https://www.scribd.com/document/338285099/Elevators-Market-Global-Industry-Analysis-Size-Share-Growth-Trends-and-Forecast-2016-2023
Global Elevators Market is expected to rise to US$330.45 bn by 2023; expanding at a 7.4% CAGR in terms of revenue from 2016 to 2023; Elevators market is driven by rising number of green construction projects, which utilize natural resources efficiently. Global Elevators Market is expected to rise to US$330.45 bn by 2023; expanding at a 7.4% CAGR in terms of revenue from 2016 to 2023; Elevators market is driven by rising number of green construction projects, which utilize natural resources efficiently.
Elevators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023 Single User License: USD 4315.5 Flat 10% Discount!! Free Customization as per your requirement You will get Custom Report at Syndicated Report price Report will be delivered with in 15-20 working days Transparency Market Research State Tower, 90, State Street, Suite 700. Albany, NY 12207 United States www.transparencymarketresearch.com sales@transparencymarketresearch.com Request Sample Buy Now
- Page 2 and 3: REPORT DESCRIPTION Elevators Market
- Page 4: About Us Transparency Market Resear
<strong>Elevators</strong> <strong>Market</strong> - <strong>Global</strong> <strong>Industry</strong> <strong>Analysis</strong>,<br />
<strong>Size</strong>, <strong>Share</strong>, <strong>Growth</strong>, <strong>Trends</strong> <strong>and</strong> <strong>Forecast</strong> <strong>2016</strong><br />
- <strong>2023</strong><br />
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REPORT DESCRIPTION<br />
<strong>Elevators</strong> <strong>Market</strong>: Snapshot<br />
The global market for elevators heavily relies on the development of the residential <strong>and</strong> <strong>com</strong>mercial construction<br />
sector globally. As a result, it presently draws a significant share in its overall revenues from sales across developing<br />
economies in regions such as Asia Pacific, Latin America, <strong>and</strong> Africa. In developed economies across Europe <strong>and</strong><br />
North America, the market achieves more gains from repair <strong>and</strong> maintenance services as against new product sales.<br />
This is owing to the stagnant growth of the construction industry in these regions post the recent economic<br />
depression of 2008. However, the situation is steadily improving <strong>and</strong> the market for elevators is expected to witness<br />
healthy growth across Europe <strong>and</strong> North America as well in the next few years.<br />
Transparency <strong>Market</strong> Research estimates that the global elevators market will exhibit a 7.4% CAGR in terms of<br />
revenue over the period between <strong>2016</strong> <strong>and</strong> <strong>2023</strong>. At this pace, the market will rise from a valuation of US$181.50 bn<br />
in 2015 to US$330.45 bn by <strong>2023</strong>. In terms of volume, the market is projected to exp<strong>and</strong> at a healthy 6.3% CAGR<br />
over the said period.<br />
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Rising Need for Energy Efficiency to Drive Dem<strong>and</strong> for Smart <strong>Elevators</strong><br />
On the basis of product types, the global elevators market is segmented into conventional elevators <strong>and</strong> smart<br />
elevators. Of these, the segment of conventional elevators dominated the global elevator market in terms of both<br />
revenue <strong>and</strong> volume in 2015. The segment held a share of over 80% in terms of revenue <strong>and</strong> over 75% in terms of<br />
volume of the overall market in the said year.<br />
However, the segment of smart elevators is expected to emerge as the most lucrative one in the next few years.<br />
The market for smart elevators will be influenced by factors such as the rising adoption of wireless technology,<br />
enhanced security concerns, rapid urbanization, increasing dem<strong>and</strong> for energy efficient solutions, <strong>and</strong> steady growth
of global economies. Owing to these factors, a sharp shift from traditional hydraulic elevators to the smart elevators<br />
that consume less time <strong>and</strong> energy is expected to be witnessed in the <strong>com</strong>ing years. The market for smart elevators<br />
is expected to exhibit a CAGR of 7.9% in terms of revenue <strong>and</strong> 6.6% in terms of volume from <strong>2016</strong> through <strong>2023</strong>.<br />
Asia Pacific to Continue to Uplift <strong>Growth</strong> Prospects<br />
The market for elevators in Asia Pacific held the dominant share in the global elevators market, accounting for over<br />
34% in terms of revenue <strong>and</strong> 50% in terms of volume in 2015. The vast rise in adoption of elevators in APAC’s<br />
burgeoning construction industry is a key driver of the market in the region. Governments of developing countries in<br />
the region are increasingly funding infrastructure development <strong>and</strong> construction activities, which is fuelling the<br />
growth of the elevator market. For instance, in the twelfth five-year plan (2012–2017), the government of India plans<br />
to invest more than 7% of its total budget for industrial infrastructure development <strong>and</strong> construction. This trend is<br />
expected to keep the elevators market guiding along a healthy growth path in the region in the next few years as<br />
well.<br />
The elevators market in the Rest of the World (RoW) is expected to gain significant traction from <strong>2016</strong>-<strong>2023</strong>.<br />
Including regions such as Middle East, Africa <strong>and</strong> Latin America according to the scope of the report, the market for<br />
elevators in the RoW sector is driven by the rising number of construction activities in the Middle East. At present,<br />
not many African countries have many skyscrapers <strong>and</strong> the dem<strong>and</strong> for elevators is primarily for repair <strong>and</strong><br />
maintenance purposes. However, new installations are projected to rise in the next few years owing to initiatives<br />
taken by the African government to improve infrastructure, which is presently one of the biggest obstacle to the<br />
region’s economic growth.<br />
Some of the key vendors operating in the highly consolidated global market for elevators are Toshiba Corporation,<br />
Mitsubishi Electric Corporation, Kone Corporation, Schindler Holding Ltd., Hitachi Ltd., ThyssenKrupp AG, Otis<br />
Elevator Company, Kleemann Hellas SA, Hyundai Elevator Co., Ltd, <strong>and</strong> Fujitec Co., Ltd.<br />
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