The Elevators & Escalators Market to Reach Revenues of Over $107 Billion During the Period 2018−2024 - Market Research by Arizton

CHICAGO, May 22, 2019 /PRNewswire/ -- According to Arizton's recent research report, the global elevators and escalators market is likely to reach over $107 billionby 2024, growing at a CAGR of around 6% during 2018−2024.

Key Highlights Offered in the Report:

1. Increasing urbanization and the rapid expansion of vertical cities in APAC to offer more than $16 billion worth opportunities to vendors in the next five years
2. Smart elevators and escalators to emerge as growth engines for the elevator and escalator market- propelling the market growth by 1.4 times in the next five years
3. A wide installed base and the growing demand for new installations in Europe and MEA for elevators and escalators to generate revenue of over $13 billion during the forecast period.
4. Affordable housing schemes, real estate reforms, growing infrastructure projects, and a steady growth of high-rise buildings are driving the demand for elevators worldwide-Elevators to witness an absolute growth of more than 19% during 2018–2024
5. Increasing demand for housing and quality workspace due to rapidly increasing urban population to have a positive impact on the adoption of elevators and escalators from the commercial and residential sector.The commercial and residential sector to offer more than $24 million worth opportunities during 2018–2024
6. IoT-based preventive maintenance to be the base for next generation maintenance systems

Key Offerings:

• Market Size & Forecast by Revenue and Units| 2018−2024
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation –A detailed analysis by product type,end-user type, and geography.
• Competitive Landscape – Profile of 4 key vendors and 20 othervendors.

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Elevators & Escalators Market– Segmentation

The market research report includes a detailed market segmentationby product type, end-user type, and geography.

• In 2018, the maintenance segment dominated the global elevator and escalator market with a market share of over 45% in terms of revenue. It is expected to have an incremental growth of over $20 billion during the forecast period.
• The global elevator market by new installation in APAC is expected to reach over 850 thousand units by 2024.

Market Segmentation by Product Types

• Elevator and Escalator
• Modernization
• Maintenance

Market Segmentation by End-user Types

• Commercial
• Residential
• Industrial
• Government

Elevators & Escalators Market – Dynamics

The adoption of stringent safety regulations, the growth of the global construction market, the rise in the aging population, the demand for high maintenance and modernization of infrastructure, and the growth of smart building and elevators are likely to propel the global elevator and escalator market. The increasing penetration of IoT in government, commercial, residential, and industrial sector is likely to have a positive impact on the emerging ecosystem of next-generation elevators and escalators.

Key Drivers and Trends fueling Growth:

• Growth of Vertical Cities and Smart Buildings
• Aging Population aiding the Elevator and Escalator Industry
• Increasing Use of Artificial Intelligence in Elevators and Escalators

Elevators & Escalators Market –Geography

APAC is likely to emerge as the largest market in the global elevator and escalator market and is expected to observe the highest incremental growth rate during the forecast period. China, India, and Japan are the major revenue contributors to the market, as there has been a surge in the adoption of elevators and escalators in these countries due to the increasing construction of high-rise buildings.

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Market Segmentation by Geography

• APAC

o   Japan

o   China

o   India

• Europe

o   Germany

o   Italy

o   Spain

• North America

o   US

o   Canada

• Latin America

o   Brazil

o   Mexico

• MEA

o   Saudi Arabia

o   South Africa

o   UAE

Major Vendors:

• Otis Elevator (United Technologies)
• Schindler
• KONE
• Thyssenkrupp

Other vendors include Mitsubishi Electric, Hitachi, Fujitec, Toshiba, Hyundai Elevator, SJEC, Electra Lift, Savaria, Lift-ok.com, Johnson, Orbis Elevator, KLEEMANN, GTS Elevator, Orona, Omega Elevators, Fuji Elevator, GEEC, OTSE Elevator & Escalator, Sodimas, and L.T.Elevator.

Explore our Consumer Goods & Retail Technology profile to know more about the industry.

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About Arizton:

Arizton – Advisory and Intelligence is a premium and innovation-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence