September 09, 2021
According to the research report titled ‘North America Elevator Market Forecast 2027 By Product, By End-user, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, North America elevator market is anticipated to record a strong CAGR and surpass a valuation of USD 2.9 billion by the end of forecast period.
Rising number of skyscrapers and high-rise buildings is primarily driving North America elevator market growth. Further, full-fledged retrofitting of commercial and residential spaces, and replacement of aging elevators and escalators is anticipated to enhance the industry remuneration in the upcoming years. Rising support from the private sector, increasing disposable incomes, and growing urban population are also enhancing the market development.
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Moreover, introduction of smart elevators by major players in the region is positively swaying the industry dynamics. For instance, escalator and elevator manufacturer Otis launched a new Gen3 elevator platform for smart buildings in June 2021. It features voice interaction, gesture control, and predictive routing, and also allows people to communicate with a technician in case they are trapped inside an elevator.
Speaking of the negatives, higher maintenance elevators in comparison to initial deployments costs might hamper the industry progression over the expected timeline.
Based on product, North America elevator industry is segmented into hydraulic & pneumatic, MR traction, MRL traction, and others. Among these, the MR-traction segment accounted for USD 1 billion in 2020 and is likely to witness lucrative growth over the estimated timeline as these elevators can cover over 2000 feet per minute, making them more desirable than pneumatic elevators and hydraulic elevators. Also, their energy efficiency and the consequent cost reduction are strengthening the segment demand.
Speaking of the end-user range, the marketplace is categorized into building & construction and industrial. Among these, commercial building and construction sector held 20% of the overall market share in 2020, owing to rising number of commercial construction projects, including restaurants, hotels, shopping centers, supermarkets, and hypermarkets, that are attracting large number of visitors. Moreover, rapid urbanization across North American cities is propelling the demand for technologically advanced lifts and elevators.
Prominent players in the North America elevator industry are Modern Elevator Innovations Inc., Delta Elevator Co. Ltd., American Crescent Elevator Manufacturing Corp., ThyssenKrupp Elevator Corp., Hyundai Elevator Co. Ltd., Hitachi Ltd., Schindler Group, Mitsubishi Electric Corp., Kone Oyj, Fujitec Co. Ltd., and Otis Worldwide Corp.