According to the research report titled ‘Europe Elevator Market Size By End-user, By Product, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027’, available with Market Study Report, Europe elevator market is anticipated to record a strong compound annual growth rate through 2027.
 

Flourishing building & construction sector, backed by rapid urbanization as well as soaring discretionary income, is catalyzing the growth of Europe elevator market. Moreover, increasing demand for maintenance, service, and repairing of elevators will also propel the industry outlook.
 

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Governmental efforts towards the development of the economy, coupled with focus towards accommodating international and domestic migrants in urban areas by constructing high-rises will propel the demand in the marketspace.
 

Speaking of product terrain, the market space is bifurcated into hydraulic & pneumatic, MR traction, MRL traction, and others. MRL traction segment is anticipated to record 2.3% CAGR through 2027, owing to surging demand from industrial facilities. The energy efficiency of MRL traction elevators is high with low space requirement and less cost of maintenance. They are reliable and can travel at a speed of up to 500 ft per minute.
 

Speaking of end-user terrain, Europe elevator market is categorized into industrial, and building & construction, wherein the latter segment acquired 80% market share in the year 2020, accredited to flourishing construction sector due to rapid urbanization.
 

As per expert verbatim, the anticipated growth of the marketspace is largely attributed to surging construction activities in developing economies like Cratia, Ukraine, Georgia, and Romania among others. Mature construction sector in Germany, France, and UK will result in diminished demand for new elevators, even though the demand for aftersales, maintenance, and repair services will generate revenues for the industry.
 

The competitive landscape of Europe elevator industry is defined by Kone Oyj, Otis Worldwide Corporation, The Schindler Group, Glarie Elevator Co. Ltd., Fujitec Co. Ltd., Mitsubishi Electric Corporation, ThyssenKrupp Elevator, Orona S. Coop., Hitachi Ltd., and Hyundai Elevator Co. Ltd. among others.