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Elevators Market Trends

Report ID: GMI2834
Published Date: Apr 2024
Report Format: PDF

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Elevators Market Trends

Modern elevators have a wide range of applications, including the transfer of products and people, as well as their employment in ships, dams, and specialized buildings such as rocket launchers. Furthermore, in the next years, demand for elevators will be pushed by the expansion of communal operation, which is popular in residential complexes and hospitals because to its low cost. Toshiba Johnson Elevators India (TJEI), for example, uses technology and design to improve people's lives. TJEI's wide product range includes ultra-premium and premium-class elevators. TJEI sells two products in the ultra-luxury and premium segments: SPACEL-III and High-end ELCOSMO III. The ELBRIGHT series of elevators uses a compact traction machine to save time and energy while reducing the size of the machine room by up to half.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of elevators was reached USD 81.91 billion in 2023 and is expected to register 2.5% CAGR from 2024 to 2032, owing to the increasing urbanization, advancements in technology, and changing consumer preferences worldwide.

Elevators industry from the machine room-less traction (MRT) segment recorded USD 12.36 billion in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to growing urbanization and infrastructure development and strong demand for technology in mid-rise structures.

North America elevators industry is expected to reach USD 19.31 billion by 2032 due to favorable government policies and greater investment by both public and private entities in the region.

KONE, Hitachi, Ltd., TK Elevator, HYUNDAIELEVATOR CO.,LTD., Toshiba Group, Aritco Lift AB, EMAK, Sigma Elevator Company, Schumacher Elevator Company, ESCON Elevators Pvt Limited, Electra Elevators, and CANNY ELEVATOR CO, LTD., are some of the major elevators companies worldwide.