The latest report on “Elevator Market (Deck Type – Single, and Double; Destination Control – Smart, and Conventional; Application – Passenger, and Freight; End User – Residential, Commercial, Institutional, and Other End Users): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global elevator market is projected to grow at a CAGR of 4.2% over the forecast period of 2019-2025.
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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.
Growing Real Estate Industry Drives the Growth of the Elevator 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 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.
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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.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the elevator.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.