Italy Elevators Market Outlook

italy’s elevators market outlook 2018 – 2032 indicates that the domestic demand for lifts and elevators is poised for significant expansion in the coming years driven by growing concerns for improved accessibility and convenience. the italian market has grown rapidly over the past few years and is projected to remain positive through the forecast period. growth is being driven by increasing infrastructure spending, a rise in demand for replacement of aging elevators, and the increased acceptance of sophisticated consumer-oriented home elevators. in addition, the development of energy-efficient elevators has led to a shift in demand from traditional to energy-efficient options and will be a key driver of growth over the next 12 years. on the supply side, there is a strong presence of global and local vendors in italy’s elevator market. the market is dominated by key players such as kone, thyssenkrupp, schindler, and otis elevator company. in addition, foreign companies have been expanding their presence in the italian market with the establishment of manufacturing plants. in terms of regulations, italy issued the european regulations 88/2018 in january of 2018 to provide clarity and information regarding safety requirements for elevators and related components. the intent of the regulations is to ensure the safety and the accessibility of lifts and escalators in the eu and promote harmonization and standardization of products across the industry. the regulations are in full force and effect. going forward, the market is expected to benefit from increasing construction activities in both the residential and commercial sectors. additionally, a new generation of elevators featuring enhanced services such as intelligent components, voice-activated systems, remote monitoring, access control and telemetry systems will further contribute to a shift in demand. the growing number of technological advancements within the elevator industry has increased the potential for automation of processes. this will likely prove to be of significant benefit to elevator suppliers as they look to increase their market share and increase sales. overall, the italian elevator market is projected to witness a positive outlook until 2032. with the increasing focus on energy-efficient products and technological advancements to automation, it is certain that the market will stay in an upward trajectory.