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    North America Elevator Market Forecast 2028 By Product (MR Traction, MRL Traction, Hydraulic & Pneumatic, Others), By End-user (Industrial, Building & Construction {Institutional, Residential, Commercial}), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
    Published Date: July 2022   |   Report ID: GR1860   |   Delivery: PDF  Request Free Sample

    North America Elevator Market size exceeded USD 10,400 million in 2021 and is predicted to witness 1% CAGR from 2022 to 2028. The market growth is expected to come from increasing construction projects in the continent and subsequent need for maintenance, repair, and aftersales service activities.

    North America Elevator Market

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    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, fueling elevator installations. For instance, the private sector spending during May 2022 was nearly at USD 1,436 billion, witnessing a rise from the April estimates in the same year.

    North America Elevator Market, By Product

    The hydraulic & pneumatic segment will surpass USD 3,350 million revenue by 2028, due to the many benefits of hydraulic and pneumatic elevators across different sectors. 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.

    North America Market, By End-user

    The residential sector would emerge 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.

    Competitive Industry Landscape

    Prominent participants operating across the North America elevator market are Mitsubishi Electric Corporation, Fujitec Co. Ltd., Thyssenkrupp Elevator Technology, Delta Elevator Co. Ltd., and Schindler Group.

    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.

    Frequently Asked Question(FAQ) :

    How much growth rate will the North America elevator market exhibit through 2028?
    The industry size for elevator in North America was surpassed USD 10,400 million in 2021 and is slated to witness a CAGR of 1% between 2022 and 2028.
    What factors are driving the hydraulic and pneumatic elevator demand in North America?
    The market for elevator in North America from the hydraulic and pneumatic segment will register a revenue of more than USD 3,350 million by 2028, due to their energy efficiency, durability, and other favorable attributes.
    Which end-user segment is supporting the elevator industry expansion across North America?
    The industry for elevator in North America from the residential segment will depict a substantial growth rate through 2028, driven by the growing urbanization and the rapid construction of high-rise buildings.
    Why will the demand for elevators remain strong in the U.S.?
    The share size for elevator in U.S. will witness a commendable increase by 2028, owing to the increase in both public and private constructions.
    Who manufactures elevators in North America?
    Key companies operating in the market include Mitsubishi Electric Corporation, Fujitec Co. Ltd., Thyssenkrupp Elevator Technology, Delta Elevator Co. Ltd., Schindler Group, and others.

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