Elevator Component Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031 factmrMay 11, 2021 2 East Asia currently accounts for a majority of elevator components being consumed, followed by Europe. This is owing to the fact that a sizeable share of skyscraper construction around the world is happening in China. As of 2020, China has 13 of the world’s tallest buildings. China is followed by South Korea, which at the moment, has one of the world’s tallest buildings at 555 meters. East Asia is followed by the Middle East & Africa, owing to rapid conversion of the oil-based economy of MEA countries into tourism and service-based economies. This is best exemplified by the UAE, which has the world’s tallest building – the Burj Khalifa, at 828 meters. These high-rise buildings are prime consumers of sophisticated elevator systems, in turn, driving the requirement of elevator components.