Elevator & Escalator Market
Elevator & Escalator Market (Product Type: Elevator and Escalator; Elevator Type: Passenger Elevators and Freight Elevators; Escalator Type: Step Type and Belt Type; and End Use: Commercial, Residential, and Mixed Block) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
People Flow Solutions for Elevators Increase Footfall in Public Places amid Coronavirus
Innovative measures, such as contact-free operation of lifts via smartphone apps and elevator air purifiers are helping companies in the elevator & escalator market emerge strong during the coronavirus outbreak. Lift majors Kone and Johnson are rolling out safety measures such as remote calling of elevators using WhatsApp to prevent the spread of the COVID-19 virus.
The restricted movement of people in public places has slowed down sales and repair business of elevators. Hence, companies in the elevator & escalator market are introducing people flow solutions that are being used at metro stations and in residential buildings. These solutions include elevator remote calling feature using WhatsApp, which omits the need to touch contaminated buttons and displays.
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Pros, Cons of Hydraulic Elevators and Its Significance in China
High security, extraordinary shaft utilization, and low civil engineering requirements are some of the advantages of hydraulic elevators. However, in several cases, motor noise, hydraulic oil leak, and high installation costs are hampering the sales of hydraulic elevators. As such, the prevention of over-speeding and loss of control are contributing to the popularity of hydraulic elevators. These elevators do not require a machine room and the foundation pit can also be very shallow.
Low requirements of civil construction for hydraulic elevators are grabbing the attention of users in China. However, these elevators are not preferred in high-rise buildings in China, owing to high population density. As such, it is necessary to have high skills and experience in installation workers to establish hydraulic elevators.
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Traction Elevators versus Pneumatic Elevators: Which is Better?
New trends in elevators and escalators, such as smart lifts, traction elevators, and pneumatic elevators are creating value grab opportunities for manufacturers. Traction lifts are found to travel faster than hydraulic lifts, and can be used in both high-rise and mid-rise buildings. Hence, companies in the elevator & escalator market are pushing the sales of traction elevators in high-rise buildings of China, owing to high population density.
Pneumatic elevators, on the other hand, are being highly publicized, since they use vacuum and a valve to move the elevator car upward and air to move it. Manufacturers in the elevator & escalator market are targeting pneumatic lifts for places where there is a limited passenger footfall. These lifts are being designed in wheel-chair accessible mode.
Moving Walkway Solutions Gain Prominence at New Airport Projects, Shopping Malls
The elevator & escalator market is slated to clock a favorable CAGR of 7% during the forecast period, as companies are shifting their manufacturing capabilities to moving walkway solutions. Hitachi’s moving walkways are acquiring popularity as futuristic technology to move a large number of people with least waiting time. Stakeholders are taking cues from such companies to increase the availability of horizontal and inclined moving walkways that offer flexibility to clients for using them in different environments.
Emergence of new airport projects, launch of shopping malls in tier 1 & tier 2 cities, and renovations of railway stations are fueling the demand for moving walkway solutions. Such trends are translating into revenue opportunities for companies in the elevator & escalator market.
Next Gen Mobility Solutions Offering Time, Energy Efficiencies in Urban India
The elevator & escalator market is projected to surpass the revenue of US$ 66.3 Bn by 2031. Automatic door solutions and human insight-driven designs are being preferred by users. Companies such as thyssenkrupp are gaining prominence in India for the next gen solutions namely MULTI, ropeless elevators, and their cloud-based predictive maintenance service.
Companies in the elevator & escalator market are increasing efforts to develop state-of-the-art systems that offer time and energy efficiencies. These modern solutions are being preferred for the urbanization and transformation of smart cities in India. Companies are broadening their revenue streams in passenger boarding bridges and intelligent gate systems.
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The Germany-based startup UVIS is gaining attention for its coronavirus killing escalators integrated with a UV (ultraviolet) light box, which helps to disinfect handrails. Hydraulic elevators are gaining recognition for their self-rescue advantage in case people are trapped in the elevator car. However, they are not preferred in high-rise buildings, owing to their limitations in design. Hence, companies in the elevator & escalator market should increase the availability of traction elevators that can be used in both mid-rise and high-rise buildings. Manufacturers are expanding their systems in passenger boarding bridges and ground support equipment. MRL elevators are creating revenue opportunities for companies in the elevator & escalator market, since they offer space efficiency.
Elevator & Escalator Market: Overview
- According to the latest market report published by Transparency Market Research on the elevator & escalator market for the period 2021–2031 (wherein 2021 to 2031 is the forecast period and 2020 is the base year), maintenance and modernization of existing elevators & escalators are key factors responsible for the growth of the elevator & escalator market
- Globally, revenue generated by the elevator & escalator market was valued over US$ 31.6 Bn in 2020, which is expected to expand at a CAGR of 7%, in terms of value, during the forecast period
Increase in Construction of Skyscrapers: Key Driver of Elevator & Escalator Market
- Demand for skyscrapers is increasing globally, helping to boost the high-rise elevator & escalator market. Planners and developers are starting to turn to luxury residential towers due to the shrinking supply of land combined with increasing population. Big cities around the globe are increasingly adopting and building skyscrapers for commercial, mic block, and residential proposes. The aim of skyscrapers is steadily changing, from a show of wealth and decadence, to luxury office space. Additionally, high-rise buildings are now offering premium quality housing, providing a great quality of life.
