Global Mall Elevator Market Expected to Expand at a CAGR of 10.7% between 2020 and 2027: Industry Pr

According to a new market report published by Industry Probe, titled ‘Global Mall Elevator Market (Deck Type –Single Deck and Double Deck; Destination Control – Smart and Conventional; Building Height – Low Rise, Mid Rise, High Rise; End-use – Residential, Commercial, Mix Block; Speed – Less than 1m/s, Between 1 to 3 m/s, Between 4 to 6 m/s, Between 7 to 10 m/s, Above 10m/s; Application – Passengers, Freight) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’, the Global Mall Elevator Market was valued at US$ 55.07 Bn in 2018 and is expected to expand at a CAGR of 10.7% from 2020 to 2027.

Some of the major players operating in the Global Mall Elevator Market include Otis Elevator Company, Electra Elevators, KONE Oyj Mitsubishi Electric Corporation, Fujitec Co., Ltd., Thyssenkrupp AG, Hitachi, Ltd., Toshiba Corporation, Hyundai Elevator Co., Ltd. and Schindler.

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As per the report, an increasing trend of modernizing the existing, aging infrastructure is observed in the Global Mall Elevator Market in recent years. Aging of the existing installed base of elevators coupled with the need to comply with safety requirements of elevators and escalators are the key factors fueling the Global Mall Elevator Market. The modernization of elevators and escalators can enhance the energy saving potential to reach 70%, which is the major factor boosting the modernization concept. Demand for skyscrapers in the cities of ASEAN is increasing, helping to boost the high rise elevators market in the region. Shrinking supply of land combined with increasing population is encouraging planners and developers to turn to luxury residential towers. The Asia Pacific green building market is also on the rise, driven by the latest carbon emission reduction targets such as neutral carbon emission and energy efficiency plans developed by governments of various countries.

The report has segregated the Global Mall Elevator Market in terms of deck type, destination control, building height and region. By destination control, the smart elevator segment is expected to rise with new features, enabling passengers to first select the floor they want and then take them to their destination with the fewest number of stops. These elevators are faster and more energy efficient than conventional elevators. By building height, mid-rise segment constitutes major share in the Global Mall Elevator Market. Demand for skyscrapers in Asia Pacific countries is increasing, helping to boost the high rise elevators market in the region. By end-use, mix block segment is expected to expand at the highest CAGR during the forecast period as compared to the residential and commercial segment. By speed, the segment between 1 to 3 m/s has the major share in the Global Mall Elevator Market.

Geographically, in terms of revenue, Asia Pacific held the largest share in the Global Mall Elevator Market in 2017, followed by Europe. The market in Asia Pacific region is estimated to witness the fastest growth during the forecast period. China, India, and Japan have the highest growth rate as compared to other countries in the Asia Pacific region. The South America market is expected to show slow growth as compared to the other regions of the world. The Global Mall Elevator Market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences and to meet the industry norms and regulations.

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