Infrastructural growth is favouring the global elevators and escalators market size. Market Research Future (MRFR) reports that the market is set to exhibit a healthy growth over the next couple of years. Elevators and escalators are becoming common facilities in modern buildings. The growth vertical housing is fuelling the demand for vertical transportation.
Increased number of skyscrapers coupled with the rising demand for effective vertical transportation has reflected favourably on the global elevators and escalators market. Elevators and escalators improve the mobility convenience in multi-storey building especially for aged individuals. Growth of the global construction sector can be linked with the increased demand for elevators. Market players are focusing on capturing untapped markets in emerging economies in order to improve their position. Meanwhile, many are investing in product innovation to gain a competitive edge.
Global Elevator and Escalators Market: Segmental Analysis
The segmental analysis of the market has been conducted based on end user, elevator technology, service and type
On the basis of end user, the market has been segmented into residential and non-residential. Based on elevator technology, the market has been segmented into traction and hydraulic. Based on service, the market has been segmented into maintenance & repair and new installation. The new installation segment currently represents a relatively larger share of the market in terms of value. This trend is projected to continue beyond 2019. Construction of new buildings remains the prime driver of the segment. The maintenance & repair segment is also expected to remain highly profitable. Elevator and escalators require regular maintenance for proper functioning; it is also important as it ensure users’ safety. With increased installations, demand for maintenance and repair services continues to grow. Based on type, key segments include moving walkways, escalators and elevators. Of these, the elevators segment commands the largest share of the market and is expected to maintain its leading position throughout the assessment period. Elevators have become an important part of modern commercial infrastructure. Meanwhile, the escalator segment is also expected to witness a sound growth overt the next couple of years. Development of multi-storey shopping malls, commercial buildings and departmental stores has led to an increased demand for escalators.
Global Elevator and Escalators Market: Regional Analysis
Key regions covered in the region include Europe, North America and Asia Pacific (APAC). Of these, Asia Pacific is expected to remain the most attractive market for elevators and escalators during the assessment period. The APAC elevators and escalators market is benefiting from the rapid urbanization and industrialization in countries such as China and India. Over the last decade, construction activities in these countries have grown manifolds. Increased efforts to improve infrastructure has led to erection of skyscrapers in many APAC countries. The construction sector has witnessed significant expansion in emerging economies in APAC. This can be attributed to introduction of new regulatory frameworks, land acquisition policies and increased demand for affordable housing.
Europe holds the second spot in the global elevator and escalators market in term of value. The region is home to some of the prominent market players. Technologically, Europe’s elevator and escalators industry is advanced and supported by a robust R&D pipeline. At the same time, mega European cities such as London, Berlin, Amsterdam, Paris among others present significant market opportunities. Europe is followed by North America, which is third largest market for elevators and escalators. North America market is led by the U.S., which will remain a key destination for market players during forecast period.
Global Elevator and Escalators Market: Competition Analysis
Sigma Elevator Company (Korea), KONE Corporation (Finland), United Technologies (U.S.), Mitsubishi Electric Corporation (Japan), FUJITEC (Japan), Hyundai Elevator Co., Ltd. (South Korea), Stein Ltd (Russia), Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia), Toshiba Elevator And Building Systems Corporation (Japan), Otis Elevator Company (U.S.), Schindler (Switzerland), Electra Ltd. (Israel), ThyssenKrupp AG (Germany), PAPPAS Elevators (Russia), and Hitachi Ltd. (Japan) are among the leading companies profiled in MRFR’s report.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.