North American Elevator Market size is slated to cross USD 11.4 billion by 2028, according to a latest forecast report by Graphical Research.

Consistent developments in the construction space across the region and growing use of elevators in high-rise buildings is anticipated to drive the industry expansion.

The growing need for maintenance and repair activities of installed elevators would further transform the market outlook. Growing construction activities in terms of commercial spaces and high-rise buildings, along with high immigration rate in countries like Canada and the United States would accelerate the market progression.

Another pivotal factor complementing the industry development is the growing demand for modernization and maintenance of fitted elevators in developed nations and increasing investments in the same. As per reliable estimates, elevators in small buildings call for maintenance contracts that are between USD 3,500 and USD 5,000 per year. For high-rise buildings, the cost is somewhere between USD 8,000 and USD 10,000 a year.

The MRL traction segment is anticipated to witness steady growth through 2028. MRL traction elevators make use of conventional steel cord ropes while some companies use flat steel belt ropes to save on the space and weight. For instance, flat steel belts offer 30% lighter weight than traditional steep ropes. MRL traction elevators are generally used for low to mid rise buildings.

The industrial elevators segment will reflect a promising growth over the forecast period. Industrial elevators effectively transport materials and passengers to critical elevated areas on the industrial sites eradicating the need for stair climbing while improving the productivity and safety.

Canada elevator industry share from building and construction segment would be valued at more than USD 1,350 million by 2028. On the other hand, the construction and building sector across Canada would expand at an unprecedented pace in the ensuing years given the growing infrastructure development activities in the country and expanding rate of urbanization.

Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1860/north-america-elevator-market

The United States elevator industry will surpass USD 900 million by 2028, mainly ascribed to the thriving construction industry in the country and growing maintenance activities of the installed elevators. The country is hub to many areas that boast of high-rise construction with the demand for efficient and safe modern elevators.

The COVID-19 pandemic had resulted in a negative growth path for the North America elevator industry during 2020 due to the disruption of supply chains and movement restrictions. The restricted movement and halted production operations flattened the business profitability, reducing the revenues for elevator companies in North America economies. Nevertheless, recuperating construction sector post-pandemic is predicted to boost the market numbers.

The North American market research report for elevator in includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028 for the following segments:

North America Market, By Product

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

North America Market, By End-user

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

The above information has been provided for the following countries:

• North America
  • US
  • Canada