Global Traction Elevators Market is a USD 43.61 Bn Market in the year 2023 and is projected to grow at a CAGR of 6.9 % to become a USD 69.57 Bn Market in the year 2030.
Traction Elevators Market Overview:
The Traction Elevators market analysis provides an extensive overview of the competitive landscape, highlighting market share and detailed company profiles of the industry's top global players. This research encompasses a thorough evaluation of the Traction Elevators Market Share, examining the factors driving growth variations across different sectors within the industry. By offering comprehensive insights, the study aims to elucidate the dynamics and trends shaping the market's evolution and competitive environment.
Market Scope:
To validate and estimate the market size across various segments, both top-down and bottom-up approaches are employed. The market estimates are derived from the sales price, excluding any discounts from manufacturers, distributors, wholesalers, or traders. Percentage splits, market shares, and segment breakdowns are determined by applying weights based on usage rates and average sale prices for each section. Country-wise splits of the overall market and its sub-segments are calculated by assessing the percentage adoption or usage of the market size within the specific region or nation.
Segmentation:
by Product Type
Geared
Gearless
by Capacity
Standard Capacity
Heavy-Duty Capacity
by Speed
Low Speed
Mid Speed
High Speed
by End-User
Residential
Commercial
Industrial
Institutional
Key Players:
Both primary and secondary research methods are employed to identify market leaders and determine market revenue. Primary research consists of in-depth interviews with key opinion leaders and industry specialists, including experienced front-line personnel, CEOs, and marketing executives. Secondary research involves reviewing annual and financial reports of leading manufacturers. These secondary sources help calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified using primary data. The major players in the Traction Elevators market are as follows:
1. Otis Elevator Company - Farmington, Connecticut, USA
2.Schindler Group - Ebikon, Switzerland
3.KONE Corporation - Espoo, Finland
4.Mitsubishi Electric Corporation - Tokyo, Japan
5. thyssenkrupp AG - Essen, Germany
6. Fujitec Co., Ltd. - Tokyo, Japan
7. Hitachi, Ltd. - Tokyo, Japan
8. Hyundai Elevator Co., Ltd. - Seoul, South Korea
9. Toshiba Elevator and Building Systems Corporation - Tokyo, Japan
10. Sigma Elevator Company Limited - Shanghai, China
11. Canny Elevator Co. Ltd. - Guangdong, China
12. Johnson Lifts Private Limited - Mumbai, India
13.Sematic S.p.A. - Osio Sotto, Italy
14. Kleemann Hellas SA - Kilkis, Greece
15.Sicher Elevator Co., Ltd. - Shanghai, China
16.SANYO Electric Co., Ltd. - Osaka, Japan
17.SJEC Corporation - Shanghai, China
18.KLEEMANN Aufzüge GmbH - Göppingen, Germany
19.Wittur Group - Wiedenzhausen, Germany
20. BLT Elevator Components Co., Ltd. - Zhejiang, China
21.Shanghai Mitsubishi Elevator Co., Ltd. - Shanghai, China
22.Doppler S.A. - Córdoba, Argentina
23. BMM Weston Limited - West Yorkshire, United Kingdom
24.IGV Group S.p.A. - Genoa, Italy
25.Mitsubishi Electric Elevator & Escalator - Cypress, California, USA
Regional Analysis:
The regional overview of the Traction Elevators market analysis incorporates individual market influencing factors and changes in market regulations that impact both current and future market trends. To evaluate the overall market potential and identify profitable patterns, current and future trends are analyzed, enabling businesses to establish a stronger foothold. The geographical market assessment takes into account the existing environment and anticipated developments, providing a comprehensive understanding of the market dynamics across different regions.
COVID-19 Impact Analysis on Traction Elevators Market:
The halt in operations across key countries such as China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India led to a significant decline in revenues for companies in these industries. This downturn adversely affected the demand for Traction Elevators manufacturers, impeding the growth of the Traction Elevators market in 2020. The imposition of lockdowns and the global surge in COVID-19 cases further diminished end-user business demand for Traction Elevators , exacerbating the market's challenges during this period.
Key Questions Answered in the Traction Elevators Market Report are:
- Which segment held the largest share of the Traction Elevators market in 2024?
- How is the competitive landscape structured in the Traction Elevators market?
- What are the primary drivers of growth in the Traction Elevators market?
- Which region dominates the Traction Elevators market in terms of market share?
- What is the projected CAGR for the Traction Elevators market from 2024 to 2030?
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