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What are the Key Growth Drivers of Elevators Market

According to a new study by Fact.MR, the global sales of elevators are estimated to surpass 900 thousand units in 2019. The elevators industry continues to remain influenced by various factors, which range from the resurgent growth in new residential construction, to innovative developments in modern elevator designs such as cloud predictive maintenance and intuitive technologies.

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The study opines that demand for elevators shows no signs of abating alongside notable growth in the commercial, residential, as well as industrial construction activities. The elevators industry remains one of the most innovative business areas, influenced by international and national regulatory standards, which have encouraged leading players to introduce ground-breaking developments that lead to significant cost-savings for customers. 

elevators market snapshot

The trend of Building Information Modelling (BIM) continues to remain a key growth determinant of the elevators market, as it involves the rules & regulations and planning infrastructure with digitalization concepts that involves implementation of IoT and cloud-based solutions. The elevators industry, studded with innovation, is likely to help manufacturers to identify and resolve future challenges entailed by macro-trends such as rapid urbanization and demographic change.

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Growing space constraint associated with the construction of separate commercial and residential buildings, particularly in metro cities, has driven the trend of ‘Mixed-use Development’ in the real-estate sector. This has been creating a fresh room for development and sales of elevators that eliminate the requirement for machine rooms. According to the study, elevator sales in mix block infrastructures will grow at a significant pace, and are estimated to exceed 150 thousand units in 2019.

The Fact.MR study opines that single deck elevators remain the preferred category among customers, accounting for nearly 80% sales. Sales of double deck elevators are estimated to grow at a relatively greater pace, in light of their requirement for less core space in buildings. Additionally, the trend of using one part of the double-deck elevators for carrying goods to prevent damages associated with the use of trolleys, has been significantly complementing their adoption, particularly among commercial infrastructures.

‘Smart’ Continues to be the Buzzword in Elevators Landscape

The study indicates that increasing demand for jerk- and shock-proof, faster vertical transit in high-rise buildings – future skyline of metropolitan cities – has rubbed off on technology advancements in the elevators market. This, coupled with regulatory mandates on manufacturers apropos of safety and quality, continue to favor growth of the elevators market.

IoT-connected smart elevators have gained immense traction in the recent past, with manufacturers directing their focus toward integration of technologies that notify faults and errors in the equipment prior to their occurrence, thereby saving time and money for customers. Proliferation of IoT in the elevators market has meant that modern equipment are witnessing notable advancements such as prediction of traffic in real-time, ease & convenience in communication with service teams, and mobile-application based elevator operations.

According to the study, Asia Pacific is likely to account for a significant share of global construction spending over the assessment period, driven by the growing infrastructure development, particularly in China and India. The exponential growth in the residential sector and construction activity across Asia Pacific region has resulted in growing application of elevators. Manifold factors such as demographic changes, and rising demand for skyscrapers are likely to reinforce the demand for modern building infrastructure, including elevators in the coming years.

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Fact.MR study offers a long-term outlook of the elevators market for the period 2019 to 2029. The elevators market is projected to register a volume CAGR of nearly 10% through 2029.

Benefits of Fact.MR Study

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Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/24/2005618/0/en/Microcontroller-Sales-Poised-for-10-CAGR-During-2019-2029-Increasing-Vehicle-Automation-to-Accelerate-Market-Growth-Projects-a-New-Fact-MR-Report.html

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