High Speed Elevator Market Size, Share, Growth, and Industry Analysis by Type (2.0m/s≤V＜3.0m/s, 3.0m/s≤V＜4.0m/s and 4.0m/s≤V＜5.0m/s) By Application (Residential Area, Commercial Office, Transportation Hub and Industrial Area) , Regional Forecast To 2031

Updated On: 08 April 2024

High Speed Elevator Market REPORT OVERVIEW

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The global high speed elevator market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

The market for high-speed elevators is expanding as a consequence of increasing investments in commercial and residential infrastructure projects in both developing and mature nations. It is anticipated that the product will develop as building activities for the biggest and tallest commercial structures increase throughout numerous locations. Examples of developments in metropolitan areas where manufacturers are concentrating on making a contribution include White Magnolia Tower, Raffles City, Xujiahui Center, One Manhattan West, and Lakhta Center. Furthermore, it is anticipated that the market would expand as a consequence of manufacturers focusing more on providing goods with enhanced safety.

COVID-19 Impact: Governmental Restrictions to Disturb the Market Demands

A difficult and unprecedented global health disaster was caused by the COVID-19 pandemic. As a precaution, the majority of the major economies enforced a severe and sudden countrywide lockdown that restricted the region's financial activity. The labor-intensive and extremely unstable construction sector was severely impacted by the abrupt closure. The worldwide high speed elevator market's growth and sales were hampered by this reason, which also decreased new building and modernization activities. Less financial liquidity, uncertainty around public investments, and a gloomy outlook among established prospective investors all contributed to a slowdown in market expansion.

LATEST TRENDS

"Creation of Sustainable Products to Augment the Market Growth"

To appeal to environmentally sensitive consumers, established firms are concentrating on creating sustainable products. Green elevators use water-soluble coatings, LED lighting, and recyclable components. Also, market sellers are emphasizing the use of alternatives to rope and pulley systems, such as magnetic motors, which are becoming more and more well-liked by consumers. Also, manufacturers are investing more money as a result of the awareness of such green products. For instance, KONE products like the TransitMaster 140 escalator, KONE S MonoSpace, and KONE 3000 TranSys elevators have earned top marks on Singapore's green building product certifications.

High Speed Elevator Market Segmentation

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• By Type Analysis

By type, market is segmented into 2.0m/s≤V＜3.0m/s, 3.0m/s≤V＜4.0m/s and 4.0m/s≤V＜5.0m/s. The 2.0m/s≤V＜3.0m/s type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into residential area, commercial office, transportation hub and industrial area. The residential area segment will lead the global share through 2031.

DRIVING FACTORS

"Rising Infrastructure Investment to Push the Market"

It is anticipated that the market would expand as a result of the rising infrastructure investment by developing economies. More than 40 developing nations are examined in the UNCTAD Trade and Development report, with a focus on infrastructure projects. Hence, new urban infrastructure projects including roads, schools, ports, and airports are going to be developed as a result of expanding government initiatives from various rising nations to boost their economies, which is then anticipated to have a positive impact on the industry. In the next five years, India, for instance, aims to spend in infrastructure.

"Energy- Efficient Elevators to Boost the Market Growth"

High speed elevators have a huge room for improvement in terms of energy consumption because they reflect the total energy used in the entire building. As a result, elevator manufacturers are putting their efforts into creating energy-efficient elevators. These high-speed elevators are more compact and consume less energy thanks to better hardware controls. Also, it is anticipated that the increase in government attempts to conserve energy would encourage development in the sales of energy-efficient products. For instance, the Swiss government declared that Schindler Switzerland will be its technical partner in the repair of existing elevators to result in energy efficiency. As a result, there will probably be a big need for high-quality electricity-powered elevators.

RESTRAINING FACTORS

"Growing Worries About Accidents to Limit the Market Growth "

It is anticipated that the industry would be affected by the growing worries about high-speed elevator accidents. Many individuals are killed and critically injured in high-speed elevator mishaps each year in the United States, according to the U.S. Bureau of Labor Statistics and Consumer Product Safety Commission. Incidents using high speed elevators are to blame for many fatalities and critical injuries. There are also a lot of incidents where maintenance and repair employees become stuck between the moving sections of high-speed elevators. Nonetheless, it is anticipated that occurrences during repair and maintenance work would decrease as safety and security measures at the workplace and training improve. Also, manufacturers' increased use of high-quality products and safety precautions is projected to boost market revenue.

High Speed Elevator Market REGIONAL INSIGHTS

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"North America to Grow Exponentially with the Forecasted Period"

During the course of the projection period, North America is anticipated to increase at a respectable clip. One major factor contributing to the market's growth, particularly in the US, is the efforts made by international manufacturers to establish their presence in the local market. With smart mergers and acquisitions of the leading local businesses, a number of well-known global market players are attempting to strategically advance their operations and build a devoted clientele in the area. For instance, TK Elevator recently completed the purchase of Accurate Elevator to strengthen its position in the local market. In addition, this purchase marks TK Elevator's fifth straight one in the North American market in 2021.

The need for high -speed elevators is increasing throughout South America as low to midrise commercial complexes, office buildings, and residential infrastructure projects are built. Also, the market is being stimulated by services provided in the infrastructures of shopping malls and multiplexes, which are being built at an increasing rate. Market participants have in this area implemented an organic approach in order to take advantage of these growth prospects and make a significant effect. The producers are working to diversify their product offering.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Kone (Finland)
• Hitachi (Japan)
• Mitsubishi Electric (Japan)
• Otis Elevator Company (U.S.)
• Schindler (Switzerland)
• ThyssenKrupp (Germany)
• XIOLIFT (China)
• Volkslift Schindler (Switzerland)
• Canny Elevator (China)
• Fujitec (China)
• Yungtay Engineering (China)
• Guangri Elevator (Japan)
• Toshiba (Japan)
• SJEC (India)
• Edunburgh Elevator (Germany)
• Hyundai Elevator (South Korea)
• Suzhou Diao Elevator (China)
• ZJML (U.S.)
• Syney (Australia)
• IFE (Austria)
• CNYD (China)
• SRH (India)
• Joylive (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.