The Global "Elevators and Escalators Market" is expected to grow at a high CAGR of 4.3% during the forecasting period (2022-2029).
The market is expected to grow at a significant rate due to the rise in the middle-class population, growth in the number of high-rise buildings and the emerging ecosystem of next-generation elevators and escalators.
Escalators & elevators are widely used across several verticals such as industrial, residential, and commercial places. They are conventionally installed at venues such as railway stations, residential complexes, hospitals, metro stations, malls, office buildings, schools, and airports. Installation of escalators and elevators in high-rise and mid-rise buildings has become essential, thereby helping the market to gain momentum in the construction sector.
The global Elevators and Escalators market growth is driven mainly due to rapid urbanization, small living spaces, and an expanding middle class in emerging economies. China is the world’s largest market for escalators and elevators, and domestic OEMs dominate the country. The markets in Southeast Asia have shown strong growth in the region. Moreover, the region is expected to witness a substantial rise in the construction sector, which can be attributed to increasing private and public infrastructural development projects.
According to the National Bureau of statistics China in 2018, the commercial building space sold in the region is increased from 157 million sq. Meters in 2016 to 169.407 million sq. Meters in 2017 and the residential buildings have risen from 137.58 million sq. Meters in 2016 to 144.788 million square meters in 2017 and these are expected consistently during the forecast period.
By type, the market is segmented into escalators and elevators. In 2018, Elevator segment dominated the global market and was expected to continue to dominate the market over the forecast period. Elevator systems comprise geared & gearless elevators, hydraulic elevators, and Machine Room fewer elevators (MRLs). The market is experiencing a significant shift from traditional equipped hydraulic lifts to the more recent MRL elevators that are technologically more advanced, facilitate saving space, and are energy efficient.
By End-User, the global Elevators and Escalators market is segmented into Residential and Non-Residential segments. The non-residential segment includes government, commercial, and industrial spaces. Prominent vendors are emphasizing on manufacturing energy-efficient escalators and elevators. As elevators and escalators use a high amount of energy and power, therefore, restraining the market growth, especially in the residential segment. However, a significant increase in real estate anticipates a significant driver in the escalator & elevator market.
By geography, the Elevators and Escalators market is segmented into the Asia Pacific (APAC), North America, South America, Europe, and the Middle East and Africa.
APAC dominated the global Elevators and Escalators market in 2018 and will continue to dominate the market over the forecast period (2020-2027) due to rapid urbanization and sizeable growth and investment in the construction sector. Market participants and players are focusing on entering new markets and aim to increase in presence in the region.
For instance, In India, Increasing urbanization, growing demand for high rise buildings and government’s thrust on infrastructure in tier II & III cities has put the elevator market in the country on a high growth trajectory.
In developed countries like the US, the UK, Japan, and Germany, there is a shift from conventional products to smart and energy-efficient products. The need for intelligent elevators has grown considerably due to increasing demands to reduce travel time between floors and awareness of the need for energy-efficient residential elevators. The use of IoT enables the monitoring in real-time, helping to improve the control of buildings and equipment. This reduces downtime and also reduces operational costs. As energy efficiency in buildings is increasingly being concentrated, there is a huge risk that IoT-enabled lifts may be used to support predictive maintenance. This trend is expected to boost the global elevators and escalators market to a large extent.
Global Elevators and Escalators Market is moderately concentrated with global and regional players in the market. There is intense competition in the market among the top players. The escalator & elevator market players have become more conscious about improving and enhancing their products. Safety is considered as a topmost priority as there have been several mishaps due to malfunctioning of elevators.
Major players in the market include KONE Corporation, Otis Elevator Company, Schindler Holding Limited, Hitachi, and Mitsubishi. Other key players in the market are Canny Elevators, Fujitec Co. Ltd, Hyundai, Johnson Lifts, Kleenmann Group, Sigma, ThyssenKrupp Elevator AG, and Toshiba, among others.
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