Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "Italy Elevators and Escalators - Market Size & Growth Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Italian elevator and escalator market is expected to grow at a CAGR of 0.89% from 2023 to 2029
The top 4 prominent vendors in the Italy elevator and escalator market include Otis, KONE, Schindler, and TK Elevator, which account for 60% of the market share in Italy.
Italy ranks as the second country globally in terms of elevator infrastructure, boasting nearly 1,000,000 systems that facilitate nearly one hundred million daily trips. Despite this impressive figure, over 70% of the elevators operating in Italy have been functioning for over two decades, nearly 50% surpassing the thirty-year mark.
Italy has a substantial installed base of elevators within Europe; however, numerous multi-story buildings still lack them, adversely affecting comfort and accessibility. Less than 5% of residential buildings in Italy have elevator systems, and only one in eight buildings with three or more floors has an elevator installed. This gap presents an opportunity for major Original Equipment Manufacturers (OEMs) to explore the Italy elevator and escalator market, potentially addressing the demand for elevator installations in these buildings and improving overall accessibility and convenience.
Italian manufacturer Sicor Italy Srl is set to expand its market reach directly to the U.K., France, and Germany from its Italian facilities, effective June 1, 2024. Aritec New Materials Group, headquartered in Luzern, Switzerland, announced a strategic collaboration with Alberto Sassi S.p.A., an Italian firm renowned for its elevator machinery technology, on May 3, 2024. Having operated in Italy for a decade through a subsidiary, Sweden's Hydroware S.r.l., revealed on July 21, 2023, it intends to concentrate on providing completely new lift packages in Italy.
Growth Rate of Digitalization and Increasing Developments in Buildings to Drive the Italy Elevator and Escalator Market
- Italy will likely invest USD 7.8 billion to modernize and increase dock capacity until 2026. The funding is mainly focused on increasing the size of ships that Italy's leading container ports can handle through dredging, new breakwaters, and improved connections to road and rail links.
- USD 30.8 million was allocated to energy efficiency projects and building redevelopment as a critical investment in saving 0.98Mt CO2 by anticipating reduction through energy efficiency in public and private buildings.
- Milan will be one of Europe's most modernized cities, with more public and private developments and an anticipated USD 13 billion in investment by 2030 (including USD 2 billion for public urbanization projects). Additionally, the housing industry in Milan will add 33,000 units by 2030, accommodating 100,000 people.
- According to Eurostat, Italy has Europe's highest homeownership rates. In 2020, over 75% of families owned their homes, accounting for over 20 million units.
Regulation-Driven Maintenance and Modernization of Elevators and Escalators in Italy to Create Demand
- In 2022, maintenance and modernization accounted for 67.9% and 32.1% of Italy's elevator and escalator markets, respectively.
- According to Thyssenkrupp Elevator Italia, around 40% of the total building stock has crossed the 30-year threshold. Various technological advancements have made machine users more functional and economical from an energy perspective. They also need to satisfy EU regulations by sector, which is essential.
- SMI (Scale Mobili Italia) is focused on the maintenance and service of mobility equipment, including elevators, escalators, and moving walkways. In 2018, it introduced training sessions and courses on escalator maintenance for technicians in elevator companies, where they can explore procedures for maintaining, modernizing, and replacing multi-brand escalators.
Government Efforts to Expand Infrastructure Across Nation to Increase Demand for New Installations in the Italy Elevator and Escalator Market
- In August 2020, Hitachi and Italian contractors Webuild and Astaldi were awarded a contract worth USD 2.8 billion to begin initial works on Italy's Verona-Padua high-speed/high-capacity railway project. This project, which is anticipated to reach completion by 2027, aims to enhance the development of the infrastructure sector in Italy.
- Italy will likely invest USD 7.8 billion to modernize and increase capacity at its docks until 2026. The funding is mostly focused on increasing the size of the ships that Italy's main container ports can handle through dredging, new breakwaters, and improved connections to road and rail links.
- Italy has a vast transportation network that spans 18,000 kilometers and includes 7,000 kilometers of motorways and 1,500 kilometers of high-speed rail tracks. The Turin-Lyon high-speed railway is a rail project currently under construction between the cities of Turin and Lyon. This project will reach completion by 2032.
KEY QUESTIONS ANSWERED:
- How big is the Italy elevator and escalator market?
- What is the number of installed bases in the Italy elevator and escalator market in 2023?
- What are the key opportunities in the Italy elevator and escalator market?
- What will be the growth rate of the Italy elevator and escalator market?
- What are the key Italy elevator and escalator market players?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 131 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value in 2023 | 12301 Units |
| Forecasted Market Value by 2029 | 12959 Units |
| Compound Annual Growth Rate | 0.8% |
| Regions Covered | Italy |
VENDOR LANDSCAPE
Key Vendors
- Otis
- KONE
- Schindler
- TK Elevator
- Mitsubishi Electric
- Fujitec
Other Prominent Vendors
- Stannah Lifts Holdings Ltd.
- Cibes Lift Group
- GMV
- NOVA Elevators
- Giovenzana
- Wittur
- Millepiani Elevators
- MoviLift
- Vega Lifts
- Benelifts
- Schmersal Elevators
Elevator Market Segmentation
Machine Type
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Others
Climbing
- Elevators
- Industrial Elevators
Carriage Type
- Passenger
- Freight
Capacity
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
End-User
- Commercial
- Residential
- Industrial
- Others
- Public Transit
- Institutional
- Infrastructural
Escalator Market Segmentation
Product Type
- Parallel
- Multi Parallel
- Walkway
- Crisscross
End-User
- Public Transit
- Commercial
- Others
- Institutional Sector
- Infrastructure
- Industrial
For more information about this report visit https://www.researchandmarkets.com/r/99rela
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