The Latest Elevators Industry Statistics Explained
The global elevator market size was valued at USD 50.5 billion in 2018.
The statistic indicates the total value of the global elevator market in terms of revenue generated in the year 2018, which amounted to USD 50.5 billion. This figure represents the combined sales and installation of elevators across various regions worldwide within that particular year. The market size provides an insight into the scale and financial significance of the elevator industry, reflecting the demand for vertical transportation solutions in both residential and commercial sectors during 2018. The value highlights the economic impact of elevator manufacturing, sales, and services on a global scale, indicating a substantial market for elevator products and services.
The elevator market is expected to grow at a Compound Annual Growth Rate (CAGR) of 2.3% from 2019 to 2025.
The statement implies that the elevator market is projected to increase in size by 2.3% on average each year from 2019 to 2025. The Compound Annual Growth Rate (CAGR) is a smoothed representation of the growth rate over multiple years, and in this context, it suggests a steady and gradual growth trajectory for the elevator market during the specified period. This statistic provides insight into the expected performance and expansion of the elevator market over the next six years, which can be valuable for stakeholders, investors, and industry analysts in assessing future trends and making informed decisions.
Over 900,000 elevators serve the American public each day.
The statistic ‘Over 900,000 elevators serve the American public each day’ quantifies the significant role elevators play in providing vertical transportation for the American population on a daily basis. This statistic highlights the widespread usage and reliance on elevators for efficiently moving individuals between different levels of buildings and structures. It underscores the essential nature of elevators in modern society, as they are crucial for ensuring accessibility, convenience, and safety in various settings such as residential buildings, offices, malls, and public spaces. The magnitude of the number, over 900,000 elevators, emphasizes the scale of the infrastructure that supports the daily mobility needs of the American public and underscores the importance of proper maintenance and management to ensure consistent and reliable elevator service.
There are approximately 1.1 million elevators and 33,000 escalators installed in the U.S.
The statistic indicates that there are about 1.1 million elevators and 33,000 escalators currently in operation throughout the United States. These data points are significant as elevators and escalators play a crucial role in assisting vertical transportation in buildings and public spaces, ensuring efficient movement of people and goods. The sheer magnitude of these numbers underscores the extent to which these mechanical systems are integrated into modern infrastructure across the country, highlighting the importance of proper maintenance and safety measures to ensure their reliable and safe operation. These statistics serve as a reminder of the widespread reliance on elevators and escalators in daily life and the necessity of their continued functionality for the smooth operation of various facilities and transportation systems.
Europe constituted the largest share in the global elevator market in 2020, and the trend is expected to continue during the forecast period.
The statistic indicates that Europe had the highest market share in the global elevator industry in 2020, implying that a significant portion of elevator sales and installations occurred in European countries compared to other regions. Furthermore, the forecast suggests that this trend is likely to persist in the coming years. This could be attributed to factors such as urbanization, population growth, increasing infrastructure development, and stringent building safety regulations in European countries, driving the demand for elevators. Companies in the elevator market may continue to focus on catering to the European market to capitalize on these growth opportunities and solidify their market presence in the region.
China produced an estimated 796,000 elevators in 2018.
The statistic “China produced an estimated 796,000 elevators in 2018” represents the total number of elevators manufactured within China during the year 2018. This data point provides insights into the scale and intensity of elevator production within the country and underscores China’s significant role in the global elevator industry. This statistic can be used by various stakeholders such as industry analysts, policymakers, and investors to assess the performance and growth trends of the elevator manufacturing sector in China, as well as to understand the country’s contribution to the overall global elevator market.
Approximately 27 people die each year in elevator accidents in the U.S.
The statistic stating that approximately 27 people die each year in elevator accidents in the U.S. is an estimate of the annual mortality rate attributed to accidents involving elevators. Elevator accidents can encompass a range of incidents, such as malfunctions, entrapments, falls, or collisions, which can result in injuries or fatalities. Although elevators are generally considered safe modes of transportation, accidents can still occur due to mechanical failures, human errors, or lack of maintenance. Understanding and monitoring these statistics are important for improving safety protocols, enforcing regulations, and implementing preventive measures to reduce the risk of elevator accidents and enhance public safety.
Conclusion
The statistics presented in the Elevators Industry highlight the rapid growth and increasingly crucial role that elevators play in modern society. With a surge in urbanization and high-rise construction, the demand for elevators is only expected to rise. It is evident that the elevator industry is a key player in shaping the future of infrastructure and transportation.
References
0. – https://www.www.consumeraffairs.com
1. – https://www.www.marketsandmarkets.com
2. – https://www.www.fortunebusinessinsights.com
3. – https://www.www.cdc.gov
4. – https://www.thediplomat.com
5. – https://www.www.grandviewresearch.com
