Published: Feb, 2018
The global elevators and escalators market is dominated by several players. The rising awareness about ecofriendly and green products has paved way for innovative products in the global elevators and escalators market. Manufacturers are working on developing energy-efficient elevators that can suit the requirements of green buildings.
Further, manufacturers are also working towards introducing new range of products suiting modern architecture and design. This is instilling fierce competition among established players in the global elevators and escalators market. The prominent players in the global elevators and escalators market include Otis, Hitachi, Kone, Fujitec, and Mitsubishi.
The global elevators and escalators market is expected to grow at a CAGR of 7.4% during 2017 – 2026 and will reach a total value of US$13.3bn by the end of 2026. Several other factors are believed to augment growth of the market.
Geographically, Asia Pacific region will emerge as the leader of the global elevators and escalators market in the coming years. Rapid development in countries like India and China has resulted in immense growth in the number of infrastructure projects. Among the different range of products, modern equipment will witness tremendous growth as construction of new-age buildings are on the rise.
Ease of Navigation and Speed of Movement will Drive Demand
Elevators and escalators are used in large numbers at airports, malls, railway stations, and public places. They ease navigation in such large public places and also help speed movement. Often, elevators are full in malls during weekends and holidays. To manage the swelling crowds in such areas, malls install multiple escalators. At the same time, the huge area of malls demand escalators at multiple points enabling people to climb up and down floors easily. Such factors garner growth in the global elevators and escalators market.
On the other hand, elevators are also equally important. Most malls have multiple basements for vehicle parking. Since escalators cannot be installed in basements, elevators are the best option for movement. Similarly in airports and railway stations they are important not only to ferry disabled and senior citizens, but also to transport luggage. These aspects bode well with growth of the global elevators and escalators market. Moreover, to ease movement in airports, authorities have introduced flat escalators that reduce the strain for people carrying hand luggage.
Increasing Concerns over Safety May Hamper Growth
While the growing number of infrastructure projects are pushing demand in the global elevators and escalators market, there are some challenges too. Often, cases of accidents leading to grievous injuries and fatalities have questioned the quality of the products. At the same time, ease of operation for all types of people is also a concern.
Manufacturers across the globe have made a note of many of these aspects and with the advancements in technology, they are introducing new innovative products that address these challenges. Research is also on to identify safer and user-friendly products. Such aspects will increase demand in the global elevators and escalators market.
The study presented here is based on a Transparency Market Research report titled “Elevators and Escalators Market (Service Type - Maintenance & Repair, Refurbishing, New Equipment; Application - Residential, Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026.”
The global elevators and escalators market is segmented as:
- Maintenance and Repair
- New Equipment
- North America
- The United States
- The United Kingdom
- Asia Pacific
- India ‘
- South Korea
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