The global elevators market is expected to reach approximately USD 161.27 billion by 2024, according to a recent report from Zion Market Research. The study predicts that the market will grow at a CAGR of around 6.96% during the forecast period 2018 and 2024.The report divides the market on the basis of type, machinery type, end users, and regions. Based on type, the market is segmented in to smart and conventional elevators. Machinery types in elevators include traction and hydraulic. Mostly used in low rise apartments, hydraulic elevators operate with the help of a piston that supports the elevator cab from the bottom. Ideal for mid to high rise apartments, traction elevators have higher speed than hydraulic elevators. They come with a cable that passes over a wheel attached to a motor that is located above the elevator shaft.
End users of this market include residential, industrial, commercial, and government institutional. Region-wise, the market is classified into North America (United States), Europe (Germany, France, UK), Asia-Pacific (China, Japan, India), Latin America (Brazil) and The Middle East & Africa.
With the tremendous growth of high-rises in New York, the demand for elevators and related services is expected to grow. Elevator companies in New York offer premium quality devices from industry leaders such as Savaria, Cambridge Elevating, Stiltz and Garaventa Lift.