Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The elevator and escalator market size is predicted to reach USD 132.08 billion by 2029 at a CAGR of 6.7% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Elevator and Escalator Market, 2022-2029”. The elevator and escalator industry is growing as a result of increased investment in commercial and residential infrastructure projects in both developing and developed economies. The product is predicted to develop as construction activity on the largest and tallest commercial structures increases in numerous locations. In addition, manufacturers' increased focus on supplying goods with greater safety is projected to drive the market growth. The market stood at 79.90 billion in 2021 and 83.86 billion in 2022.
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COVID-19 Impact-
Abrupt Manufacturing Facilities Shutdown Has Curbed Potential Market Development
The COVID-19 pandemic triggered a global health emergency that was unprecedented and difficult to manage. As a precaution, most of the region's major economies enforced a harsh and abrupt nationwide lockdown, effectively halting financial activity in the region. The abrupt closure wreaked havoc on the labor-intensive and highly unpredictable construction industry. This aspect also hampered global market sales and development by reducing new construction and upgrading operations. The market's expansion was slowed by lower cash liquidity, uncertainty in state investments, and a gloomy attitude among established potential investors.
The disruption and complete breakdown of the manufacturing ecosystem's supply chain shifted the market's decline across numerous areas. A temporary prohibition had been imposed by a number of federal governments. The governments issued urgent measures to halt non-essential commodity movement, resulting in a large gap between the procurement of raw materials for products and actual production at manufacturing facilities. The industry's efficiency and productivity have been harmed by a complete mismatch between supply and demand for basic resources.
Segments-
Product, Business, Application, and Region are Studied
On the basis of product, the market is divided into elevators, escalators, and moving walkways. On the basis of business, the market is segmented into modernization, maintenance, and new equipment. On the basis of application, the market is fragmented into industrial, residential, and commercial. Geographically, the market is classified into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Companies Profiled in the Global Elevator and Escalator Market:
- thyssenkrupp AG (Cinven, Advent and RAG Foundation) (Germany)
- United Technologies (U.S.)
- Schindler (Switzerland)
- KONE CORPORATION (Finland)
- Hitachi, Ltd. (Japan)
- HYUNDAIELEVATOR CO.,LTD. (South Korea)
- Mitsubishi Electric Corporation (Japan)
- Johnson Elevator Co., Ltd. (China)
- FUJITEC CO., LTD (Japan)
- Toshiba Corporation (Japan)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 6.7 % |
| 2029 Value Projection | USD 132.08 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 79.70 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 150 |
| Segments covered | Product; Business; Application; Regional; |
| Growth Drivers | Increasing Investment in Infrastructure to Propel Growth |
| Energy-efficient Elevator and Escalator to Promote Market Growth | |
| Pitfalls & Challenges | Rise in Elevator and Escalator Casualties is Impacting Market Growth |
Report Coverage-
The report examines the industry's dynamics and competitive environment in depth. In addition, the study gives market estimates and forecasts by product type, industry, and region. It includes recent market trends such as mergers and acquisitions, macroeconomic and microeconomic considerations, SWOT analysis, and business profiles, and others.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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Drivers & Restraints-
Increased Investment in Infrastructure will Boost Growth
The market is expected to expand as developing economies increase their infrastructure spending. In addition, the UNCTAD Trade and Development report examines over 40 developing nations, with a focus on infrastructure projects. As a result, numerous rising nation government initiatives to drive their economies are anticipated to create bridges, dams, and urban infrastructure growth, such as ports, schools, highways and airports, which will drive the market. India, for example, intends to spend USD 1.4 trillion on infrastructure over the next five years.
Furthermore, the market is projected to be driven by the growth of smart cities. China's smart city investment was predicted to be over USD 30.4 billion in 2018, according to the Policy Forum, and is expected to reach more than USD 59.9 billion by 2023. Furthermore, due to the increased development of skyscrapers, there is a significant need for high-speed elevators, which is driving market expansion. The Merdeka PNB 118, for example, is a 644m skyscraper currently under development in Malaysia. This tower will be the tallest structure in Southeast Asia when it is completed in 2021. However, the industry is projected to be impacted by rising worries about elevator and escalator accidents that may potentially hamper the elevator and escalator market growth.
Regional Insights-
Asia Pacific to Gradually Occupy the Global Market Owing to Developing Economies
Asia Pacific is expected to occupy the global elevator and escalator market share due to strong growth in demand from key economies and developing countries such as India and Southeast Asia, outperforming its rivals. According to geographical analysis, China has made a substantial contribution to market revenue growth and owns a significant portion of the market pie in said market.
Over the projection period, the market in North America is expected to increase at a reasonable rate. The efforts made by global manufacturers to strengthen their presence in regional markets are a major driver for the market's growth, particularly in the United States. Through strategic mergers and acquisitions of major domestic firms, a number of established global market players are aiming to elevate their operations and develop a loyal client base in the region. For example, TK Elevator completed its acquisition of Accurate Elevator in June 2021 to strengthen its position in the regional market. Furthermore, this marks TK Elevator's fifth acquisition in the North American market in 2021.
The construction of low- to mid-rise commercial complexes, office buildings, and residential infrastructure projects in South America is increasing the demand for elevators in the region. In addition, the growing number of shopping malls and multiplexes is boosting the escalator market by providing services in these infrastructures. Market participants have taken an organic strategy in this region to capitalize on these growth prospects and make a significant effect. Manufacturers are attempting to diversify their product offerings. Mitsubishi, for example, launched its 'u' series escalators to focus on escalator sales in Asia Pacific, the Middle East, and South America, which are emerging as opportunistic markets.
Due to the development of innovative products by Europe-based manufacturers and their expanding popularity across nations such as Germany and the U.K., Europe is expected to grow at a modest rate throughout the forecast period. High-rise building development and renovation can potentially give fresh growth opportunities for the market in this region.
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Competitive Landscape-
Key players Focus on Enhancing their Offerings
To boost their service offerings and expand their domestic presence, key players are pursuing acquisitions of small regional players. Furthermore, technological advancements and ongoing research lead to the development of innovative products and services. Global market competitors' product offerings, as well as mergers and acquisitions, have combined to strengthen the competitive landscape of the market across different regions. For example, Kone Corporation released "digitally connected KONE DX Class Elevators" in 2021, which provide improved performance and extremely efficient elevator operation. Elevators that are digitally connected can better balance people flow, increase productivity, and improve elevator connection at numerous entrance levels.
Industry Developments-
February 2021: To entice buyers from India's burgeoning market, Kone India, a wholly-owned subsidiary of Kone Corporation, recently revealed 35 elevator designs that have been newly created and attractively improved. These will allow consumers to select the most appropriate designs for building interiors, enhancing the infrastructure's beauty and ambiance.
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Elevator and Escalator Key Players Market Share Insights and Analysis, 2021
- Global Elevator and Escalator Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Product (USD)
- Elevators
- Escalators
- Moving Walkway
- By Business (USD)
- New Equipment
- Maintainance
- Modernization
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Elevator and Escalator Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Product (USD)
- Elevators
- Escalators
- Moving Walkway
- By Business (USD)
- New Equipment
- Maintainance
- Modernization
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- United States
- By Product (USD)
- Elevators
- Escalators
- Moving Walkway
- By Product (USD)
- Canada
- By Product (USD)
- Elevators
- Escalators
- Moving Walkway
- By Product (USD)
- United States
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