Elevators and Escalators are the two unavoidable parts of the everyday life of humans. Multifarious malls and skyscrapers make elevators and escalators the must-haves in every building. Busy time schedules and an increased number of aging population cause the facility of escalators and elevators in residential apartments across the globe. According to the U.S. Census Bureau, the aging population (above 65 years) held an 8.5% share of the total population worldwide during the year 2015 and is projected to increase its share to 12.0% by 2030.
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Factors like rapid urbanization, changing demographics, and increasing constructional activities around the world are expected to drive the growth of the global elevators and escalators’ market rapidly. Safety is considered the prominent factor in the selection of elevators and escalators’ service providers.
Elevator systems comprise hydraulic elevators, geared elevators, non-geared elevators, and machine room-less elevators (MRLs). Nowadays, MRLS are preferred over conventional geared elevators as they are technologically advanced, save space, and consume less energy. Based on services, new installation service dominates the global elevators and escalators market because of increasing demand from developing countries like China. However, maintenance and repair service is projected to grow at a significant rate over the forecast period. The manufacturers are focusing on improving the efficiency of the elevators and escalators coupled with the focus on a neat and clean environment.
Elevators and Escalators Market: Drivers
One of the major factors driving the growth of the elevators and escalators market is the increasing demand from the end-use sectors like residential, commercial, hospitals, etc. The increasing focus of government towards high-rise infrastructures coupled with the increasing need for rapid transit is expected to fuel the growth of the global elevators and escalators market. Continuous investment for the improvement of infrastructure at public places like railway stations, airports, shopping malls, etc. is further expected to upsurge the demand for elevators and escalators during the forecast period. Tourism is another sector that encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries.
Elevators and Escalators Market: Restraints
A key factor affecting the growth of the elevators and escalators market negatively is its high initial cost of installation. Lack of skilled labor for after-sales maintenance is expected to hamper the growth of the elevators and escalators’ market. Escalation in consumption of energy and power by elevators and escalators is expected to retard the growth of the market during the forecast period.
Elevators and Escalators Market: Segmentation
The global elevators and escalators market can be viewed as two separate niches too, namely the elevators market and the escalators market. Elevators, based on their capacity, are segmented into 450 kg–1150 kg, 1150 kg–1500 kg, and 1500 kg–2000 kg. Escalators are further segmented into moving walkways and moving stairs escalators.
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The global elevators and escalators market can be segmented based on carriage type, application, and region. Based on carriage type, the elevators and escalators market is segmented into passenger and freight. Based on application, the market is segmented into commercial, residential, hotels, transportation, parking, and hospital. Based on regions, the global elevators and escalators market is segmented into North America, Asia Pacific excluding Japan (APEJ), Latin America, Western Europe, Eastern Europe, Japan, and Middle East & Africa (MEA).
Elevators and Escalators Market: Region-wise Outlook
Based on regions, the Asia Pacific led by China and India holds about a 65% share in the total aging population of the world and is expected to be the most prominent revenue generation region in the global elevators and escalators market. Europe, followed by North America, is expected to witness positive growth during the forecast period.
Elevators and Escalators Market: Players
Some examples of the players identified in the global elevators and escalators market are:
- Otis Elevator Company
- Kone Corporation
- Schindler Group
- Thyssenkrupp AG
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- SJEC Corporation
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments, such as geographies, applications, and industry.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific Excluding Japan
- The Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segments. This report also maps the qualitative impact of various factors on market segments and geographies.
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Elevators And Escalators Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint