Pune, India, May 26, 2021 (GLOBE NEWSWIRE) -- The global escalator and elevator market size stood at USD 70.95 billion in 2018 and is anticipated to reach USD 114.65 billion by 2026, exhibiting a CAGR of 6.4% during the forecast period. This information is presented by Fortune Business Insights™, in its report, titled, “Escalator and Elevator Market Size, Share & Industry Analysis, By Product (Elevators, Escalators and Moving Walkway), By Business (New Equipment, Maintenance and Modernization), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026.” As per our researchers, the surging investment in infrastructural activity be it commercial or residential in the emerging as well as the emerged economies is leading to the progress of the market. Construction projects of the biggest and highest commercial schemes in numerous provinces are expected to upsurge the adoption of escalators and elevators. For example, New York City has over 6,000 high-rise buildings in total, 274 of which are skyscrapers. These tall buildings require elevators as well as escalators to reach to any level. The chief users of escalators and elevators is the geriatric population due to their deteriorating health conditions. Furthermore, Shanghai Tower holds the official record for having the fastest elevator in the world along with the highest elevator installed in a building. It also has the fastest double-decker elevator. These innovative and modern developments in the elevators segment is expected to boost the market growth in the long run.
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Manufacturers Introduced Innovative Solutions to Overcome the Pandemic Threats
Since the COVID-19 outbreak hit the world and was announced as a pandemic by WHO, the global trade and transportation scenario has entirely changed. Governments of several regions have announced lockdowns to curb the spread of the virus. Precautionary steps are followed all over the globe such as maintaining social distancing, ensuring sanitization and many others. Manufacturers and researchers have introduced several innovative and hygienic ideas amid the pandemic in order to stop the spread of this infection. For example, in June 2020, Schindler, which is a mega-icon manufacturer of elevators and escalators, announced the launch of CleanMobility, a novel series of touch-free, sanitized, and physical isolation invention that promotes hygiene and protection in elevators, flat escalators or on step-based escalators. This new launch amid the pandemic is expected to boost market growth during the forecast period.
Report Coverage
We have executed an exclusive research method that comprises of information triangulation based on the renowned bottom-up and top-down approaches. Our researchers have lead thorough primary research as well as secondary research to authenticate the estimated size of the escalator and elevator market. The data utilized to depict the shares for multiple segments at the national, regional, and global levels is mined from comprehensive interviews with various experts. Our analysts have also extracted information from funded databases, industry journals, SEC filings, and many other parallel resources.
Segmentation
On the basis of product, the global escalator and elevator market is divided into elevators, escalators, and others. By application, the market is classified into residential, commercial, and industrial. Geographically, the market is bifurcated into North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America.
By business, the market is separated into new equipment, maintenance, and modernization. The new equipment segment has considerably contributed in the growth of the market income and is anticipated to continue dominating in the upcoming years. Whereas, the maintenance segment held a significant share of 32.7% as of 2018.
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Drivers and Restraints
Rising Infrastructural Activities to Boost Market Growth
The tremendous rise in infrastructure expenditure by emerging economies is anticipated to lead to the development of the global market. Furthermore, according to the report presented by UNCTAD Trade and Development, the infrastructure development emphasis of over 40 emerging economies is recorded to be on a higher side. Hence, the governments of these developing nations are adopting advanced modification in the development of several structures such as dams, bridges, highways, ports, schools and airports. This in return is projected to fuel the escalator and elevator market growth. For example, India strategizes to sort out a huge investment for infrastructure development of about USD 1.4 trillion in the coming five years.
Regional Insights
Asia Pacific to Continue Dominating Stoked by Development of Tall Buildings in China
Asia Pacific dominates the market and holds the maximum escalator and elevator market share owing to the surging requirement for development from key countries of this region, such as India as well as South East Asia. In this region, China has considerably contributed to the progress of the market income.
Europe is anticipated to display substantial growth under the maintenance and transformation of escalators and elevators in the long run.
The rising commercial as well as residential spaces in the Middle East & Africa are estimated to substantially contribute to the market growth. For instance, Burj-Khalifa consists of 57 elevators and eight escalators to assist the residents and visitors to reach on different levels of this gigantic tower. The tower service or fireman's elevator holds the capacity of 5,500 kg and is the recorded as the world's tallest facility elevator.
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Competitive Landscape
Companies Enter Into Partnership Agreements to Boost their Market Position
The prominent players of the market are known to draw crucial strategies in order to maintain their dominance over the market globally. The players along with their expert advisors apply strategies such as launching products, signing agreements, entering partnerships and many other things to bolster market growth and widen their reach within the market. For example, in May 2019, Schindler, a key player in the market and Telefonica entered into a partnership regarding digital connectivity. This partnership is intended to offer IoT connectivity for all the advanced escalators and elevators belonging to Schindler. This is expected to boost the demand for escalator and elevator in the future period.
Industry Development
February 2020: Thyssenkrupp traded off its elevator technology occupation to an association managed by Advent, Cinven and RAG foundation. This deal was projected to be in action by the end of 2020.
List of Key Players Covered in the Escalator and Elevator Market Report
- thyssenkrupp AG (Cinven, Advent and RAG foundation)
- United Technologies
- Schindler
- KONE CORPORATION
- Hitachi, Ltd.
- HYUNDAIELEVATOR CO., LTD.
- Mitsubishi Electric Corporation
- Johnson Elevator Co., Ltd.
- Fujitec Co., Ltd.
- Toshiba Corporation
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Escalator and Elevator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Product (Value)
- Elevators
- Escalators
- Moving Walkway
- Market Sizing Estimations and Forecasts – By Business (Value)
- New Equipment
- Maintenance
- Modernization
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Escalator and Elevator Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Product (Value)
- Elevators
- Escalators
- Moving Walkway
- Market Sizing Estimations and Forecasts – By Business (Value)
- New Equipment
- Maintenance
- Modernization
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Country (Value)
- United States
- Canada
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