Global Elevators Market was valued at US$ 79.7 Bn in 2017 and is expected to reach US$ 127.7 Bn by 2026, at a CAGR of 5.38% during a forecast period.
Global Elevators Market
Based on application, the residential application is estimated to hold the largest share of the market during the forecast period as the rising expansion of the existing buildings and construction activities are increased in this sector due to the growing global population.
On the basis of type, smart elevators are expected to hold the largest share of the market during the forecast period due to it has features such as energy efficiency, deduct waiting time, and can communicate with service teams to enable passengers to summon the elevator via a mobile application. IoT trend is increasing is also boosting the market of the smart elevators.
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