Global Elevators Market was valued at US$ 79.7 Bn in 2019 and is expected to reach US$ 127.7 Bn by 2026, at a CAGR of 5.38% during a forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short term and long term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region wise.
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Based on the application, the residential application is estimated to hold the largest share of the market during the forecast period as the rising expansion of the existing buildings and construction activities are increased in the sector due to the growing global population.
On the basis of type, smart elevators are expected to hold the largest share of the market during the forecast period due to their features such as energy efficiency, deduct waiting time, and communication ability. The increasing IoT trend is also boosting the market of smart elevators.
Major driving factors of the market are increasing population, rising economic conditions, and developments of the infrastructure across the globe. Technological advancement is boosting the market of smart elevators. Urbanization is increasing across the world is another factor for the growing demand for smart elevators. One-person household’s trend is raising the demand for smart elevators as well. The report provides the drivers and restraints of the market based on the type, application, and region.
In terms of region, Asia Pacific is estimated to hold the largest share of the market in the forecast period. Construction activities such as the renovation of the old building, construction roadways, and construction of the building are increased in developing countries of these regions is also boosting the market of the elevators. Development of rural areas is increasing in the region is also fuelling the market. India and China are expected to hold the largest share of the market in the forecast period and this is due to an increase in disposal income, changing lifestyles, and the government's funding for infrastructure development.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
The key players studied, analyzed, profiled, and benchmarked in Elevators Market are Otis, ThyssenKrupp AG, KONE Corporation, Schindler Holding Ltd., Fujitec Co. Ltd., Toshiba Corporation, Mitsubishi Electric Corporation, Kleemann Hellas SA, Hitachi Ltd., and Hyundai Elevator Co. Ltd.
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Scope of the Report Elevators Market: Inquire before buying
Global Elevators Market, by Type
• Residential
• Commercial
• Others
Global Elevators Market, by Type
• Conventional Elevators
• Smart Elevators
Global Elevators Market, by Region
• North America
• Europe
• The Asia Pacific
• Middle East & Africa
• South America
Key Players in Global Elevators Market
• Otis
• ThyssenKrupp AG
• KONE Corporation
• Schindler Holding Ltd
• Fujitec Co. Ltd.
• Toshiba Corporation
• Mitsubishi Electric Corporation
• Kleemann Hellas SA
• Hitachi Ltd
• Hyundai Elevator Co. Ltd.
• United Technologies
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