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APAC Elevator Market size to cross $73.4 Bn by 2027

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APAC Elevator Market size is projected to reach USD 73.4 billion by 2027, according to a latest forecast report by Graphical Research. The surge in demand for new elevators from developing countries, such as China and India in conjunction with the rising requirement for maintenance and repair of aging elevators in developed economies will aid the market revenue generation.

The Asia Pacific elevator market growth  is due to rapid urbanization and speedy industrialization. Urbanization rates widely differ by subregion, however, it is anticipated that urbanization in the whole region will reach up to 50% by 2026. This will be a key factor driving the construction activities in urban lands, especially the construction of high-rise buildings and sky scrappers owing to the limited area. Countries, such as China, India. South Korea, Australia, and New Zealand have witnessed a substantial rise in the number tall buildings in the past decade.

The rising requirement for maintenance and repair jobs for already installed elevators in developed economies, such as Australia, Hong Kong, Japan, New Zealand, and Singapore is another key growth enabler. The growing number of aging structures in such countries will drive the market revenue in this segment. However, the high cost associated with the maintenance may pose challenges to the market players. Additionally, the COVID-19 crisis has been a major disrupter to the regional market expansion. In 2020, following the downfall of the construction industry in the Asia Pacific and other parts of the globe, the elevator industry experienced a severe decline in the annual revenue.

Browse detailed statistical insights from the report, “Asia Pacific Elevator Market Size By End-user (Industrial, Building & Construction {Institutional, Residential, Commercial}), By Product (MR Traction, MRL Traction, Hydraulic & Pneumatic, Others), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027” along with the table of contents (ToC) @

https://www.graphicalresearch.com/industry-insights/1743/asia-pacific-elevator-market

Building & construction sector is predicted to register significant growth during the forecast period. The segment growth is underpinned by its strongly growing construction industry and increasing output. The sector has experienced an improving output in recent years and reached an estimated turnover of 1.6 trillion in 2016. Residential construction has substantially contributed to the growth of the market. The market sub-segment is set to observe around 3.3% growth rate till 2027. The rising urbanization, developing economy, and growing per capita income are some of the factors likely to propel the demand for elevators and create lucrative opportunities for product manufacturers.

The MR traction elevator market accounted for over 45% revenue share  in 2020. These elevators are highly favored for medium and high-rise buildings owing to their fast travel speeds. They are expensive than hydraulic and pneumatic and are comparatively difficult to maintain. Nevertheless, MR traction elevators are mostly preferred for their energy efficiency and for tall buildings. These elevators are capable of traveling up to a speed of 610 meter per minute and can cover a vertical distance of up to 2,000 ft. The rising number of mid-rise and high-rise buildings in the Asia Pacific region will be the major growth enabler for these elevators. The energy efficiency of these elevators is also leading to it substituting hydraulic & pneumatic elevators in recent years.

Some of the key industry participants include Kone Corporation, Fujitec Co. Ltd., Otis Elevator Company, Mitsubishi Electric Corporation, Schindler Group, Hitachi Ltd., Thyssen Elevators Co., Ltd., Escon Elevators Private Limited, Express Lifts Limited, Glarie Elevator Co. Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co. Ltd., Eita Elevator (Malaysia) Sdn. Bhd., and Shenyang Yuanda Intellectual Industry Group Co., Ltd.

The APAC elevator market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:

Asia Pacific Market, By Product

  • Hydraulic & Pneumatic
  • MR Traction
  • MRL Traction
  • Others

Asia Pacific Market, By End-user

  • Building & Construction
    • Residential
    • Institutional
    • Commercial
  • Industrial

The above information has been provided for the following countries:

  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
    • South Korea
    • Rest of Asia Pacific