Elevator escalator market size was estimated at USD 77.86 billion in 2019 and is projected to reach USD 120.43 billion by 2027, at a CAGR of 6.3% from 2022 - 2030.
Elevators and escalators are two unavoidable aspects of human life. Elevators and escalators are a must-have in any building due to the variety of malls and skyscrapers. Busy time schedules and an increased number of aging population necessitate the facility of escalators and elevators in residential apartments across the globe. According to the United States Census Bureau, the aging population (those over the age of 65) accounted for 8.5% of the overall global population in 2015, and this figure is expected to rise to 12.0% by 2030.
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The growing demand from end-use sectors such as residential, commercial, and hospitals is one of the key factors driving the elevators and escalators industry's growth. Furthermore, the government's increased emphasis on high-rise infrastructure, combined with the growing need for rapid transit, is expected to accelerate the growth of the global elevators and escalators industry. Furthermore, continuous investment in infrastructure development at public places such as railway stations, airports, shopping malls, and so on is expected to boost demand for Elevators And Escalators Market Growth during the forecast period. Tourism is another industry that drives demand for elevators and escalators in strategic locations for the comfort and convenience of tourists visiting the respective countries.
COVID-19 Impact on the Global Elevators and Escalators Market
The elevators and escalators industry has been adversely affected in recent months as a result of lockdowns enforced in the majority of countries due to the COVID-19 outbreak in December 2019. Several nations, including Italy, the United States, and India, have experienced curfew-like circumstances in which companies (other than essential services) were not permitted to operate. Furthermore, the COVID-19 outbreak has delayed the construction industry's growth in recent months, triggering delays that can be traced to many disrupted supply chains. To prevent the spread of the virus, most commercial building projects were ordered to be halted. These factors have significantly impacted the demand for elevators and escalators in recent months. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of difficulties, as most commercial projects are likely to be left unfinished or delayed due to supply chain disturbances, cash flow constraints, workforce unavailability, and production shutdown. The halt in construction operation at project sites has added to the financial pressures on many manufacturers and developers.
The demand for elevators and escalators is expected to rise in the coming months as many governments plan to lift the lockdowns gradually. As the lockdowns gradually end, the construction industry is expected to expand, but not at the same rate as in previous years. As commercial projects resume around the world, demand for elevators and escalators is expected to rise in the coming months. The elevators and escalators market is projected to recover in the first quarter of 2021 and rise at a substantial CAGR over the next five years, with China leading the global market.
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The global elevators and escalators industry has been segmented into type, service, elevator technology, and end-user.
Based on type, the global elevators and escalators market has been segmented into elevators, escalators, and moving walkways.
Based on service, the global elevators and escalators market has been segmented into new installation and maintenance repair.
By elevator technology, the global elevators and escalators market has been segmented into traction, machine room-Less, and hydraulic.
Based on end-user, the global elevators and escalators market has been segmented into residential and non-residential.
Geographically, the global elevators and escalators industry has been divided into four major regions such as Europe, North America, Asia Pacific and the Rest of the World.
In 2016, the Asia Pacific region held the largest market share and is expected to rise at the fastest CAGR during the review period. The growing demand from the residential and construction sectors is the primary factor driving the market's expansion. Government regulations that are more supportive of the market are also fueling its development. In India, for example, the government announced numerous major policy measures, including the Real Estate Act 2016, an amendment to the Benami Transactions Act, a 100% deduction in profits for affordable housing construction, a change in arbitration rules for construction firms, and many others. These policies would help to improve the country's construction industry and increase market demand. Asia Pacific's main markets are China, Japan, India, and Singapore. China is one of the region's most important markets.
The prominent players in the global elevators and escalators market include KONE Corporation (Finland), Sigma Elevator Company (Korea), Otis Elevator Company (U.S.), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Elevator And Building Systems Corporation (Japan), Stein Ltd (Russia), PAPPAS Elevators (Russia), Gulf Elevator Escalator Co. Ltd. (Saudi Arabia) and Electra Ltd. (Israel).
The global elevators and escalators market is predicted to grow at a CAGR of 6.01% from 2020 to 2027 (forecast period). Rapid urbanization, changing demographics, and increased construction activity around the world are anticipated to drive rapid growth in the global elevators and escalators industry.
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It was in 2020 that transition was steady and supposed to be unexpected. The year made tremendous changes to almost every aspect of our everyday lives. Certainly this has not been the concern of the vertical transport industry. Vertical transport was a priority of the global pandemic. Lifts and escalators were the subject of conversations on renovation and revival of buildings for their critical function.
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