Frost Radar in the Global Elevator Market
Published on: 29-Aug-2019 | SKU: EN01147-GL-MR_23496

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The global elevator market is generally deemed low risk and is steadily growing. The market is closely tied to the performance of the global real estate development market, as an elevator is a common and important component in a building. The market is expected to grow about 4% annually from 2018 to 2025, attributed to three factors: the demand for new installations--especially in China, which is still expected to contribute half of new installations despite slowing real estate development; modernization projects for elevators with more than 15 years of service (mainly in East Asia, the United States, and Europe); and the ever-growing installed base globally that requires periodic service and maintenance.

For this research, Frost & Sullivan used a unique and robust platform called Frost Radar to analyze the market and identify Companies to Action (C2A) based on their growth indicators and recent innovations and growth strategies. Companies that are positioned in the radar are Otis, KONE, Thyssenkrupp Elevator, Schindler, Toshiba Elevator and Building Systems Corporation, Mitsubishi Electric, Fujitec, Hitachi, and Hyundai Elevator.

Innovation in the elevator market was observed to have multiple directions. Companies have started implementing artificial intelligence and Internet of Things solutions to provide better aftermarket services to customers; remote monitoring and preventive maintenance can be implemented more efficiently and effectively as a result of this. Another key innovation is the expansion of available technology that can provide additional utility during building construction phase, remote repair technology, and revolutionary elevator cab design. Examples include SkyBuild from Otis, RISE from Schindler, and MULTI from ThyssenKrupp. Japanese companies also showed a trend towards improving the performance of existing elevator technology with higher travel range and speeds. Companies are developing their own niches to cater to the wide range of potential customers in the real estate development industry.

The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes number of companies (across all tiers of competition) in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.

Author: Jieqiang Tan

Industry Overview

The Frost Radar

Frost Radar—Description of Companies Plotted

Frost Radar—Description of Companies Plotted (continued)

OTIS

KONE

Schindler

Thyssenkrupp Elevator

Toshiba Elevator and Building Systems Corporation

Mitsubishi Electric

Fujitec

Hitachi

Hyundai Elevator

The Last Word—Key Takeaways

Legal Disclaimer

Frost Radar—2 Major Indices, 10 Analytical Ingredients, 1 Platform

Frost Radar—2 Major Indices, 10 Analytical Ingredients, 1 Platform (continued)

Frost Radar—C2A

Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform

Growth Index

Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.

  • Market Share (previous 3 years)
    This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years.
  • Revenue Growth (previous 3 years)
    This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™.
  • Growth Pipeline
    This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities.
  • Vision and Strategy
    This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision?
  • Sales and Marketing
    This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.

Innovation Index

Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.

  • INNOVATION SCALABILITY
    This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals.
  • RESEARCH AND DEVELOPMENT
    This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline.
  • PRODUCT PORTFOLIO
    This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue.
  • MEGATRENDS LEVERAGE
    This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline.
  • CUSTOMER ALIGNMENT
    This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.

Significance of Being on the Frost Radar™

Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.

  • GROWTH POTENTIAL
    Your organization has significant future growth potential, which makes it a Company to Action.
  • BEST PRACTICES
    Your organization is well positioned to shape Growth Pipeline™ best practices in your industry.
  • COMPETITIVE INTENSITY
    Your organization is one of the key drivers of competitive intensity in the growth environment.
  • CUSTOMER VALUE
    Your organization has demonstrated the ability to significantly enhance its customer value proposition.
  • PARTNER POTENTIAL
    Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.

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Impacting your company's future growth potential.

The global elevator market is generally deemed low risk and is steadily growing. The market is closely tied to the performance of the global real estate development market, as an elevator is a common and important component in a building. The market is expected to grow about 4% annually from 2018 to 2025, attributed to three factors: the demand for new installations--especially in China, which is still expected to contribute half of new installations despite slowing real estate development; modernization projects for elevators with more than 15 years of service (mainly in East Asia, the United States, and Europe); and the ever-growing installed base globally that requires periodic service and maintenance. For this research, Frost & Sullivan used a unique and robust platform called Frost Radar to analyze the market and identify Companies to Action (C2A) based on their growth indicators and recent innovations and growth strategies. Companies that are positioned in the radar are Otis, KONE, Thyssenkrupp Elevator, Schindler, Toshiba Elevator and Building Systems Corporation, Mitsubishi Electric, Fujitec, Hitachi, and Hyundai Elevator. Innovation in the elevator market was observed to have multiple directions. Companies have started implementing artificial intelligence and Internet of Things solutions to provide better aftermarket services to customers; remote monitoring and preventive maintenance can be implemented more efficiently and effectively as a result of this. Another key innovation is the expansion of available technology that can provide additional utility during building construction phase, remote repair technology, and revolutionary elevator cab design. Examples include SkyBuild from Otis, RISE from Schindler, and MULTI from ThyssenKrupp. Japanese companies also showed a trend towards improving the performance of existing elevator technology with higher travel range and speeds. Companies are developing their own niches to cater to the wide range of potential customers in the real estate development industry. The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes number of companies (across all tiers of competition) in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients. Author: Jieqiang Tan
More Information
Deliverable Type Frost Radar
No Index No
Podcast No
Author Jieqiang Tan
Industries Environment
WIP Number K3B7-01-00-00-00
Is Prebook No
GPS Codes 9343-A4,GETE

Frost Radar in the Global Elevator Market

EnvironmentFrost Radar in the Global Elevator Market

A Measurement System to Spark Companies 2 Action (C2A)—Innovation That Fuels New Deal Flow and Growth Pipelines

RELEASE DATE
29-Aug-2019
REGION
Global
Deliverable Type
Frost Radar
Research Code: K3B7-01-00-00-00
SKU: EN01147-GL-MR_23496
AvailableYesPDF Download
$4,950.00
In stock
SKU
EN01147-GL-MR_23496