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Major trends augmenting North America elevator market outlook
Published Date: November 18, 2022
With rapid urbanization and modernization in the region, North America elevator market is witnessing significant growth opportunities. The construction of tall and high-rise buildings, development of smart cities, rise in eco-friendly projects, and much more will help the market gain momentum. Increasing commercial construction activities, along with residential projects, are expected to boost the equipment installation.
The old buildings are undergoing maintenance activities and repairs to improve their life. Elevators have become vital in tall buildings for easy commuting of people and transfer of goods across different floors. Buildings which were earlier without the equipment, are also seeing the installation of modern elevators, leading to the increasing product deployment.
It is projected that North America elevator market size will exceed USD 11.4 billion by 2028. Discussed below are some of the key trends boosting the market scope.
- Construction sector in Canada influencing North America elevator industry:
Canada is seeing a rise in the population owing to the strong immigration policies. The need for housing and infrastructure facilities is also increasing, fueling the construction industry. Private and public commercial projects, like the 16-km subway line in Toronto from Ontario Place to the Ontario Science Center, are underway. Elevators have become a vital part of any modernization project.
Several public investments are being made in the country. For example, the Community Infrastructure Improvement Fund (CIIF) has allotted significant funds for the improvement and repair of community facilities. Infrastructure development activities in the country are expected to grow significantly in the upcoming years due to several public projects in the pipeline.
- Spike in residential projects in the United States:
The increasing population in some of the states is influencing the construction of residential properties in the country. Utah, Texas, South Carolina, Idaho, Florida, and Arizona are seeing larger investments in residential development. Currently, these are also becoming some of the most populated states at a fast pace. Large metro cities are spending substantially on residential complexes.
For instance, several properties are being built in the Northbank development on the Delaware River waterfront. It is also claimed that it is the second-largest housing area in the Philly region. The demand for homes in this area has been high and is expected to increase as many people of Philadelphia are moving here. Hundreds of apartments will be built in the upcoming years. Such huge housing projects in the country will contribute toward North America elevator market share.
- Expansion activities by companies influenced by increasing demand:
As the construction work across the US has picked up pace, vertical transportation has also become vital. One of the major leaders in the market, Mitsubishi Electric US Inc., has opened four new branches across the country over the past three years. A new call center in Cypress, California, will act as the central location for customer support for the company’s Elevator and Escalator Division in the US.
Schindler Elevator Corporation, one of the prominent players in the elevator market, has acquired Canada’s leading elevator company, Ascension Elevating Devices Ltd. (AED) to expand its presence on the east coast. The major focus of AED is to provide high-quality products for the maintenance, repairs, and modernization of elevators.
Some of the eminent leaders in the North America elevator industry include Kone Corporation, Fujitec Co. Ltd., Otis Elevator Company, Hitachi Ltd., TK Elevator Corporation, Hyundai Elevator Co. Ltd., Modern Elevator, Delta Elevator Co. Ltd., and American Crescent Elevator. The industry share from the hydraulic elevators segment is expected to grow significantly in the upcoming years owing to its high weight-bearing capacity. Companies are also working to create a better infrastructure to cater to the increasing evolution of elevators.