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European Elevator Market revenue to reach $13 Bn by 2027

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European Elevator Market size is anticipated to cross USD 13 billion by 2027, according to a latest forecast report by Graphical Research. Surging demand for new elevators in developing countries along with rising maintenance and repair service requests from developed nations are key factors supporting the industry growth.

The European elevator sector is certain to experience substantial growth through 2027 owing to the rising number of high-rise buildings in developing nations. Countries, such as Germany, UK, Italy, Spain, and Russia have witnessed an unprecedented rise in skyscraper construction projects in the past few years. This is attributed to factors, such as growing construction spending, rising per capita income, and urbanization in these countries.

Another key growth enabling factor is the surging need for modernization & maintenance of installed elevators, especially in developed countries. An accumulating number of aging infrastructures in the region will stimulate the need for elevator modernization & services. Since usually a high labor cost is associated with these services, the maintenance agreement generally covers a full-service contract.

The European elevator industry has observed a severe downfall since WHO announced COVID-19 a pandemic and lockdown orders sweeping the globe. The disrupted industry supply chain and the fallen number of construction projects led to a decline in terms of value. The region experienced steep losses in terms of service contracts and new equipment sales associated with escalators & elevators.

Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @

https://www.graphicalresearch.com/industry-insights/1729/europe-elevator-market

MR traction is the major revenue-generating segment in the European elevator market. The high demand for the product is mainly due to the rising need in mid & high-rise buildings across the region. MR traction elevators can cover a vertical distance of up to 2,000 feet while traveling at a speed of between 500 – 2,000 feet per minute. These elevators provide high efficiency, however, the higher installation & maintenance cost associated with them may impede the market growth.

Among applications, building & construction is estimated to exhibit a CAGR of over 1.9% between 2021 and 2027. Europe is among the largest construction industry and will be one of the leading markets in the future. The regional construction sector has witnessed increasing output in recent years and it is predicted that the overall turnover reached 1.6 trillion euros in 2016. In 2020, the projected revenue of Germany reached 320.5 billion euros. The growing construction industry, rising per capita income, and urbanization are key factors propelling the regional product demand.

Key manufacturers of elevator operating in Europe 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.

The European 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:

Europe Market, By Product

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

Europe Market, By End-user

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

The above information has been provided for the following countries:

  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
    • Rest of Europe