The market size and growth opportunities of elevators

According to the United Nations, it is estimated that the world's population will reach 9.7 billion by 2050, an increase of 2 billion over the next 30 years. Improving people's living standards, increasing life expectancy, reducing mortality rates, and constantly developing medical technologies and medicines have contributed to the remarkable growth of the world's population. Therefore, new housing projects have been launched all over the world. It is expected that this will have a positive impact on market growth. Due to the increasing demand for energy-saving products, rapid urbanization is boosting the demand for residential heat pumps. It is expected that government measures conducive to the installation of energy-saving products and tax incentives will increase the demand for these products.

Trends in the elevator market

Modern elevators have a wide range of applications, including the transfer of products and personnel, as well as their employment in professional buildings such as ships, DAMS, and rocket launchers. In addition, in the coming years, the demand for elevators will be driven by the expansion of community business, which is popular in residential areas and hospitals due to its low cost. For instance, Toshiba Johnson Elevator India (TJEI) uses technology and design to improve people's lives. TJEI's product range is very wide, including ultra-high voltage and premium grade elevators. TJEI has sold two products in the ultra-luxury and premium segments: Space III and the high-end ELCOSMO III. The ELBRIGHT series elevators use compact traction machines to save time and energy, while reducing the size of the machine room by half.

In 2023, North America accounted for 20% of the elevator market share and is expected to reach 19.31 billion US dollars by 2032. This is due to favorable policies adopted by the government and increased investment by both public and private entities. This includes construction, mining, food, as well as energy and public utilities. North American countries are increasing the construction of various commercial and residential infrastructures.

The European region accounts for 28.3% of the entire market and is expected to exceed 27.59 billion US dollars by 2032. The implementation of many technological improvements in digital security controls may also bring expected growth prospects to industrial participants. Economic benefits such as cost savings due to reduced electricity consumption are likely to drive demand throughout the expected period. The reduction in passenger waiting time and the improvement in traffic management efficiency are also expected to greatly promote the development of the intelligent elevator industry.

The Asia-Pacific region accounts for 34.9% of the entire market and is expected to reach 3.771 billion US dollars by 2032. Due to the rapid development of the construction industry in countries such as India, China and South Korea, with output constantly increasing, the demand for elevators in APAC has risen. In recent years, due to a significant increase in population, the outflow of rural population and industrial development, the regional market has expanded sharply.

The elevator market in India is at a critical crossroads, presenting a dynamic environment characterized by significant growth due to various reasons and the notable progress recently made by industrial participants. The market is expanding rapidly, mainly due to India's rapid urbanization, population growth and the increase of the middle class. In addition, government initiatives, such as the Smart City Mission, have driven the country's infrastructure development. In addition, the growing demand for energy-efficient buildings and the increasing government and private investment in smart cities are driving market expansion.