Summary
Objective
In the Elevators Market:, regular competitor analysis is necessary owing to the rapid evolution of digital marketing and industry trends. Frequent updates offer critical insights into competitors' strategies, product innovations, and market positioning. Additionally, monitoring competitors is crucial when facing new entrants, losing market share, or undergoing changes in pricing, positioning, branding, or messaging. Driving factors such as. growing investment in commercial and residential infrastructure projects in developing and developed economies are the elevators market drivers enhancing market growth.
Scope
The Elevators Market: competition matrix provides an in-depth evaluation of top industry players, emphasizing their innovative solutions and strategic market positioning. It includes detailed company profiles showcasing their competitive strengths and industry contributions. The analysis also highlights recent technological advancements and explores potential growth opportunities within the Elevators sector.
The MMR report benchmarks these companies on various parameters, forecasting key players’ revenues and projecting the market structure by 2030. Mergers and acquisitions (M&A) since 2015, including details and sizes, are analysed to assess their impact on the acquiree's short-term revenue and profitability. Profiles of thirty key players offer a strategic perspective on financial performance, innovative solutions, and market positioning. Furthermore, the competition matrix evaluates technological advancements and identifies growth opportunities in the elevators market.
Summary
Elevators Market was valued at USD 96.81 Bn in 2023 and is expected to reach USD 151.43 Bn by 2030, at a CAGR of 6.6 % during the forecast period. The elevator industry is transforming with the integration of advanced technologies such as IoT (Internet of Things), AI (Artificial Intelligence), and smart sensors. These innovations were aimed at improving efficiency, safety, and user experience. Emerging markets, particularly in Asia-Pacific and South America, represented significant growth opportunities for elevator manufacturers. Rapid urbanization, population growth, and infrastructure development in these regions are demand for vertical transportation solutions.
Leading elevator industry players are spending heavily in research and development to develop their product lines, which will help the Elevators industry, grow even more. Elevator market participants are also responsibility a variety of strategic activities to increase their footprint, with important industry developments including new product launches, mergers and acquisitions, contractual agreements, higher investments, and collaboration with other governments. To expand and continue in a more competitive and increasing market climate, Elevators industry must offer cost-effective items.
Manufacturing locally to decrease operational costs is one of the major business tactics used by manufacturers in the Elevator market to benefit clients and raise the elevator sector. In recent years, the Elevators industry has offered some of the most significant advantages to medicine. Major players in the Elevators market, including Armor, Omega Elevators, Sigma, Mitsubishi, Fujitec, Dover, Schindler, Hyundai, Thyssenkrupp AG, and Kone Corporation, are trying to increase market demand by investing in R&D operations.
Key Players Strategies:
• In March 2023: ThyssenKrupp Elevator announced that it had won a contract to supply 100 elevators for the Jeddah Tower in Saudi Arabia. The Jeddah Tower is the tallest building in the world, and the elevators will be the fastest in the world, with a speed of 20.5 meters per second.
• In April 2023: Mitsubishi Electric announced that it had won a contract to supply 120 elevators for the Grand Tower in Ho Chi Minh City, Vietnam. The Grand Tower is the tallest building in Vietnam, and the elevators will be the first in the country to use Mitsubishi Electric's new "elevator of the future" technology.
• In May 2023: Schindler Elevator announced that it had won a contract to supply 150 elevators for the One Vanderbilt building in New York City. The One Vanderbilt building is the tallest office building in New York City, and the elevators will be the first in the city to use Schindler's new "Intelligent Drive" technology.
Otis Elevator Company:
Otis Elevator Company is one of the largest and most well-known elevator companies in the world. Established in 1853, Otis developed the vertical transportation sector by introducing the safety elevator, containing a safety brake that prevents accidents in the event of cable failure. Headquartered in Farmington, Connecticut, USA, Otis operates in over 200 countries and territories, giving elevators, escalators, and moving walkways for many applications, including commercial, residential, and industrial buildings.
The company is renowned for its innovation, with modern technologies such as the Otis Gen2® elevator system and its cutting-edge digital platforms, which increase the energy efficiency, customer experience, and overall safety. Otis is executed to sustainability and continues to lead the elevators market in delivering high-quality, reliable, and energy-efficient elevator solutions.
KONE:
KONE, a Finnish global, is a global leader in the elevator and escalator sectors, offering sustainable solutions for urban mobility. Founded in 1910, KONE designs and manufactures escalators, elevators, and automatic building doors for commercial, residential, and industrial sectors. Headquartered in Helsinki, Finland, KONE operates in over 60 countries worldwide.
The company is known for its advance, with solutions such as the KONE MonoSpace® and KONE UltraRope® technology, which offer energy-efficient, space-saving, and high-performance systems for tall buildings. KONE also point out smart building solutions, integrating IoT and AI to improve efficiency, maintenance, and user experience. With a strong focus on sustainability, KONE continues to increase urban mobility through technology, confirming environmentally responsible solutions that reduce energy consumption and increase building value.
New Product Launch: Elevators Market News
• In June 2024, Elite Elevators announced its first flagship products: The X300 and X300 Plus intelligent residential elevators. The X300 and X300 Plus are establishing a new age of cost-effective and secure house elevators, including to an already impressive selection of products.
