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.
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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.
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.
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.
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.