industry
12.1. Market Snapshot
12.2. Global Elevator Market by Industry, Performance – Potential Analysis
12.3. Global Elevator Market Estimates & Forecasts by Industry2019-2029 (USD Billion)
12.4. Elevator Market, Sub Segment Analysis
12.4.1. Residential
12.4.2. Commercial
12.4.3. Institutional
12.4.4. Infrastructure
12.4.5. Others
Chapter 13. Global Elevator Market, Regional Analysis
13.1. Elevator Market, Regional Market Snapshot
13.2. North America Elevator Market
13.2.1. U.S. Elevator Market Product breakdown estimates & forecasts, 2019-2029 Deck Type breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029 Destination Control breakdown estimates & forecasts, 2019-2029 Technology breakdown estimates & forecasts, 2019-2029 Installation breakdown estimates & forecasts, 2019-2029 Industry breakdown estimates & forecasts, 2019-2029
13.2.2. Canada Elevator Market
13.3. Europe Elevator Market Snapshot
13.3.1. U.K. Elevator Market
13.3.2. Germany Elevator Market
13.3.3. France Elevator Market
13.3.4. Spain Elevator Market
13.3.5. Italy Elevator Market
13.3.6. Rest of Europe Elevator Market
13.4. Asia-Pacific Elevator Market Snapshot
13.4.1. China Elevator Market
13.4.2. India Elevator Market
13.4.3. Japan Elevator Market
13.4.4. Australia Elevator Market
13.4.5. South Korea Elevator Market
13.4.6. Rest of Asia Pacific Elevator Market
13.5. Latin America Elevator Market Snapshot
13.5.1. Brazil Elevator Market
13.5.2. Mexico Elevator Market
13.6. Rest of The World Elevator Market

Chapter 14. Competitive Intelligence
14.1. Top Market Strategies
14.2. Company Profiles
14.2.1. Schindler Holding Ltd. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
14.2.2. CCL Industries Inc.
14.2.3. Intouch Labels and Packaging Inc.
14.2.4. Hitachi Ltd.
14.2.5. KONE Corporation
14.2.6. Fujitec Co., Ltd
14.2.7. Mitsubishi Electric Corporation
14.2.8. Elevator World, Inc.
14.2.9. Toshiba Elevator and Building Systems Corporation
14.2.10. Otis Elevator Company (I). Ltd.
Chapter 15. Research Process
15.1. Research Process
15.1.1. Data Mining
15.1.2. Analysis
15.1.3. Market Estimation
15.1.4. Validation
15.1.5. Publishing
15.2. Research Attributes
15.3. Research Assumption

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Data Collection:
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To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
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To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
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Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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