Elevators have significant importance in making life easy, obviating the need for re-occurring movements of climbing stairs. They also reduce the cases of typical accidents that include crumbling down the stairs etc. One of the major factors fuelling the growth of this market includes the rising need for maintenance and modernization of elevators. The increasing infrastructure spending by emerging economies is anticipated to result in the growth of the elevators market. The Building and construction industry is anticipated to witness over 2.5 percent CAGR in the global elevator market until 2027, majorly driven by the increasing construction activities. Based on the enduser type, elevators are segmented into residential, institutional, and commercial.