North America Elevator Equipment & Service Market 2020-2027

North America Elevator Equipment & Service Market 2020-2027

Bonafide Trust 20-06-2022 101 Pages Tables : 27
Region : North America Category : Manufacturing & Industry Industrial Automation & Engineering

North America elevator equipment & service market is expected to grow by 3.3% annually in the forecast period and reach $13.7 billion by 2027 owing to the rising urbanization, upswing in digitalization, increasing geriatric population, growing construction and maintenance and upgrade activities. Based on the region, the North America elevator equipment and services market is predicted to register the growth owing to the significant functioning of key players, increase in investment by the legal authorities, increase in focus of producers in proposing products with the advanced safety and surge in government initiatives to save energy. Not only has this, the surge in the product quality measures induced by producers are probable to result in the growth of the market revenue. Therefore, in the near years, it is predicted that the market of elevator equipment and services will increase around the region more proficiently over the coming future.  In the United States, the construction industry is a major contributor to the country’s economy, generating jobs for more than 7.6 million people nationwide and building USD 1.4 trillion worth of structures every year. Both private and public construction sectors have observed a significant growth in the past few years in countries like Canada and the United States, fuelling elevator installations. The key players in the market are thriving by maintaining the governing position, registering the great value of market share and generating the high percentage of revenue by improving the qualitative and quantitative measures of such, implementing the policies of profit making and expansion strategies, delivering the better consumer satisfaction, employing the young and active personnel, spreading the awareness connected to the benefits and features of elevator equipment and services, increasing the applications and advantages of elevator equipment and services, decreasing the associated prices of such, establishing the countless research and development programs, and analysing the strategies and policies of government and similar entities. 
Based on the end use, the North America elevator equipment and services market is classified into commercial use, residential, industrial use and several other end uses. Whereas, it is projected that the commercial and industrial segment register the great value of market share owing to the surge in government initiatives and growing investment in residential and commercial infrastructure. Hydraulic elevators boast of high weight-bearing capacity, are relatively less noisy, offer enhanced durability, and are easily accessible by people on wheelchairs. Meanwhile, the pneumatic elevators offer energy-efficient and elegant designs and require less maintenance than other elevators both elevators for their respective reasons are going to witness growth in the future. The residential sector would also emerge with the commercial sector as a pivotal vertical for the market growth in the coming years, credited to the growing urbanization and construction of tall buildings that demand elevators. Moreover, increasing spending on residential structures would add to the market growth across the region. These companies are focused on strategic initiatives like mergers and acquisitions, partnerships, collaborations, facility expansion, and product launches to gain a competitive edge in the market. For instance, in 2022, Mitsubishi Electric’s Elevator and Escalator Division announced its footprint expansion in Florida by unveiling a new branch in Miami.  

COVID-19 impact 
The elevator equipment and service market was greatly affected by the pandemic. The closing down of business activity and halting of construction activities across the region decreased the demand of elevators in the region of north America. This problem was further coupled by the issues in supply chain and distribution due to travel restrictions. This further led to fluctuation in the prices of raw materials making the market volatile in terms of pricing.  Elevator manufacturers could afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.

Highlighted with 27 tables and 52 figures, this 101-page report “North America Elevator Equipment & Service Market 2020-2027 by Offering (Equipment, Service), Product Type (Elevators, Escalators, Moving Walkways), Technology (Hydraulic, Traction, Climbing, Pneumatic), End Use (Residential, Commercial, Industrial), and Country: Trend Outlook and Growth Opportunity” is based on a comprehensive research of the entire North America elevator equipment & service market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. 

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure 
• Growth Drivers 
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces

The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify North America elevator equipment & service market in every aspect of the classification from perspectives of Offering, Product Type, Technology, End Use, and Country. 

By Offering
     • Elevator Equipment
          •    Passenger & Freight Elevators
          •    Escalators & Moving Walkways
          •     Parts & Accessories
     • Elevator Service
          •     Installation Service
          •     Maintenance & Repair Service
          •     Modernization & Upgrade Service 

By Product Type
     • Elevators
     • Escalators
     • Moving Walkways

By Technology
     • Hydraulic Elevators
          •    Conventional Hydraulic Elevators
          •     Hole-less Hydraulic Elevators
          •     Roped Hydraulic Elevators
     • Traction Elevators
          •    Geared Traction Elevators
          •    Gear-less Traction Elevators
          •    Machine Room-Less Elevators
     • Climbing Elevators
     • Pneumatic/Vacuum Elevators

By End Use
     • Residential Use
     • Commercial Use
     • Industrial Use
     • Other End Uses

By Geography
    • U.S.
    • Canada
    • Mexico

For each key country, detailed analysis and data for annual revenue ($ bn) are available for 2017-2027. The breakdown of key national markets by Offering, Product Type, and End Use over the forecast years is also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

Key Players (this may not be a complete list and extra companies can be added upon request): 
Fujitec Corporation Limited, Hitachi, Ltd., Hyundai Elevator Co., Ltd., Kleemann Hellas S.A., Kone Corporation, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Group, Sigma Elevator Company Limited, ThyssenKrupp AG, Toshiba Elevator and Building Systems Corporation,

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

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