The global elevators market is valued at US$ 95 billion in 2023 and is expected to reach US$ 270 billion by 2033-end. The market is forecasted to increase at a high-value CAGR of 11% from 2023 to 2033.
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Key Companies Profiled
- Mitsubishi Electric Corporation
- KONE Oyj
- The Schindler Group
- Fujitec
- Hitachi Ltd.
- Hyundai Elevator
- Canny Elevator
- Orona
How is Industry Growth Being Restrained to Some Extent?
“High Installation and Maintenance Costs of Elevators”
Strict government policies and regulations have been put in place to administer safety and security in elevators. Ensuring conformity to the policies and regulations will continue to exert high pressure on companies.
Over-the-top demand for top-notch assistance and instant reverts to repairs, replacements, and queries are also posing considerable challenges for companies in terms of keeping up with ever-evolving customer expectations. Lack of skilled workforce and growing concerns about elevator accidents are restraining market growth.
The cost of installation is quite high in the elevator sector. For elevators to operate correctly, periodic maintenance and repairs are necessary. The cost of these maintenance tasks may be several times that of the initial purchase. According to the latest pricing trends, the high installation and maintenance costs of elevators will therefore be a significant barrier to industry revenue.
Why the United States is a Lucrative Market for Elevator Manufacturers? "Driven by Sustained Construction Activities"
The United States market is poised for expansion in the foreseeable future, primarily attributed to the steady rise in construction undertakings, including extensive building renovations. This growth is further propelled by the flourishing Internet of Things (IoT) sector, heightened adoption of contactless elevator technologies, and the country's robust industrial landscape. Moreover, the proliferation of both residential and commercial complexes contributes significantly to the overall market revenue.
Market Prospects for Elevators in Germany "Fueled by Government-Led Initiatives for Building Safety"
In Germany, the demand for elevators is on an upward trajectory, driven by several factors. The aging population and increasing prevalence of disabilities are major contributors to this trend. Additionally, the construction of retail malls and multiplex buildings is on the rise, further bolstering market demand. Notably, government initiatives aimed at enhancing the safety of old buildings through repairs and renovations play a pivotal role in stimulating market growth. Furthermore, Germany's technologically advanced infrastructure landscape adds impetus to the elevator market's positive outlook.
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