
Report ID: SQMIG20I2316
Report ID:
SQMIG20I2316 |
Region:
Global |
Published Date: February, 2025
Pages:
195
|
Tables:
113 |
Figures:
72
North America accounted for approx 20% of the elevator market share in 2024. Favorable government policies and substantial investments from public and private sectors are boosting its growth. Demand for elevators is growing because of industries in construction, mining, food, and energy & utilities. The region is experiencing more commercial and residential infrastructure projects, which will further accelerate market growth. Another impressive product and solution category is in smart building solutions, with increased pressure on energy-efficient and sustainable elevator systems underpinning this innovation. Well-positioned for further solidification of its market position, key industry players and advanced elevator technologies in the region underpin this optimism for North America.
Modern elevators usage is bound to speed up due to continuous technical progress, thus Europe is predicted to cross USD 27.59 billion by 2032. The features that include AI traffic management for enhanced performance, digital security controls, and predictive maintenance enabled smart elevator adoption in the region to lead. Another factor is saving costs since energy-efficient elevators cut down power savings for the business, increasing demand for the same solutions. Increasing urbanization, infrastructure development, and demanding building regulations by government on safety and energy efficiency are factors propelling the market growth. The expanded high-rise buildings and government-backed smart city projects add to the industry's expansion.
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Report ID: SQMIG20I2316