A recent report published by Infinium Global Research on elevator market provides in-depth analysis of segments and sub-segments in the global as well as regional elevator market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional elevator market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global elevator market. According to the report, the global elevator market is projected to grow at a CAGR of 4.2% over the forecast period of 2019-2025.
Nowadays elevators are becoming an essential part of buildings. Elevators require heavy energy and power consumption due to which manufacturers are working on to develop new elevators that are energy savers. The major players in the elevator market are focusing on research and development to innovate new products and adopting strategies such as mergers and acquisitions to expand their market share. For instance, Mitsubishi Electric, in 2019, launched NEXIEZ-LITE MRL Elevator in India. It is a machine room-less model that meets the need of the Indian market.
The growing real estate industry drives the growth of the elevator market. Elevators are an essential part of today’s buildings and apartments. People want to save time in this fast-moving lifestyle that boosts the growth of the elevator market. With infrastructure development, there are huge buildings with a number of floors that need an elevator. In addition, the rising geriatric population contributes to the growth of the elevator market. The growing urban population and increasing income levels stimulate the growth of the elevator market. On the flip side, elevators require high consumption of energy and power and heavy initial investments that restraints the growth of the elevator market. Moreover, technological development creates opportunities for elevator manufacturers to make innovations such as elevators working with magnetic levitation.
Asia-Pacific region is anticipated to be dominant in the elevator market. Asia-Pacific region has a rising geriatric population and rapid industrial development that contributes to the growth of the elevator market in the Asia-Pacific region. Europe is expected to grow in the elevator market. North America is growing in the elevator market owing to strict building and safety rules.
The report on global elevator market covers segments such as deck type, destination control, application, and end user. On the basis of deck type, the sub-markets include single, and double. On the basis of destination control, the sub-markets include smart, and conventional. On the basis of application, the sub-markets include passenger, and freight. On the basis of end user, the sub-markets include residential, commercial, institutional, and other end users.
The report provides profiles of the companies in the market such as KONE Oyj, Otis Elevator Company, Hitachi, Ltd., Electra Elevators, Schindler Group, LG Elevator, Mitsubishi Electric Corporation, Toshiba Corporation, Marshall Elevator, Fujitec Co., Ltd., and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of elevator market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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