Elevator and Escalator Market in APAC to increase by USD 12.83 billion from 2022 to 2027 | Development of smart cities in the APAC region drives the market - Technavio

NEW YORK, Nov. 26, 2023 /PRNewswire/ -- The elevator and escalator market in APAC is expected to grow by USD 12.83 billion from 2022 to 2027. However, the growth momentum of the market will be progressing at a CAGR of 2.91% during the forecast period. The market is segmented by End-user (Residential and Non-residential) and product (Elevator and Escalator). 

Development of smart cities in the APAC region is notably driving the market growth. A smart city leverages information and communication technology and the IoT to use a city's resources intelligently and efficiently. One of the key features of a smart city is its smart infrastructure, which includes elevators and escalators that form an integral part of daily commutes. These smart commute solutions not only consume less energy but also have enhanced monitoring systems. The concept of smart cities is gaining traction worldwide, especially in the Asia Pacific region, which has seen rapid urbanization and a growing need to lower energy consumption. As a result, the Asia Pacific elevator and escalator market is expanding.

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Key Higlights:

• The report recognizes the following as some of the key players in the APAC elevator and escalator market: Doppelmayr Seilbahnen GmbH, EITA Elevator M Sdn. Bhd, Fujitec Co. Ltd., Glarie Elevator Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., IFE Elevators Co. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., Sicher Elevator Co. Ltd., Sigma Elevator Co., Stannah Group of Co., Sunlong Elevator Co. Ltd., Suzhou Diao Elevator Co. Ltd., Syney Electric Co. Ltd., thyssenkrupp AG, Toshiba Corp., and Yuanda China Holdings Ltd.
• Elevator and Escalator Market in APAC is fragmented in nature.
• Market to observe 2.45% YOY growth in 2023.

Market Dynamics: Trends & Challenge 

The introduction of smart elevators is an emerging trend shaping the market growth. Elevators and escalators are becoming more advanced and are no longer just used for transportation. Companies are now using cognitive analytics to monitor these machines in different locations. In order to collect data on their performance, various sensors are employed.

Volatile raw material prices are a significant challenge hindering market growth. Steel stock, wire rope, and stainless steel are raw materials required to manufacture elevators and escalators. To manufacture various elements for elevators and escalators, such materials are used. The costs of these materials have been increasing due to the rising demand for the end products. The volatility can enhance the manufacturing cost of elevators and escalators. 

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Keg Segments:

• The market share growth of the residential segment will be significant during the forecast period. The residential elevator market segment is for elevators used in residential buildings. The demand for residential buildings, especially high-rises, has been increasing, leading to the growth of the APAC elevator and escalator market. Rapid urban population growth in Asian countries such as India, China, Indonesia, Cambodia, and Vietnam has expanded the demand for high-rise buildings.

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The Australia - Elevator and Escalator Market size is estimated to grow at a CAGR of 4.25% between 2022 and 2027. The market size is forecast to increase by USD 507.45 million.  

The elevator and escalator market in India is estimated to grow at a CAGR of 8.9% between 2022 and 2027, and the size of the market is forecast to increase by USD 784.24 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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