- Rising trend to modernize existing and aging infrastructure is observed in the elevator & escalator market in recent years. Aging of the existing installed base of elevators & escalators coupled with the need to comply with safety requirements of elevators & escalators are the key factors fueling the elevator & escalator market. Modernization of elevators and escalators increases their energy saving potential up to 70%, which is the major factor boosting market growth.
Continuing Evolution of Internet of Things (IoT) in Elevators & Escalators: Significant Opportunity for Market
- The integration of IoT with elevators & escalators is offering a potential growth opportunity to the global elevator & escalator market. IoT makes it possible for a product to collect, exchange, and analyze data with its operator, manufacturer, and other devices, which is highly relevant to the elevator & escalator industry. IoT enables modern elevators & escalators to anticipate traffic and respond in real-time intelligently, communicate with service teams, and allow passengers to summon the elevator & escalators via a mobile application. Moreover, by using a connected sensor in an elevator and escalator, the flow of passengers can be better managed by lessening wait time.
Growing Construction/Real Estate Sector: Key Trend of Elevator & Escalator Market
- Commercial and mixed-block development trend is on the rise. In real estate, trends come and go. In recent years, the pendulum has shifted back to the mixed block. As a result, mixed block development has become increasingly popular. There has been a rise in the construction of mixed block high-rise buildings. Mixed block tall buildings can include residential blocks, offices, retail, serviced apartments, exhibition centers, hotels, casinos, etc. This is a factor driving the elevator & escalator market.
Stringent Government Regulations Expected to Hamper Growth of the Market
- Stringent government regulations and policies governing the safety standards of elevators and escalators have compelled manufacturers to adhere to strict standards and certifications, and this is a challenge for the elevator & escalator market. Almost half of fatal elevator accidents involve workers engaged in maintenance or repairing of elevators. However, accidents involving passengers draw the maximum attention. Strict maintenance requirements and safety standards help keep elevators & escalators safe from these incidents. Manufacturers of elevators & escalators are required to abide by safety standards mandated by governments in different regions.
Elevator & Escalator Market: Competition Landscape
- Detailed profiles of manufacturers of elevators & escalators have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the elevator & escalator market include
- Fujitec Co. Ltd.
- Hitachi, Ltd.
- Hyundai Elevator Co., Ltd.
- KONE Oyj
- Mitsubishi Electric Corporation
- Orona Group
- Otis Elevator Company
- Schindler Group
- thyssenKrupp AG
- Toshiba Corporation
Elevator & Escalator Market: Key Developments
- Prominent players in the elevator & escalator market are increasing investments on innovative products to fulfill the needs of end users and offer them customized solutions. Manufacturers are also planning to expand their product range and presence in various geographies through mergers & acquisitions and offer customized solutions to end users.
- Some other key developments in the elevator & escalator market are highlighted below:
- In November 2018, thyssenkrupp Elevator introduced two new elevator product lines, ‘synergy’ and ‘evolution’ for low- and mid-rise buildings in Europe. These new product lines are a response to increasing market need for enhanced design, quality, and service, and proves Thyssenkrupp’s commitment to providing the best possible customer experience. The completely re-engineered “synergy” and “evolution” include three models each: 100/200/300, and offer comfortable and safe transportation in low-rise and mid-rise buildings for residential, commercial, and infrastructure applications.
- In December 2018, Orona Group collaborated with India's Gilco Global. Gilco Global Private Limited is the official Orona authorized distributor of the Orona 3G product platform in India.
Elevator & Escalator Market – Scope of the Report
A new study on the global elevator & escalator market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global elevator & escalator market. TMR’s study offers valuable information about the global elevator & escalator market to illustrate how the market would grow during the forecast period of 2021 - 2031.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR) have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global elevator & escalator market during the forecast period.
An extensive analysis on business strategies of leading market players has also been featured in TMR’s study on the global elevator & escalator market. This can help readers understand principal factors to foresee growth in the global elevator & escalator market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global elevator & escalator market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Elevator & Escalator Market Study
- What are the key factors influencing the elevator & escalator market in each region?
- What will be the CAGR of the global elevator & escalator market between 2021 and 2031?
- What is the future scope and changing trends in technologies in the global elevator & escalator market?
- Which factors will impede the growth of the global elevator & escalator market during the forecast period?
- Which are the leading companies in the global elevator & escalator market?
Research Methodology – Elevator & Escalator Market
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global elevator & escalator market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global elevator & escalator market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the elevator & escalator market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from elevator & escalator industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global elevator & escalator market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global elevator & escalator market more reliable and accurate.
Elevator & Escalator Market – Segmentation
TMR’s study on the global elevator & escalator market includes information categorized into five sections ? product type, elevator type, escalator type, end use, and region. Changing industry trends and other crucial market dynamics associated with these sections of the elevator & escalator market have been discussed in detail.