Elevator Market Size, Share, Growth, Industry Trends, Outlook With Company Analysis, And Forecast To 2028 | The Market Publicist

Post-COVID infrastructure development activities to fuel global elevator market growth through 2028

The global elevator market is slated to expand at a steady pace driven by the opportunities created by the post-pandemic economic revival plan of investing in infrastructure development. To recover from the acute COVID-fuelled slump, several governments worldwide have been attempting to kickstart their economies by realising significant capital into the local infrastructure revival and upgradation activities.

Another major factor augmenting the construction sector, and by extension, the elevator market growth is the urban migration phenomenon. According to the World Bank, at present, approximately 55% of the global population, which comes around to 4.2 billion inhabitants, reside in cities. With the world recuperating from the COVID-19 pandemic after-shocks, the urban migration trend is expected to continue picking up steam.

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By 2050, the urban population is projected to more than double in size, with nearly 7 out of 10 people in the world living inside cities. This phenomenon, coupled with the issue of limited spaces, is expected to create an industry scenario where construction of vast residential quarters and commercial establishments would become the norm, making them ideal conditions conducive to elevator market growth.

According to the latest report by Global Market Insights Inc., global elevator industry size is expected to surpass a $120 billion valuation by 2028.

Growing ubiquity of connected living: rise of smart elevators

As with most industry verticals, the elevator market has also embarked on its journey towards digitization, with many prominent players taking active steps towards innovating smart, connected elevator fleets and ecosystems.

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With increasing implementation of green building practices, modern-day elevators and lifts need to be energy-efficient, space-saving, sustainable, low-maintenance, time-efficient, safe, cost-friendly, and durable. Industry players have turned to technological integration to address the aforementioned expected features.

While components such as PM Gearless motor systems deliver energy efficiency by reducing energy consumption by as much as 50% in comparison to geared systems, integration of sensors and real-time data gathering ensure the possibility of repairs even before an actual fault occurs.

Coming onto the issue of wait-times, a study conducted by Columbia State University students has estimated that the average New York City office worker spends a total of 16.6 years waiting to catch an elevator, while spending another 5.9 years traveling inside. AI-integrated smart building ecosystems possess the potential to completely eliminate these excess wait and travel times by guiding passengers to the nearest available lift headed to their intended floor.

The potential for such smart elevators is particularly vast in the commercial sector, even inadvertently working as an effective means for crowd control in places like sports stadiums, offices, hospitals, and airports.

Strong demand from expanding APAC construction sector

The Asia Pacific, with its still-developing economies and vast population, would be presenting the global elevator market a lucrative growth opportunity. Countries such as India, China, South Korea, and Japan are expected to account for a commendable share of the regional industry landscape.

Rapidly expanding smart city infrastructure development efforts, to more effectively cater to the region's notably high urban migration, would be fostering fast lift industry growth. According to commercial debt collection agency, China's overall construction output was slated to register a growth of almost 7% in 2021, with expectations that the industry would register approximately 6% growth in 2022.

As China attempts to stabilize economic growth and stifle the possibility more COVID-19 waves across its provinces, local governments have supposedly disbursed a capital of more than $3.95 trillion towards infrastructure projects following the 2022 Spring Festival holiday, creating ample opportunities for product sales.

India, meanwhile, is expected to see its organised retail real-estate stock go up by more than 28% to approximately 82 million sq. feet by the end of 2023. According to the India Brand Equity Foundation, India's construction sector is witnessing an increase in private investment, primarily driven by rising transparency as well as returns. In fact, private market investor, Blackstone, who has previously invested over $50 billion in the country's real-estate, is supposedly looking to invest an additional $22 billion in the sector by 2030, creating notable opportunities for the country's elevator industry.

Final thoughts

All in all, the global elevator market is on the precipice of registering considerably transformative growth driven by strong investor confidence in APAC's construction sector and the ongoing overhaul of the industry's dated product catalogue through rapid integration of digital technologies.

Partial Report Content

Chapter 1 Methodology and Scope

1.1 Methodology

1.2 Base estimation & working

1.2.1 North America

1.2.2 Europe

1.2.3 Asia Pacific

1.2.4 Latin America

1.2.5 Middle East & Africa

1.3 Forecast calculation

1.3.1 COVID-19 impact calculations on industry forecast

1.4 Data sources

1.4.1 Primary

1.4.2 Secondary

1.4.2.1 Paid sources

1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Elevator market 3600 synopsis, 2018 – 2028

2.1.1 Business trends

2.1.2 Product by end-user trends

2.1.3 Industry trends

2.1.4 Installation trends

2.1.5 Regional trends

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