Elevators and Escalators are the two unavoidable parts of everyday life of humans. Multifarious malls and skyscrapers make elevators and escalators the must-haves in every building. Busy time schedules and increased number of ageing population necessitate the facility of escalators and elevators in residential apartments across the globe. According to the U.S. Census Bureau, the ageing population (above 65 years) held 8.5% share of the total population worldwide during the year 2015 and is projected to increase its share to 12.0% by 2030. Moreover, factors like rapid urbanization, changing demographics and increasing constructional activities around the world is expected to drive the growth of the global elevators and escalators market rapidly. Safety is considered as the prominent factor in selection of elevators and escalators service providers.
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Elevator systems consist of hydraulic elevators, geared elevators, non-geared elevators and machine room less elevators (MRLs). Nowadays, MRLS are preferred over conventional geared elevators as they are technologically advanced, save space and consume less energy. Based on services, new installation service dominates the global elevators and escalators market due to increasing demand from the developing countries like China. However, maintenance and repair service is projected to grow at a significant rate over the forecast period. The manufacturers are focusing on improving the efficiency of the elevators and escalators coupled with the focus on neat and clean environment.
Elevators and Escalators Market: Drivers
One of the major factors driving the growth of the elevators and escalators market is the increasing demand from the end use sectors like residential, commercial, hospitals, etc. Additionally, increasing focus of government towards high rise infrastructures coupled with increasing need of rapid transit are expected to fuel the growth of global elevators and escalators market. Moreover, continuous investment for the improvement of infrastructure at public places like railway station, airports, shopping malls, etc. is further expected to upsurge the demand for elevators and escalators during the forecast period. Tourism is another sector which encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries.
Elevators and Escalators Market: Restraints
A key factor affecting the growth of the elevators and escalators market negatively is its high initial cost of installation. Moreover, lack of skilled labour for the after sales maintenance is expected to hamper the growth of elevators and escalators market. Furthermore, escalation in consumption of energy and power by elevators and escalators is anticipated to retard the growth of the market during the forecast period.
Elevators and Escalators Market: Segmentation
The global elevators and escalators market can be viewed as two separate niches too, namely elevators market and escalators market. Elevators, on the basis of its capacity are segmented into 450 kg – 1150 kg, 1150 kg – 1500 kg and 1500 kg – 2000 kg. On the other hand, escalators are further segmented into moving walkway and moving stairs escalators.
Global elevators and escalators market can be segmented on the basis of carriage type, application and region. On the basis of carriage type, the elevators and escalators market is segmented into passenger and freight. On the basis of application, the market is segmented into commercial, residential, hotels, transportation, parking and hospital. On the basis of regions, the global elevators and escalators market is segmented into North America, Asia Pacific excluding Japan (APEJ), Latin America, Western Europe, Eastern Europe, Japan and Middle East & Africa (MEA).
Elevators and Escalators Market: Region-wise Outlook
Based on regions, Asia Pacific led by China and India, holds about 65% share in total ageing population of the world and is expected to be the most prominent revenue generation region in the global elevators and escalators market. Europe followed by North America is expected to witness positive growth during the forecast period.
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Elevators and Escalators Market: Players
Some of the examples of the players identified in the global elevators and escalators market are as follows:
- Otis Elevator Company
- Kone Corporation
- Schindler Group
- Thyssenkrupp AG
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- SJEC Corporation