Market Research Reports Search Engine (MRRSE) has announced the addition of a new report titled, “Elevators Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2023”, to its repository.

According to the publisher of the report, the global elevators market is anticipated to reach approximately US$330.45 bn by 2023 at a CAGR of 7.4% for the forecast period. In 2015, the market was valued at around US$181.50 bn. With a CAGR of 6.3%, the volume of the market is expected to grow at a healthy pace during the forecast period.

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Considering the classification of the global elevators market on the basis of product type, the report discusses two important segments, viz. smart elevators and conventional elevators. The smart elevators segment is predicted to pose a tough competition against the conventional elevators market with a promising future in the coming years. Although conventional elevators captured a gigantic overall share in the market, i.e. more than 75% by volume and over 80% by revenue in 2015, smart elevators are prophesied to stand the test with rewarding opportunities.

With a consumption of comparatively less energy and time, smart elevators are foretold to receive significant acceptance over a rapid shift from conventional hydraulic elevators. A number of factors such as the stable advancement of global economies, increasing usage of wireless technology, augmenting need for energy efficient services, improved security concerns, and sharp urbanization will support the flourish of the smart elevators segment.

Emerging economies in Asia Pacific (APAC) are witnessing a powerful growth in the international elevators market on account of large investments in the construction industry and for infrastructural development. India, for instance, will look to bolster its infrastructure and construction sector by allotting almost 7% of its total budget during the course of the 2012–2017 five-year plan.

While the worldwide market for elevators is profoundly influenced by commercial and residential development in the construction domain, developed regions such as North America and Europe are predicted to make capital out of maintenance and repairs activities as opposed to new sales. The 2008 economic depression could be held responsible for the lethargic rise in the construction sector of North America and Europe. Nonetheless, these markets are anticipated to show signs of growth as the situation is seeing an steady improvement.

As fresh installations are expected to develop on the back of government initiatives in Africa, the market will witness a rise. However, currently, the demand is dependent on maintenance and repair services for the most part in the region. The global market in the Rest of the World (RoW) is anticipated to exhibit appreciable growth across other segments, i.e. the Middle East and Latin America, as well.

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The report gives a thorough introduction of crucial players in the global elevators market such as Hitachi Ltd., Schindler Holding Ltd., Otis Elevator Company, Hyundai Elevator Co., Ltd, Kone Corporation, ThyssenKrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Kleemann Hellas SA, and Fujitec Co., Ltd.

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