In 2017, a total of 793,000 new elevators were sold globally, a slight rise of 3% from a year earlier, thanks to the increased demand from Asia-Pacific and Europe, bringing global elevator ownership to estimated 14.5 million units. It is predicted that in 2018 global new elevator sales will sustain growth in the context that global economy is on a steady rise, expectedly reaching 813,000 units with a year-on-year increase of 2.5%.
Globally, most elevators are produced and sold in Asia-Pacific region and China is the largest producer and consumer of elevators. World-renowned elevator brands have set up their either own companies or joint ventures in China, making the country a center of global elevator production.
New elevator market:
In 2017, around 480,000 elevators were sold in China, up 2.1% year on year driven by the property market growth. Shanghai Mechanical & Electrical Industry Co., Ltd., Guangzhou Guangri Stock Co., Ltd. and Canny Elevator (except for players with smaller business scale, like SJEC Corporation and Shenyang Yuanda Intellectual Industry Group) saw a varied increase in new elevator sales, of which Shanghai Mechanical & Electrical Industry Co., Ltd. reached the highest 75,600 units, a year-on-year increase of 9.4%, a 15.8% share of the total.
Under the impetus of urbanization, aging population, fast-growing urban rail transit, enforcement of the policy for elevator installation in old buildings as well as a growing number of old elevators to be replaced, Chinese elevator market will continue to grow steadily in the next five years, and till 2022 the sales of new elevators is anticipated to record 560,000 units.
The ownership of elevators has been climbing in China year after year. By the end of 2017, there had been a total of 4.8 million elevators in China. Higher ownership has contributed to the robust elevator maintenance business. Assuming the maintenance cost of RMB8,000/year for each elevator, Chinese elevator maintenance market size now reaches RMB38.4 billion and will fetch RMB52 billion by 2022.
At present, Chinese elevator maintenance market is in a state of disorderly competition. As the elevator maintenance is featured with high gross margin and huge market space, Chinese and foreign brands attach great importance to the development of the maintenance business, and they have rushed into the maintenance market successively. In the future, Chinese elevator maintenance market will be developing in an orderly and sound way.
Global and China Elevator Industry Report, 2018-2022 highlights the following:
Global elevator industry (new elevator market, maintenance market and competitive landscape);
China elevator industry (new elevator market, maintenance market, competitive pattern and development tendency);
Elevator demand in China (demand from downstream sectors, demand structure, factors influencing demand);
7 foreign and 10 Chinese companies (operation, elevator business, R&D and investments, development strategies, etc.)