According to the United Nations' 2017 World Population Prospects data, approximately 2.1 billion older people are expected to be alive by 2050. Although ageing is unavoidable, maintaining a comfortable lifestyle as a geriatric is within our control. The elderly population requires elevator products to make their lives more comfortable. The majority of the elderly suffer from unavoidable illnesses such as cardiovascular disease or arthritis. The elevator market will help increase the longevity of the elderly population by allowing them to avoid a painful flight of stairs, resulting in high demand from this segment of society. As a result, the market is projected to have an accelerated pace over the forecast period.
Frequently Asked Questions
The market is segmented based on Segmentation, By Product (Hydraulic and Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), Deck Type (Single Deck, Double Deck), Application (Passengers, Freight), Destination Control (Smart, Conventional), Technology (Traction elevator, Machine room less traction elevator, Hydraulic), Installation (New Installation, Maintenance, Modernization), Industry (Residential, Commercial, Institutional, Infrastructure, Others) – Industry Trends and Forecast to 2032.
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The Global Elevator Market size was valued at USD 1.10 USD Billion in 2024.
The Global Elevator Market is projected to grow at a CAGR of 3.5% during the forecast period of 2025 to 2032.
The market report covers data from the U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa.
