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North American Elevator Market size to hit $2.9 Bn by 2027

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North American Elevator Market size is poised to surpass USD 2.9 billion by 2027, according to a latest forecast report by Graphical Research. Considerable consumtion of new elevators and an increasing requirement for maintenance & repair activities of installed elevators in the region will fuel the industry expansion.

The North America market growth is due to increasing tall buildings in the region. The United States accounts for one of the highest numbers of skyscrapers in the world. For instance, as of December 2019, New York city in the United States was among the top cities with 284 skyscrapers with more than 150 meters in height. Additionally, the growing construction activities of high-rise buildings, especially for commercial spaces along with the high immigration rate in the country will further catalyze the elevator demand in the region.

Another major growth driver is the rising demand for maintenance and modernization of fitted elevators in the developed portions of the region. Aging infrastructure is also triggering public and private investments, thereby, driving the construction and remodeling projects. For instance, the remodeling market in North America is growing at a significant rate and was valued at over USD 930 billion in 2019. Moreover, the elevator service usually covers a full-service agreement owing to the high cost levied on these activities.

Browse detailed statistical insights from the report, “North America Elevator Market Forecast 2027 By Product (MRL Traction, Hydraulic & Pneumatic, MRL Traction, MR Traction, 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” along with the table of contents (ToC) @

https://www.graphicalresearch.com/industry-insights/1860/north-america-elevator-market

The North America elevator industry has witnessed a severe fall in revenue generation owing to the outbreak of the COVID-19 disease. The global pandemic affected a vast portion of the world and forced the economic activities to observe a period of abeyance. The restricted movement of goods and frozen manufacturing operation flattened the business profitability of almost every industry participant. However, the rebounding construction sector will support the industry growth.

During the assessment period, hydraulic & pneumatic elevators are anticipated to reflect a promising growth. The segment is estimated to acquire almost 30% share in North America elevator industry by 2027. Hydraulic & pneumatic elevators are mostly suited for low-rise applications and have a low initial cost. Their ongoing maintenance costs are also lower when compared with traction elevators. As these elevators require low initial investment and can carry larger weights, their usage as home and industrial elevators will also witness a rise in coming years.

The building and construction division among the application segment is anticipated to observe astonishing growth during the forecast timeline. The estimated CAGR is likely to be around 1.3% during the same period, i.e., 2021 to 2027. The United States is one of the major construction markets in the world and is further booming to provide housing and job opportunities to a rapidly increasing urban population. Thus, the rising construction activities, urbanization, and expanding per capita pay are some of the major factors that will propel the industry growth and will present lucrative opportunities to the industry participants.

The market for elevator North American 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:

North America Market, By Product

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

North America Market, By End-user

The above information has been provided for the following countries:

  • North America
    • US
    • Canada