Elevator and Escalator Market Size, Scope, Trends & Growth (2021 - 2026)
Various industries demand elevators and escalators because they provide comfort and ease for the movement of people and goods between the different floors of a building. These are some of the main reasons that have led to the growth of the industry. The residential industry has long been the main contributor to the growing demand for elevators and escalators. But in recent times, it has been in close competition with the commercial industry.
Increasing investment in commercial and residential infrastructure in developing and developed economies is driving the market growth. Construction work from the largest and tallest commercial projects in various regions is likely to increase product adoption. Factors such as increasing urbanization, increasing digitization, increasing geriatric population, growth of the construction business, and aging of the E&E installed base is said to drive market growth.
Drivers and Restraints of Elevator and Escalator Market:
Elevator and escalator manufacturers focus on creating sustainable products to appeal to environmentally conscious consumers. Green elevators have several features, including LED lights, recycled materials, and water-soluble paints. Additionally, escalator and elevator companies are focusing on using alternatives to rope and pulley systems, such as magnetic motors, which are gaining popularity with customers. In addition, the recognition given to these green products attracts investment from manufacturers.
However, market growth would be compromised by the high cost of installation and configuration, a shortage of skilled labor, and strict safety standards. Some notable trends may include the acceleration in the development of smart cities, the increase in tourism activities, the increasing penetration of new technologies, and the increase in demand energy efficient elevators.
Elevator and Escalator Market Segmentation:
Elevators represent 2% to 7% of the total energy consumed in the entire building and have a significant margin for improvement in energy consumption. Therefore, manufacturers are focusing on the development of energy-efficient elevators. These elevators consume less energy with improved hardware and controls and offer greater compactness. In addition, increased government initiatives to conserve energy are expected to lead to the growth of the market for energy-efficient elevators and escalators. For example, the Swiss government encouraged the renovation of old elevators to improve energy efficiency in 2019, with Schindler Switzerland as a technology partner. Therefore, it is likely to result in a strong demand for electrically competent elevators.
The elevator market derives its revenue from new elevator installations (unit and service), maintenance, and modernization. Smart elevators are gaining popularity in high-rise projects because they reduce waiting time and allow people to reach their destination floors in minimal time. These technological advancements in elevators will increase their adoption.
By End-use Industry:
Escalators and elevators have a high penetration in shopping centers, such as shopping malls, shopping malls, and shared workplaces. The growing trend towards eco-efficiency, flexible design, and safety is driving the commercial segment. Additionally, the rise of self-employment has sparked demand for more coworking in recent years. Therefore, the evolution of office space investments is expected to further contribute to the growth of the escalator and elevator market. For example, in 2018, the Indian embassy official said it would raise around $ 775.7 million through the First Real Estate Trust of India.
Elevator and Escalator Market Region wise analysis:
Marked Segmentation based on the region:
Europe is expected to show growth in escalator and elevator maintenance and modernization.
85% of the market growth will come from APAC during the forecast period. China, India and Japan are the key markets for the elevator and escalator market in APAC. Market growth during this region are going to be faster than market growth in other regions. The development of smart cities due to the constant increase in urban population will facilitate the growth of the elevator and escalator market in APAC during the forecast period.
a. Middle East
Increased commercial and residential construction activity in the Middle East and Africa is expected to contribute significantly to market growth.
Key Players of Market:
IMPACT OF COVID-19 ON ELEVATOR AND ESCALATOR MARKET:
In addition, the disruption of the supply chain of raw materials and the closure of construction activities, caused by the COVID-19 pandemic, has caused a drop in the demand for elevators and escalators, which ultimately had a negative impact on the growth of your market Worldwide. The elevator and escalator market has been negatively affected in recent months due to lockdowns imposed in most countries due to the COVID-19 pandemic outbreak in December 2019. Several countries, including Italy, United States United States and India have witnessed curfew-like situations where businesses (except essential services) were not allowed to operate. Furthermore, the impact of the COVID-19 outbreak has slowed the growth of the construction industry in recent months, leading to delays, which can be attributed to several disrupted supply chains. Most commercial construction projects have been ordered closed to slow the spread of the virus. The factors mentioned above have had a significant impact on the demand for elevators and escalators market in recent months. Elevator and escalator manufacturers and the entire construction industry are expected to face various challenges as most commercial projects are likely to be unfinished or delayed due to supply chain disruptions, flow restrictions of cash, lack of availability of labor and stoppage of production. The cessation of construction activity at the project sites put increased financial pressure on several manufacturers and developers.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Elevator and Escalator Market, By Type
6.1.1 Elevators (passenger, freight, single, and double-deck elevators)
6.1.3 Moving walkways
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Elevator and Escalator Market, By Service
6.2.1 New installation
6.2.2 Maintenance & repair
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Elevator and Escalator Market, By End Use Industry
6.3.5 Others (industrial and marine industry)
6.3.6 Market Size Estimations & Forecasts (2021-2026)
6.3.7 Y-o-Y Growth Rate Analysis
6.3.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Service
7.2.4 By End Use Industry
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Type
7.3.3 By Service
7.3.4 By End Use Industry
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Service
7.4.4 By End Use Industry
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Type
7.5.3 By Service
7.5.4 By End Use Industry
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Type
7.6.3 By Service
7.6.4 By End Use Industry
8. Key Player Analysis
8.1 Fuji Electric Co. Ltd.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Fujitec Co. Ltd.
8.3 Hitachi Ltd.
8.4 KÖHLER Elevator GmbH
8.5 KONE Corp.
8.6 Mitsubishi Electric Corp.
8.7 Otis Worldwide Corp.
8.8 Schindler Holding Ltd.
8.9 thyssenkrupp Elevator AG
8.10 Toshiba International Corp.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures