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U.S. Elevator Manufacturing Industry Market Report 2025, with Coverage of Schindler, Otis Worldwide, One and TK Elevator

1. Elevator manufacturing revenue declines at 0.9% CAGR to $4.2 billion by 2024. 2. High interest rates hampering construction activity limits elevator demand. 3. Rate cuts in 2024 may positively influence construction investments. 4. Geographical proximity to major construction companies benefits elevator manufacturers. 5. Domestic competition is limited due to high transportation costs on imports.

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FAQ

Why Bearish?

Elevator demand is closely tied to construction trends, which are currently weak. Past examples show similar conditions led to lower revenue for elevator companies.

How important is it?

Understanding industry trends is crucial for forecasting OTIS price movements. The report emphasizes construction dependencies that directly affect OTIS.

Why Short Term?

Immediate construction sector challenges can swiftly impact elevator manufacturers' revenues. Trends in interest rates may create fluctuations over the next year.

Related Companies

OTISSCHNTK
Dublin, Jan. 27, 2025 (GLOBE NEWSWIRE) -- The "Elevator Manufacturing in the US - Industry Market Research Report" has been added to ResearchAndMarkets.com's offering. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares. The Elevator Manufacturing industry is composed of companies that produce elevator cars, hoisting systems and escalators for commercial, residential and industrial buildings. Demand for this industry is largely based on trends in the Construction sector, as buildings with multiple floors typically need elevators to move people and equipment between floors quickly and safely. The COVID-19 pandemic resulted in a weakened construction sector, as work-from-home capabilities and growing economic uncertainty reduced demand for new construction projects. More recently, elevated interest rates have constrained investment into construction, while manufacturing construction has benefitted from federal policies. A rate cut in 2024 provides a bright spot, however. Ultimately, revenue is set to have fallen at a five year CAGR of 0.9% to reach $4.2 billion through the end of 2024, including an expected 0.3% increase in 2024 alone. Trends and Insights High interest rates have hampered construction activity. Elevated borrowing costs deter significant investments, impacting non-residential construction projects. The high expense of long-term loans discourages new, large-scale developments. Rate cuts have begun in 2024.A tepid Construction sector impacts elevator producers. Growing economic uncertainty and overall higher costs discourage new constructions, limiting demand for elevators.Basing operations near major construction companies benefits manufacturers. Geographical proximity enables elevator producers to maintain positive relationships with key buyers.Competition from foreign manufacturers is limited because of high transportation costs. Shipping elevators is a more expensive process, preventing imported elevators from taking over the market. Market size and recent performance (2014-2029) Industry revenue has declined at a CAGR of 0.9 % over the past five years, to reach an estimated $4.2bn in 2024. Company Coverage Includes: Schindler GroupOtis WorldwideOne Inc.TK Elevator Key Topics Covered:ABOUT THIS INDUSTRY Industry DefinitionMain ActivitiesSimilar IndustriesAdditional Resources INDUSTRY AT A GLANCEINDUSTRY PERFORMANCE Executive SummaryKey External DriversCurrent PerformanceIndustry OutlookIndustry Life Cycle PRODUCTS & MARKETS Supply ChainProducts & ServicesDemand DeterminantsMajor MarketsInternational TradeBusiness Locations COMPETITIVE LANDSCAPE Market Share ConcentrationKey Success FactorsCost Structure BenchmarksBasis of CompetitionBarriers to EntryIndustry Globalization MAJOR COMPANIESOPERATING CONDITIONS Capital IntensityTechnology & SystemsRevenue VolatilityRegulation & PolicyIndustry Assistance KEY STATISTICS Industry DataAnnual ChangeKey Ratios For more information about this report visit https://www.researchandmarkets.com/r/jx80kz About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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