Growing Demand in Residential, Commercial Construction Drives Elevators and Escalators Market
The global elevators and escalators market is expected to exhibit a strong 6.01% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global elevators and escalators market is profiled in full detail in the report, which provides a complete historical review of the global elevators and escalators market and provides studied forecasts for the market’s likely growth trajectory over the forecast period. The leading players in the global elevators and escalators market are also analyzed in the report in order to provide readers with a complete overview of the competitive landscape of the market.
The global elevators and escalators market has mainly been driven by the growing demand for urban infrastructure in emerging economies in Asia Pacific, the Middle East, and Latin America. The growing demand for residential and commercial construction in these regions is likely to be a major driver for the global elevators and escalators market over the forecast period, as this is likely to remain the key demand avenue for elevators and escalators in the coming years. The growing demand for walkways and escalators in commercial complexes such as supermarkets and shopping malls is also likely to be a major driver for the elevators and escalators market in emerging regions over the forecast period, as the number of such complexes is likely to grow over the forecast period due to the increasing interest among consumers in these regions.
Technological progression to develop stronger elevators and escalators capable of carrying heavier loads is likely to remain a key trend in the global elevators and escalators market over the forecast period.
Competitive Analysis:
Leading players in the global elevators and escalators market include Electra Ltd., Gulf Elevator & Escalator Co. Ltd., PAPPAS Elevators, Stein Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co. Ltd., Hitachi Ltd., Fujitec, ThyssenKrupp AG, Mitsubishi Electric Corporation, Schindler, United Technologies, Otis Elevator Company, Sigma Elevator Company, and KONE Corporation.
In May 2019, ThyssenKrupp announced plans to float its elevators division amid longstanding concerns about the economic viability of the department for the ailing company.
Segmentation:
The global elevators and escalators market is segmented on the basis of type, service, elevator technology, end use, and region.
By type, the global elevators and escalators market is segmented into elevators, escalators, and moving walkways, with the elevators segment likely to dominate the global market over the forecast period. The escalators segment is expected to exhibit the highest growth over the forecast period due to the growing installation of the same in commercial complexes.
By service, the global elevators and escalators market is segmented into new installation and repair & maintenance. New installation is likely to account for a higher revenue generation figure in the global market over the forecast period.
By elevator technology, the market is segmented into traction, machine room-less, and hydraulic.
By end use, the global elevators and escalators market is segmented into residential and nonresidential.
Regional Analysis:
Asia Pacific holds the major share in the global elevators and escalators market and is likely to retain a dominant share in the market over the forecast period due to the growing demand for multi-story buildings in emerging economies in the region such as China, India, Indonesia, Malaysia, and Singapore. The scarcity of land in urban areas in this region, as well as the increasing influx of immigrants coming into urban areas, has led to a growing demand for multi-story residential buildings. This is likely to drive the demand from the elevators and escalators market over the forecast period. The rapid commercial development of cites such as Manila, Mumbai, Delhi, Shanghai, Beijing, Singapore, and Kuala Lumpur is likely to be a major driver for the elevators and escalators market in Asia Pacific over the forecast period.
Europe holds the second largest share in the global elevators and escalators market, followed by North America.