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Europe Elevator Market Size By End-user (Building & Construction {Residential, Institutional, Commercial}, Industrial), By Product (Hydraulic & Pneumatic, MRL Traction, MR Traction, Others), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
Published Date: March 2021 | Publisher: Graphical Research Report ID: GR1729 | Delivery : PDF  Request Free Sample

Europe Elevator Market size crossed USD 11.7 billion in 2020 and is estimated to register a growth rate of 1.8% from 2021 to 2027. The growing construction industry coupled with the rising need for elevator maintenance and service will drive the market size.

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Elevators are mechanical devices that are used to move people and transfer goods in a vertical direction between different floors of a building. Based on the requirement, different types of elevators are taken into the application, including hydraulic elevators, pneumatic elevators, traction elevators, machine room (MR) traction elevators, machine room-less (MRL) traction elevators, and others (climbing elevators, inclined elevators, dumbwaiter, paternoster, etc.). These elevators are majorly used in commercial & industrial facilities and in some residential buildings. Industrial applications include transportation of people and goods across vertical distances in warehouses, production plants, storage plants, and others.

The elevator market growth will be majorly driven by the proliferation of the building & construction sector in the European countries. This region accounts for the second-largest share in the global market. The regional construction industry has witnessed numerous developments in the past decade and is likely to observe a promising scenario in the coming years. High disposable income, rising population, and urbanization in conjunction with efforts by government bodies towards economic development have been the key factors for booming infrastructure activities. The rise in construction of residential, commercial, and institutional buildings in this region is certain to drive the elevator demand. Besides, an increasing number of high-rise buildings will further create the inevitable need for elevators for the vertical movement of people and goods. Industrial developments in countries like Germany, United Kingdom, France, Italy, Russia, and Spain.

On the other hand, the COVID-19 crisis severely impacted the European construction sector in 2020. Especially in March and April, the construction production plunged to unprecedented levels owing to the COVID-19 lockdown. Though it increased in subsequent months yet not strongly. Compared to February 2020, the European construction sector was able to regain some 94% of the pre-crisis output in December 2020. This downfall in the construction activities directly impacted the market revenue, which also witnessed a decline of over 11% in 2020. However, it is believed that the crisis may catalyze a radical change in the industry.

European Market, By Product

Machine room-less (MRL) traction elevators will exhibit a CAGR of 2.3% through 2027. The robust growth is attributed to the high demand for industrial facilities. The absence of a dedicated machine room in this type of elevator is the primary factor making the elevator a preferable choice for industrial buildings with limited space availability. The design of MRL traction elevators allows them to travel at a maximum speed of up to 500 feet per minute and can cover distance of up to 250 feet. Even though these elevators cost similar to MR traction elevators in terms of maintenance and installation, relatively they are more energy efficient. Their high energy efficiency, less space requirement, reliability, and low maintenance cost make MRL traction elevators the most sought-after machine for mid-rise buildings.

European Market, By End-user

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The building & construction sector dominated over 80% of the market share in 2020. The dominance of the building & construction segment can be ascribed to the escalating construction of apartments, private homes, and mid & high-rise buildings in the region. An increasing number of people shifting to urban lands is a key factor for the rising number of construction projects. This, in turn, is propelling the growth of the residential construction market.

The residential sector – a sub-segment of the building & construction market is likely to exhibit robust growth in the coming years owing to the surge in residential construction projects. The institutional building & construction sub-segments market will be mostly propelled by improving economic conditions leading to an increase in the number of hospitals, schools, colleges, institutes, airports, railway stations, etc. The commercial building & construction sub-segment held a moderate share and growth rate. The rising construction of commercial buildings such as hotels, restaurants, shopping malls, hypermarkets, etc. fueled by increasing tourist traffic in the region will be a major growth enabler for this industry sub-segments.

European Market, By Country

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Europe region accounted for the second-largest share in the elevator market owing to the rising demand for construction from developing countries like Croatia, Georgia, Romania, Ukraine, etc. These countries are predicted to exhibit a rising demand for new buildings and infrastructure. This would boost the demand for elevators in this region due to rising urbanization, improving customer spending, and government investments. Developed countries like Germany, UK, France have a more mature construction market. Hence, demand for new elevators in these countries would be limited but demand for maintenance, repair, and aftersales service would be high. Rising migrants and increasing focus on sustainability in this region would further boost the demand for elevators in the coming years.

Competitive Industry Landscape

Key manufacturers of elevators operating in the European region include Fujitec Co. Ltd., Mitsubishi Electric Corporation, Kone Corporation, Schindler, Otis Elevator Company, Hitachi, Ltd., Thyssenkrupp Elevator Technology, Hyundai Elevator Co. Ltd., Glarie Elevator Co. Ltd., and Orona S.C.
 

Frequently Asked Question(FAQ) :

The industry size for elevators in Europe was valued at USD 11.7 billion in 2020 and will witness 1.8% CAGR through 2027 owing to the expanding construction sector as well as the higher need for maintenance and service.
The regional market size from machine room-less (MRL) traction elevators is poised to register a steady CAGR of 2.3% up to 2027 driven by increasing demand from industrial facilities.
The building and construction sector accounted for more than 80% of the market share in Europe during 2020 and will expand with the increasing construction of apartments, private homes, and high-rise buildings across the region.
Fujitec Co. Ltd., Mitsubishi Electric Corporation, Kone Corporation, Schindler, Otis Elevator Company, Hitachi, Ltd., Thyssenkrupp Elevator Technology, Hyundai Elevator Co. Ltd., and Orona are leading elevator companies in the region.

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