Global Elevator and Escalator Market was valued US$ 88 Bn in 2017 and is estimated to reach approximately US$ 125 Bn by 2026 at a CAGR of about 6 % during a forecast.
Elevator and Escalator Market is segmented by technology, by product, by service, by the end user, and by region. Elevator and escalator market by type is segmented into elevator, escalator & moving walkways. Based on elevator technology elevator and escalator market is segmented into traction, machine room-less & hydraulic. New installation and maintenance & repair & modernization are service segments of elevator and escalator market. Commercial and residential are end users segments of elevator and escalator market. Geographically elevator and escalator market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Growing technological advancements, the rising popularity of smart intelligent elevator, rising number of multi-storied shopping centers & buildings, upcoming smart cities and growing concern for safety are the key growth drivers for the global elevator and escalator market. The robust growing construction industry is providing growth opportunities for the market during the forecast period. Busy time schedules and increased number of aging population necessitate the facility of escalator and elevator in residential apartments across the globe.
Elevator segment holds 80 % of the market share. Elevator systems consist of a hydraulic elevator, geared elevator, non-geared elevator, and machine room-less elevator (MRLs). Nowadays, MRLS are preferred over conventional geared elevator as they are technologically advanced, save space and consume less energy. New installation as a service will witness the highest growth in the elevator & escalator market. A surge in the growth of the construction industry will ask for more and more installation. The second fastest growing sector is maintenance & repair, the reason being, all new and existing structures that are installed require periodical maintenance & repair for their smooth functioning. This makes the maintenance & repair market very lucrative and fast growing.
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Machine-room-less traction technology is the fastest-growing technology since it is more efficient and provides a smooth ride to its passengers. Newly designed permanent magnet motors (PMM) allow the manufacturers to locate the machines in the hoistway overhead, thus eliminating the need for a machine room, typically over the hoistway. Hydraulic and traction lifts are among the two most commonly used lifts in both residential and commercial buildings. Hydraulic elevator requires a lesser amount of space because their hoistway doesnâ€™t require as much space. Traction elevator is faster compared to their hydraulic counterparts.
Asia region is anticipated to have the largest market share and expected to dominate the market during the forecast period due to a growing number of opportunities in emerging markets, growing commercial, institutional, residential, and infrastructure industries and increasing population. Demand for elevator and escalator are increasing significantly in the developing countries, such as China and India. China held a 69% share in the market in 2017. Demand for elevator and escalator are also expected to upsurge in the Middle-East during the forecast period. The market for maintenance and modernization of elevator and escalator in the developed countries is expected to surge, due to their aging infrastructure and requirement for up-gradation.
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Hitachi, KONE CORPORATION, Mitsubishi Electric, Otis Elevator Company (UNITED TECHNOLOGIES), Schindler, and ThyssenKrupp, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd., Hyundai Elevator Co., Ltd, Toshiba Corporation, and Electra Ltd., Shanghai Mechanical, Canny Elevator and Kleeman Hellas SA. are major players in global elevator and escalator market.
The scope of the Global Elevator and Escalator Market
Global Elevator and Escalator Market by Product Type:
Escalator & Moving walkways
Global Elevator and Escalator Market by Elevator Technology
Global Elevator and Escalator Market by Service Type:
Maintenance & Repair & Modernization
Global Elevator and Escalator Market by End-Use Type:
Global Elevator and Escalator Market by Region:
Middle East & Africa
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Key Player Analyzed in the Global Elevator and Escalator Market:
Otis Elevator Company
FUJITEC, Hitachi Ltd.
Hyundai Elevator Co., Ltd,
Toshiba Corporation, and Electra Ltd.
Kleeman Hellas SA.