• In August 2024, Otis introduced its Gen3™ linked elevator platform through its recent 'Platform for Possibility' launch event in Bangkok. Otis Worldwide Corporation (NYSE: OTIS) is the top global producer of, escalators, elevators and moving walkways.
Leading elevator industry players are spending heavily in research and development to develop their product lines, which will help the Elevators industry, grow even more. Elevator market participants are also responsibility a variety of strategic activities to increase their footprint, with important industry developments including new product launches, mergers and acquisitions, contractual agreements, higher investments, and collaboration with other governments. To expand and continue in a more competitive and increasing market climate, Elevators industry must offer cost-effective items.
Manufacturing locally to decrease operational costs is one of the major business tactics used by manufacturers in the Elevator market to benefit clients and raise the elevator sector. In recent years, the Elevators industry has offered some of the most significant advantages to medicine. Major players in the Elevators market, including Armor, Omega Elevators, Sigma, Mitsubishi, Fujitec, Dover, Schindler, Hyundai, Thyssenkrupp AG, and Kone Corporation, are trying to increase market demand by investing in R&D operations.
Key Players Strategies:
• In March 2023: ThyssenKrupp Elevator announced that it had won a contract to supply 100 elevators for the Jeddah Tower in Saudi Arabia. The Jeddah Tower is the tallest building in the world, and the elevators will be the fastest in the world, with a speed of 20.5 meters per second.
• In April 2023: Mitsubishi Electric announced that it had won a contract to supply 120 elevators for the Grand Tower in Ho Chi Minh City, Vietnam. The Grand Tower is the tallest building in Vietnam, and the elevators will be the first in the country to use Mitsubishi Electric's new "elevator of the future" technology.
• In May 2023: Schindler Elevator announced that it had won a contract to supply 150 elevators for the One Vanderbilt building in New York City. The One Vanderbilt building is the tallest office building in New York City, and the elevators will be the first in the city to use Schindler's new "Intelligent Drive" technology.
Otis Elevator Company:
Otis Elevator Company is one of the largest and most well-known elevator companies in the world. Established in 1853, Otis developed the vertical transportation sector by introducing the safety elevator, containing a safety brake that prevents accidents in the event of cable failure. Headquartered in Farmington, Connecticut, USA, Otis operates in over 200 countries and territories, giving elevators, escalators, and moving walkways for many applications, including commercial, residential, and industrial buildings.
The company is renowned for its innovation, with modern technologies such as the Otis Gen2® elevator system and its cutting-edge digital platforms, which increase the energy efficiency, customer experience, and overall safety. Otis is executed to sustainability and continues to lead the elevators market in delivering high-quality, reliable, and energy-efficient elevator solutions.
KONE:
KONE, a Finnish global, is a global leader in the elevator and escalator sectors, offering sustainable solutions for urban mobility. Founded in 1910, KONE designs and manufactures escalators, elevators, and automatic building doors for commercial, residential, and industrial sectors. Headquartered in Helsinki, Finland, KONE operates in over 60 countries worldwide.
The company is known for its advance, with solutions such as the KONE MonoSpace® and KONE UltraRope® technology, which offer energy-efficient, space-saving, and high-performance systems for tall buildings. KONE also point out smart building solutions, integrating IoT and AI to improve efficiency, maintenance, and user experience. With a strong focus on sustainability, KONE continues to increase urban mobility through technology, confirming environmentally responsible solutions that reduce energy consumption and increase building value.
New Product Launch: Elevators Market News
• In June 2024, Elite Elevators announced its first flagship products: The X300 and X300 Plus intelligent residential elevators. The X300 and X300 Plus are establishing a new age of cost-effective and secure house elevators, including to an already impressive selection of products.
• In August 2024, Otis introduced its Gen3™ linked elevator platform through its recent 'Platform for Possibility' launch event in Bangkok. Otis Worldwide Corporation (NYSE: OTIS) is the top global producer of, escalators, elevators and moving walkways.Table of Content
1. Elevators Market Competition Matrix
2. Key Players Benchmarking
• Company Name
• Product Segment
• End User Segment
• Revenue
• Manufacturing Locations
3. Mergers and Acquisition
4. Market Structure of Companies
• Market Leaders
• Market Followers
• Emerging Players
5. Elevators Market Manufacturing Company Profile: Key Players
5.1. KONE
• Company Overview
• Business Portfolio
• Financial Overview
• SWOT Analysis
• Strategic Analysis
• Recent Developments
5.2. Schindler
5.3. Thyssenkrupp
5.4. Otis
5.5. Mitsubishi Electric
5.6. Hitachi
5.7. Fujitec
5.8. Hyundai Elevator
5.9. Toshiba
5.10. Johnson Lifts
5.11. Delta Elevator
5.12. KLEEMANN
5.13. Garaventa
5.14. Cibes Lift
5.15. Orison Elevators
5.16. Dazen Elevator
5.17. AVT Beckett
5.18. Adams Elevator Equipment Company
5.19. McKinley Elevator Corporation
5.20. True Canadian Elevator
5.21. Delaware Elevator Manufacturing Product
5.22. Dover Corporation
