Published By : 28 Sep 2016 | Published By : QYRESEARCH
The global elevators market is largely dependent on the advancement of the commercial and residential construction sectors globally. Thus, at present it encapsulates a prominent share in its overall revenue from sales in developing economies within regions such as Latin America, Asia Pacific, and Africa.
The market achieves more gains from maintenance and repair services than from the sales of products, particularly in developed economies of North America and Europe. This is because of the sluggish development of the construction industry in these two regions after the economic recession which took place in 2008. In spite of all this, the market for elevators is largely growing and is predicted to witness a health development in both North America and Europe.
Smart Elevators to Outpace Conventional Elevators
In 2015, the segment of conventional elevators led the market on the basis of both volume and revenue. This segment represented a share of more than 80% on the basis of revenue, while it held a share of more than 75% on the basis of volume. On the other hand, the smart elevators segment is predicted to hold the most lucrative opportunities in the market in the coming years. This segment is predicted to rise at a 7.90% CAGR on the basis of revenue and 6.60% on the basis of volume between 2016 and 2023.
Skyrocketing Demand for Energy Efficient Solutions to Drive Market Growth
The increasing implementation of wireless technology, the swift urbanization, increasing concerns on security, and the skyrocketing demand for solutions that are energy efficient, and the consistent development of global economies will provide impetus to the overall market for elevators. In addition, the soaring market for green building is also raising the adoption of energy-efficient elevators, this boosting market growth.
Asia Pacific Was Market Leader in 2015
In 2015, the Asia Pacific elevators market holds a significant share of more than 34% on the basis of revenue and 50% on the basis of volume in 2015. This is due to the booming construction industry within this region. In addition, governments within the developing nations of this region have been significantly funding the construction activities and infrastructural development, thus fuelling market development here. On the other hand, the market in RoW is predicted to significantly grow in the coming years.