Global elevator industry forecast is expected to be propelled over 2022 to 2028 by the growing construction activities worldwide. Expanding urbanization and increasing disposable incomes would positively influence the development of residential and commercial buildings, paving way for the installation of fully functional and automatic elevators.

The rising trend of smart elevators is further anticipated to offer profitable growth opportunities for elevator market players. For instance, LG Electronics announced partnering with Hyundai Elevator Co. for smart building solutions. Under the pact, both the companies will cooperate in developing premium elevators equipped with the former’s OLED signage.

Overall, elevator industry is fragmented into different sectors encompassing product, end-user, installation, and regional landscape.

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With regards to the product type, the market is classified into hydraulic and pneumatic elevators, MR traction elevators, MRL traction elevators, and others. Amongst these the others segment, including inclined, climbing, dumbwaiter, and more, is set to account for strong share of in market throughout the analysis timeframe. These elevators are generally found in hotels, construction sites, tourist places, and malls. Ongoing economic developments across the Asian countries will support the growing demand for other elevators.

Considering the end-user segmentation, the industry is bifurcated into building and construction and industrial sectors. Out of these two, the building and construction segment, which is further divided into residential, commercial, and institutional spaces, is perceived to take up a dominant share in the overall market. The growth in residential sector would come from the mounting construction activities in various developing countries.

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Meanwhile, the elevator industry share from commercial building segment would grow at a CAGR of 2.6% through 2028, driven by the intrinsic demand for office spaces and lodging facilities in emerging economies. In addition, the market share of institutional end-users is poised to be worth more than $18 billion over by 2028.

Based on the installation types, the new installation market segment is foreseen to garner considerable gains throughout 2022-2028 subject to the burgeoning infrastructure development globally. With swiftly increasing urbanization rate worldwide, the demand for new installations is projected to soar to new heights. According to World Urbanization Prospects 2018, it was predicted that the population residing in urban areas would surge to 68% by 2050 with massive development (of about 90%) happening in the African and Asian countries.

From the regional perspective, the Latin America elevator market is set to create a substantial revenue steam, with a projected market share of $2 billion by 2028. This growth can be reasoned to the favorable trends associated with commercial and residential construction activities in the region.

On the other hand, the Middle East and Africa elevator market is poised to depict a CAGR of 2.4% over the forecast period. This can be attributed to an upsurge in the demand for high rise buildings in some of the crucial economies.