Elevator and Escalator Market is expected to grow at a CAGR of ~ 6.6% during the forecast period of 2019 to 2027

Companies operating in the elevator and escalator market are focusing on cutting-edge technologies to make their products safer and eco-friendly, finds Future Market Insights (FMI) in a recent study.

Some of the leading companies are incorporating IoT technologies in connected elevators and escalators. This has allowed them to control various parameters such as load capacity, frequency of usage, and others. Such technological improvements are expected to bode well for the overall market.

According to FMI, the elevator and escalator market is anticipated to witness growth of ~6.6% CAGR during the forecast period from the year 2020 to 2030.

Infrastructural development witnessed across the world, besides increase in population is encouraging growth in the construction industry. This has been creating growth opportunities for the elevator and escalator market. Despite requiring expert handling and maintenance expenditure, the demand for elevators and escalators are projected to increase further in the coming years.

The recent COVID-19 outbreak has resulted in declining market growth. However, several factors are expected to drive the elevator and escalator market during the forecast period.

FMI offers an exhaustive overview of the elevator and escalator market along with its potential, growth drivers and restraints.

elevator and escalator market_2

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Some of the key takeaways from the report are highlighted below-

  • Product-wise, elevator is expected to lead the market followed by escalator during the forecast period
  • Load type-wise, passenger segment will exhibit hegemony in the coming years
  • New system installation type is set to gain traction in the global market
  • Commercial end use segment is projected to exhibit highest growth followed by the residential segment throughout the forecast period
  • New-age IoT technology will cater to the steady market growth in the near future
  • East Asia elevator and escalator market will maintain the lead while emerging as the highest growing market among all other regions

 “As the building and construction industry is expanding rapidly, the demand for elevators and escalators is rising higher. To capitalize on prevailing opportunities, market players are launching novel cutting-edge technologies that offer more sophisticated functionalities in elevator and escalator. This is anticipated to create lucrative growth opportunities for the market in the coming years,” says an FMI analyst.

COVID-19 Impact Analysis

The elevator and escalator market growth has been declining due to the novel coronavirus outbreak. As consumers have shifted their focus more on emergency services such as medical, diagnostic, pharmaceutical and others instead of building and construction sectors, the market growth rate has fallen temporarily.

Added to this, the factors such as non-operational manufacturing units, unavailability of labours, scarcity of raw materials, disruptive supply chain and logistics sector, financial crisis, job recession, and others have slowed down the progress of market.

According to FMI, the elevator and escalator market is set to recover by the first quarter of the year 2021.

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Competitive Landscape

As the elevator and escalator market potential is growing gradually, the key market players are investing their efforts and assets to capitalize on the coming opportunities. Some of the leading companies such as Sigma Elevator Company, Orona Group, Fujitec Co., Ltd., and others are focusing on launching of diverse range of products in order to target the broad range of end users.

For instance, Fujitec Co., Ltd has launched their advanced range of elevators such as Viridian MRL, Viridian PMGL, Viridian Geared, and others applicable to the diverse end-use categories such as hospitals, offices, industrial buildings, and others in the current year.

Hyundai Elevator has launched their new world class elevator and escalator with cutting-age technologies such as regenerative inverter for eco-friendly energy saving in November, 2020. The company has also developed world’s fastest elevator in March, 2020.

Some of the key market players are-

  • Aritco Lifts AB
  • DOPPLER S.A.
  • EMAK Elevator
  • Fujitec Co., Ltd.
  • Hyundai Elevator Co. Ltd
  • KÖHLER Elevator GmbH.
  • Kone Corporation
  • Mitsubishi Electric Corporation
  • Orona Group
  • Sanyo Elevator (Zhuhai) Co., Ltd.
  • Schindler Holding Ltd.
  • Schumacher Elevator Company
  • Sigma Elevator Company
  • Stannah Lifts Holdings Ltd
  • Toshiba Elevator And Building Systems Corporation
  • Thyssenkrupp AG
  • Otis Elevator Company

Key Segments

Product Type

  • Elevator
    • Hydraulic
    • Traction
    • Machine
    • Room Less
  • Vacuum
  • Escalator
    • Step Type
    • Belt Type
    • Cleat Type
    • Spiral

Load Type

  • Passenger
  • Freight
  • Observation
  • Others

Installation

  • New
    • System
    • Installation
  • Retrofit

End Use

  • Residential
    •  Low Rise Building
    • Mid Rise Building
    • High Rise Building
  • Commercial
    •  Hotels
    • Airports
    • Subway Station
    • Commercial
    • Complex
    • Office & Institution
  • Hospital
  • Infrastructure & Construction
  • Transportation &Logistics

Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan
  • Middle East and Africa
  • Japan

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