Pune, India, Sept. 09, 2021 (GLOBE NEWSWIRE) -- The global elevator and escalator market size was USD 77.82 billion in 2020. The market is projected to grow from USD 79.7 billion in 2021 to USD 122.8 billion in 2028 at a CAGR of 6.4% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Elevator and Escalator Market, 2021-2028.”
The increasing investment in commercial and residential infrastructure ventures in the emerging as well as established economies, is leading to the growth of the market. Surging construction projects of the biggest and tallest commercial buildings in various regions are anticipated to develop the approval rate of the product.
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Key Providers Present in This Market
- thyssenkrupp AG (Cinven, Advent and RAG foundation) (Essen, Germany)
- United Technologies (Massachusetts, United States)
- Schindler (Ebikon, Switzerland)
- KONE CORPORATION (Espoo, Finland)
- Hitachi, Ltd. (Tokyo, Japan)
- HYUNDAI ELEVATOR CO., LTD. (Gyeonggi-do, South Korea)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Johnson Elevator Co., Ltd. (Jiangsu, China)
- FUJITEC CO., LTD (Tokyo, Japan)
- Toshiba Corporation (Tokyo, Japan)
REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.4% |
| 2028 Value Projection | USD 122.83 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 77.82 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Tables, Charts & Figures | 67 |
| Segments covered | Product; Business; Application; and Region |
| Growth Drivers | Increasing Investment in Infrastructure to Propel Growth |
| Energy-efficient Elevators and Escalators to Bolster Market Growth | |
| Increasing Infrastructural Developments to Boost Market Growth | |
| Pitfalls & Challenges | Rise in Elevator and Escalator Casualties is Impacting Market Growth |
COVID-19 Impact
Sudden Shutdown of Production Facilities to Restrain Latent Market Improvements
The COVID-19 pandemic outbreak formed an unparalleled and complicated health emergency across the world as a security measure majority of the important countries enforced a stringent and exponential countrywide lockdown limiting the monetary happenings within the region.
Moreover, the unexpected termination had a hard-hitting influence in labor concentrated and extremely unstable construction sector, which also declined novel construction and reconstruction doings, hindering the sales and progressions of the market.
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Report Coverage
We have executed an exclusive research method that comprises 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 this 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 analysis by-product, the market is classified into elevators, escalators, and moving walkways. The escalators segment is expected to be the fastest-growing segment in the market.
By business, the market is categorized into new equipment, maintenance, and modernization.
Based on applications, the market is segmented into residential, commercial, and industrial.
In terms of region, the market is branched into North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America.
Drivers and Restraints
Increasing Infrastructural Developments to Boost Market Growth
The incredible upsurge in infrastructural spending by developing countries is guessed to result in the expansion of the global market. Additionally, as per the statistics issued by UNCTAD Trade and Development, the infrastructure progression prominence of about 40 developing nations is documented to be on a greater side.
Therefore, the governments of these emerging countries are implementing progressive alterations in the development of numerous infrastructures such as dams, bridges, highways, ports, schools, and airports. This is expected to bolster the elevator and escalator market growth.
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Regional Insights
Asia Pacific to Dominate Backed by Rising Development in India
Asia Pacific held the maximum elevator and escalator market share owing to the rising necessity for development from chief nations of this region, such as India as well as southeast Asia.
North America region documented a moderate pace of growth over the forecast period. The struggles made by the global producers to reinforce their occurrence in the regional market is a grave reason behind the prosperous market, particularly in the U.S.
In South America, the construction of low to midrise commercial developments, office structures, and residential infrastructure ventures are amplifying the necessity of elevator and escalator across the region of South America.
Competitive Landscape
Companies Enter Into Collaborative Contracts to Strengthen their Market Positions
The important players of the market are known to form vital tactics in order to preserve their domination over the market worldwide. The players, along with their professional consultants, apply strategies such as unveiling products, entering tactical contracts, engaging in collaborations, and many other things to thrust market growth and broaden their growth horizon throughout the market.
Industry Development
February 2020: Thyssenkrupp traded its elevator technology business to an association managed by Cinven, Advent, as well as RAG foundation.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Business
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Elevator and Escalator Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Elevator and Escalator Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
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- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
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- Primary Interview Responses
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