In 2017, the global elevator market value was 59.26 billion US dollars. It is estimated that the revenue will reach 151.26 billion US dollars by 2026, and the compound annual growth rate will be 11.1% from 2018 to 2026. Due to the increase in the number of high-rise buildings and the rapid development of urbanization, the Asia-Pacific region is expected to grow the fastest during the forecast period.
The growing demand for skyscrapers in Asia Pacific cities is helping to drive the growth of the high-rise elevator market in the region. Factors such as population ageing and barrier-free housing and infrastructure needs are driving the development of the elevator market.
Through destination control, it is expected that the smart elevator section will have new features that enable passengers to first select the floor they want and then bring them to their destination with a minimum number of stops. These elevators are faster and more energy efficient than traditional elevators.
Through the construction height, the middle rise constitutes the main share of the global elevator market. However, the demand for skyscrapers in the Asia-Pacific region is increasing, which will help drive the high-rise elevator market in the region.
Through end use, the mixed block is expected to expand at the highest compound annual growth rate during the forecast period compared to the residential and commercial segments.
In terms of speed, the 1 to 3 m/s portion has a major share of the global elevator market. However, due to the rapid growth of high-rise buildings, the 4 to 6 m/s segment is rapidly increasing.
Passenger elevators are the most commonly used by application. Freight elevators are primarily used in the commercial sector to transport goods from one floor to another.
Geographically, in terms of revenue, Asia Pacific has the largest market share in the elevator market in 2017. After the Asia-Pacific region, Europe has the largest market share. The Asia Pacific region is expected to grow the fastest during the forecast period. China, India and Japan have the highest growth rates compared to other countries in the Asia Pacific region. South America is expected to grow slowly compared to the rest of the world.
AOYAMA ELEVATOR GLOBAL LTD.
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