Elevator Market: Size Estimated To Observe Significant Growth By 2018 - 2026
The global elevator market was valued at US$ 59.26 Bn in 2017 and is expected to reach US$ 151.26 Bn in terms of revenue by 2026, expanding at a CAGR of 11.1% from 2018 to 2026. In terms of volume, the market stood at around 773.8 Thousand Units in 2017. Asia Pacific is projected to show the fastest growth rate during the forecast period due to the increase in number of high rise buildings and rapid urbanization. The increasing demand for skyscrapers in the cities of Asia Pacific is helping to boost the high rise elevator market in the region. Factors such as increasing aging population and demand for accessible housing and infrastructure are contributing to the growth of the elevator market. By deck type, single deck elevator has the highest growth opportunities as it is cost effective and ideal for moderate traffic. Double deck elevator consists of two cabins attached together. Depending on which floor passengers need to go, they can either take the ...