The global smart elevators and escalators market is dominated by companies such as Cisco Systems Inc., Mitsubishi Electric Corporation, Otis Elevator Company, ThyssenKrupp AG, Hitachi Ltd., Toshiba Corporation, Kone Corporation, Schindler Holding Ltd., Kleemann Hellas SA, and Fujitec Co. Ltd. Among these, Otis, Schindler, ThyssenKrupp, and Kone Corporation dominated the global smart elevators and escalators market in 2015, holding a collective share of more than 61% in the market.
According to Transparency Market Research (TMR), the key strategies expected to be pursued by key players in the smart elevators and escalators market are acquisition of smaller regional players in order to extend their geographical reach and consistent product innovation to remove the flaws in existing designs.
The revenue of the global smart elevators and escalators market is expected to reach US$96.8 bn by the end of 2016 and further rise to more than US$150 bn by the end of 2023. The market is expected to exhibit a steady 6.2% CAGR from 2015 to 2023.
Elevators to Remain Dominant Product Segment
By product type, the global smart elevators and escalators market is segmented into elevators and escalators. The segment of elevators is further divided by weight into 450 kg-1,150 kg, 1,150 kg-1,500 kg, 1,500 kg-2,000 kg, and others. Escalators are segmented into moving walkway escalators and moving stairs, of which the latter held the larger share in 2015. By weight, the 1,500 kg-2,000 kg elevators segment is likely to be the leading contributor to the global smart elevator and escalator market in the coming years. Despite the rising demand for escalators in urban construction, elevators are likely to remain in use due to their widespread user base.
Geographically, the global smart elevators and escalators market is led by Asia Pacific, which is driven mainly by the increasing demand from China and Japan. The annual revenue of the Asia Pacific market for smart elevators and escalators is expected to rise to US$68.9 bn by the end of 2023.
Rising Urban Construction Drives Demand for Smart Elevators and Escalators
The key demand driver for the global smart elevators and escalators market is the rapid urbanization in emerging countries such as China and India. The booming residential construction industry in Asia Pacific has led to a steady demand for elevators and escalators, while an increasing number of urban buildings are adopting escalators as well. The increasing number of malls and super/hypermarkets in regions such as Asia Pacific, the Middle East, and Latin America is another key driver for the global smart elevators and escalators market.
The improving economic position of countries such as India, China, Egypt, Brazil, the UAE, South Korea, Argentina, etc. is vital for the future of the smart elevators and escalators market. Brazil, in particular, generated significant amounts of revenue due to the new construction required for the 2014 FIFA World Cup and 2016 Rio Olympics. Russia, Japan, and Qatar, hosts of the 2018 FIFA World Cup, 2020 Summer Olympics, and 2022 FIFA World Cup, respectively, are thus likely to be key contributors to the global smart elevators and escalators market in the coming years.
Low Replacement Rate to Hinder Market Operations
One of the prime restraints on the global smart elevators and escalators market is their high costs. The manufacture as well as certification of advanced elevators and escalators is cost-intensive, presenting a significant constraint on the market’s development. Another key restraint on the smart elevators and escalators market is that there is no pressing need to replace them once installed.
The information in this preview comes from a Transparency Market Research report titled ‘Smart Elevators and Escalators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.’
The global smart elevators and escalators market is segmented as follows:
Global Smart Elevator and Escalator Market: By Type
- 450 kg - 1,150 kg
- Moving Walkway Escalators
- Moving Stairs
Global Smart Elevator and Escalator Market: By Application Type
- Parking Building
Global Smart Elevator and Escalator Market: By Geography
- North America
- Asia Pacific
- Rest of the World
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