Elevators and escalators market – Size, Share, Segmentation, Top Leaders and Regional Forecast 2023
The global elevators and escalators market is predicted to witness a phenomenal growth at a notable 6.01% CAGR over the assessment period (2017-2023). Elevators and escalators have turned into a vital part of daily living. Escalators are moving stairs which carry people up or down amid levels of a building. Elevators on the other hand, are room type lifts that hold a couple of people together and transport them up and down amid levels of building. An escalator is used in metro, malls, and railway station and an elevator is used in a multi-storied building such as hospitals, banks, apartments and offices.
There are plentiful factors that is boosting the growth of the elevators and escalators market. These factors as per the Market Research Future (MRFR) report include rising geriatric population, busy time schedules, changing demographics, rapid urbanization, increasing constructional activities, growing use in end-use sectors such as hospitals, commercial and residential, focus of government on high rise infrastructures, and growing demand of rapid transit. The additional factors that is propelling market growth include constant investment to improve infrastructure in public places such as malls, railway station and airports, tourism, augmenting after sales services, rising market competition, modernization of equipment, proactive maintenance and increasing mergers and acquisitions and partnerships. On the contrary, high initial expenditure of installation, scarcity of skilled labor for after sales maintenance and increase in consumption of power and energy by elevators and escalators are factors that may deter the growth of the elevators and escalators market over the assessment period.
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MRFR report provides an extensive segmental analysis of the elevators and escalators market on the basis of type, services, elevator technology and end-user.
Based on type, it is segmented into moving walkways, escalators and elevators. Of these, elevators will have the largest share in the market over the assessment period.
Based on services, the elevators and escalators market is segmented into maintenance & repair and new installation. Of these, new installation services will lead the market over the assessment period.
Based on elevator technology, it is segmented into hydraulic, machine room-less and traction. Of these, machine room-less technology will dominate the market over the assessment period.
Based on end-user, the elevators and escalators market is segmented into non-residential and residential. Of these, the residential segment will hold the largest share in the market over the assessment period.
By region, the elevators and escalators market covers growth opportunities and latest trends across, Europe, Asia Pacific, Rest of the World and North America. Of these, the APAC region will have precedence in the market owing to increasing demand from construction and residential sector and growing supportive regulations by the government. China, India, Japan and Singapore are the key contributors in this region. The elevators and escalators market in Europe will have the second major share over the assessment period owing to increasing reformation and renovation of homes in this region. France, Poland, Germany and the UK are the key contributors here. The elevators and escalators market in the Middle East and South America is anticipated to contribute significantly owing to high development in construction sector coupled with changing lifestyle. The elevators and escalators market in North America will also have a notable growth over the assessment period owing to growing non-residential and residential construction activities here.
Leading players profiled in the elevators and escalators market include Electra Ltd. (Israel), Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia), PAPPAS Elevators (Russia), Stein Ltd (Russia), Toshiba Elevator And Building Systems Corporation (Japan), Hyundai Elevator Co., Ltd. (South Korea), Hitachi Ltd. (Japan), FUJITEC (Japan), ThyssenKrupp AG (Germany), Mitsubishi Electric Corporation (Japan), Schindler (Switzerland), United Technologies (U.S.), Otis Elevator Company (U.S.), Sigma Elevator Company (Korea), and KONE Corporation (Finland).
March 2019- KONE Elevators has introduced 24/7 Connected Services that is IoT-based for customers in New Zealand and Australia. This service will ensure greater transparency, fewer faults and less equipment downtime. For those utilizing elevators and escalators, this indicates fewer unexpected stoppages, less waiting time and better elevator ride both in their home and office.