The overall global market was at USD 68.31 Billion in the year 2015, which faced a downfall in the year 2020 due to the Covid pandemic. The market is to grow with an anticipated CAGR of over 6% through 2021-2026.
'Global Elevator & Escalator Market Outlook, 2026' offers a valuable insight with an emphasis on the global market from the period of 2015 to 2026.
The segments considered for the elevators & escalators market include type, service, and end-use industry. The report covers a detailed study on market drivers, restraints, opportunities, and challenges that are affecting the growth of this industry. It also aims to study the individual growth trends, prospects, and contributions of various segments to the total market.
Rising usage of elevators and escalators at airports, malls, subways, hospitals, office buildings, and other commercial spaces to offer ease in transit is driving the market growth. By type, the elevator segment leads the market at a share of 58.26% in 2020. The growing geriatric population is another factor boosting its installation.
The booming construction sector resulting in the rapid demand for elevators in high-rise and mid-rise buildings is further pushing the market growth. Similarly, the moving walkway segment is to grow with an anticipated CAGR of 6.70%, while the escalator segment is expected to show a decline in the market.
Keeping an elevator, escalator, or moving walk functioning at its peak requires regular maintenance and occasional repairs. These services include new installation, maintenance & repair, and modernization, which put together form the market. The life cycle of the escalators and elevators starts with the new equipment installation, which in 2020 accounted for a value of USD 33.14 Billion.
Modernization is the next step in the complete life cycle of escalators and elevators. After a certain period, the equipment requires a full replacement. Among these, the maintenance & repair segment amounts to the highest, globally, expected to hold a market of 45.44% by the forecasted period.
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, industrial, etc. Much evidently, the market is dominated by the residential end-user segment, which accounted for a value of USD 31.30 Billion in the year 2015. The increasing focus of government towards high-rise infrastructures coupled with an increasing need for rapid transit is expected to fuel the growth of the global elevators and escalators market.
The commercial end-user segment is expected to show a marginal decline and reach 28.81% in the year 2020. Continuous investment for the improvement of infrastructure at public places like railway stations, airports, shopping malls, etc. is further expected to upsurge the demand 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. These factors are to influence the other end-user segment that is expected to grow with an expected CAGR of over 6%.
Growing concerns of aging infrastructure in North America and Europe are likely to drive the need for elevator services and modernization. However, the maintenance of elevators will largely be influenced by factors including equipment base, regulatory landscape, and service costs across different countries.
Asia-Pacific offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market, expected to cover 47.77% by the end of the year 2026. The regions of Latin America and Middle East & Africa together contributed to less than 15% of the market in 2020.
In the elevator and escalator market, the profitability of the companies depends on engineering expertise and efficient production. Large companies have economies of scale in purchasing, and small companies can compete effectively by specializing.
Globally, the market has been dominated by four key players: Otis Elevator Company, Schindler Holding Ltd., ThyssenKrupp Elevator AG, and KONE Corporation, which together controls a major share, holding to more than half of the market.
Other considerable players in the market are Mitsubishi Electric, Hitachi Ltd, Fujitec Co., Ltd, Sigma Elevator Company, Hyundai Elevator Company, Toshiba Corporation, Stannah, Gulf Elevator & Escalator Co. Ltd., Kleemann Hellas SA, Sicher Elevator Co., Cibes Lift Group AB, etc
CONSIDERED IN THE REPORT
Base year: 2020
Historical year: 2015
Forecasted year: 2026
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Global Elevator And Escalator Market Outlook 3.1. Market Size By Value 3.2. Market Share 3.2.1. By Type 3.2.2. By Service 3.2.3. By End User 3.2.4. By Region 3.2.5. By Country 3.2.6. By Company
4. North America Elevator And Escalator Market Outlook 4.1. Market Size By Value 4.2. Market Share 4.2.1. By Type 4.2.2. By Service 4.2.3. By End User 4.2.4. By Country 4.3. Us Elevator And Escalator Market Outlook 4.3.1. Market Size By Value 4.3.2. Market Share 220.127.116.11. By Type 18.104.22.168. By Service 22.214.171.124. By End User 4.4. Canada Elevator And Escalator Market Outlook 4.4.1. Market Size By Value 4.4.2. Market Share 126.96.36.199. By Type 188.8.131.52. By Service 184.108.40.206. By End User 4.5. Mexico Elevator And Escalator Market Outlook 4.5.1. Market Size By Value 4.5.2. Market Share 220.127.116.11. By Type 18.104.22.168. By Service 22.214.171.124. By End User
5. Europe Elevator And Escalator Market Outlook
6. Asia Pacific Elevator And Escalator Market Outlook
7. Latin America Elevator And Escalator Market Outlook
8. Middle East & Africa Elevator And Escalator Market Outlook
11. Company Profiles 11.1.1. Fujitec Corporation Limited 11.1.2. Hitachi Group 11.1.3. Hyundai Elevator Corporation Limited 11.1.4. Kleemann Hellas 11.1.5. Kone Corporation 11.1.6. Mitsubishi Electric Corporation 11.1.7. Otis Worldwide Corporation 11.1.8. Schindler Group 11.1.9. Sigma Elevator Company 11.1.10. Stannah Lifts Holdings Limited 11.1.11. Thyssenkrupp Ag 11.1.12. Toshiba Elevator And Building System Corporation