International elevator sales are set to cross 900,000 units in 2019, with India and China driving the Asia Pacific region to becoming the primary spender in the sector, with the global elevator industry projected to expand at a compound annual growth rate of 10% through to 2029.
Globally, the market remains influenced by factors such as the growth of residential construction, advancement in elevator designs, and intuitive digitised tech.
According to a study by Fact MR, building information modelling remains a persistent growth determinant in the market.
Cloud-based digitisation is also gaining traction as the global elevators' sector moves towards services powered by the internet of things technology.
Fact MR's study, named Elevators Market Forecast, Trend Analysis and Competition Tracking: Global Market Insights 2019-29 also reveals a preference for single-deck elevators, which account for 80% of elevator sales around the world.
Double-deck elevators aren’t far behind, however, since they deliver advantages such as the ability to use a part of the double-deck to carry goods, thereby preventing trolley-associated damage.
Fact MR’s study also forecasts a rise in demand for shock- and jerk-proof elevators with faster vertical transit in high-rise structures, which ties in with regulatory mandates on manufactures to ensure high safety and quality.
The integration of cloud-based technologies is also being supported to drive benefits such as alerts to notify faults and errors in equipment before any mishaps take place.