According to BlueWeave Consulting, the Global Elevator and Escalator Market valued USD 115 Bn in 2019, expected to grow at a CAGR of 6% during the forecast period 2019-2025. By definition, the elevator and escalators are a vertical mode of transport that makes people or goods move between floors of a building operated by electric motors. Extensive investments in construction & infrastructure markets mark the prime reason for the ever-growing market for Elevator & Escalator. A new generation of elevators and escalators equipped with innovative technologies are offering energy-efficient and cost-effective solutions.
The Elevator & Escalator market’s unprecedented growth is mainly due to upcoming high rise buildings, new hotels & shopping malls, and souring FDIs in the construction and retail sectors.
The key factors such as rising urbanization in developing countries, awareness regarding accessibility issues, growing demand for conventional systems, shifting demographics, demand for energy-efficient products, and greener building solutions are likely to foster advanced elevators & escalators over the forecast period.
The Elevators is the Most Lucrative Segment of the Global Elevators and Escalators Market over the Forecast Period.
The Escalators and Elevators Market can be segmented by type into Elevators, Escalators & Moving walkways. The elevators segment will dominate the market during the period owing to its extensive usage across industries. Due to the high demand for installations in residential, retail, transportation, and hospitality sectors, the segment flourished. The escalator segment will also grow at a higher CAGR during 2019-25 due to a continual increase in escalator installations across airports, metros, and railway development projects worldwide. The elevators manufacturers are relying on the recent growth of the e-commerce industry that will, in turn, create a huge demand for various types of elevators to cater to the logistics and warehousing storage needs. Furthermore, rising demand for elevators with Automatic Rescue Device will boost the global elevators and escalators market in the coming years.
The Commercial Segment will mark the highest market share for Global Elevators and Escalators Market.
The Commercial Segment includes office elevators, hotel elevators, hospital elevators, airports and shopping malls elevators, and commercial store elevators. The commercial sector is flourishing, so is the demand for high performance, low break down, smooth operation, efficient-energy, and beautiful aesthetics elevators & escalators. The recent trend of smart elevator adoption will create more market opportunities.
The Asia Pacific is the fastest-growing region on accounts of rapid industrialization in the Global Elevators and Escalators Market over the Forecast Period.
Asia-Pacific will record a significant growth rate in the coming years. The region offers potential growth opportunities, as developing countries such as China and India are emerging markets, making the region the fastest-growing market for elevators & escalators. The regional market is propelled by factors such as the residential, commercial, institutional, and infrastructure industries’ growth. Moreover, the increasing population and economic development are other factors that further drive this market’s growth. Rapid urbanization has also shaped up as a universal trend and has particularly enveloped the Asia Pacific region. Furthermore, joint ventures of domestic companies and international players have created a constructive environment favorable for the growth of elevators and escalators market over the coming period.
Global Elevators and Escalators Market Competitive Landscape
Key players in the escalators and elevators market include Canny Elevators, Fujitec Co. Ltd, Hyundai, Johnson Lifts, Kleenmann Group, KONE Corporation, Hitachi, Mitsubishi, Otis Elevator Company, Schindler Holding Limited, Sigma, ThyssenKrupp Elevator AG, and Toshiba. The market is consolidated due to the dominance of a few strong players. Acquisitions, mergers, and new product developments are key strategies used by crucial participants to improve their competitiveness and to cater to customer bases in the global market.