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THE AUSTRALIA ELEVATOR AND ESCALATOR MARKET SIZE WAS VALUED AT 4.9 THOUSAND UNITS IN 2023 AND IS EXPECTED TO REACH 6.7 THOUSAND UNITS BY 2029, GROWING AT A CAGR OF 5.30% FROM 2023-2029
Australia Elevator and Escalator Market Size (Volume)
- Installation Base
- New Installation Type
- Modernization (In Million)
- Maintenance (In Million)
Australia Elevator Market Size (Volume)
- Installation Base
- New Installation Type
- Modernization & Maintenance (In Million)
Australia Escalator Market Size by Volume
- Installation Base
- New Installation Type
- Modernization & Maintenance (In Million)
Australia Elevator and Escalator Size, Share, & Trends Analysis Report by
Elevator Market Segmentation
- Machine Type:Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
- Carriage Type:Passenger and Freight
- Capacity:2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
- End-User:Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)
Escalator Market Segmentation
- Product Type:Parallel, Multi Parallel, Walkway, and Crisscross
- End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)
The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast for 2024-2029
This report includes market data points, ranging from trend
analyses to market estimates & forecasts that you can customize
AUSTRALIA ELEVATOR AND ESCALATOR MARKET REPORT SCOPE
REPORT ATTRIBUTE | DETAILS |
---|---|
MARKET SIZE BY NEW INSTALLATIONS (2029) | 6.7 Thousand Units |
MARKET SIZE BY NEW INSTALLATIONS (2023) | 4.9 Thousand Units |
CAGR (2023-2029) | 5.30% |
MARKET SIZE BY INSTALLED BASE (2029) | 226.1 Thousand Units |
MARKET SIZE BY MODERNIZATION (2023) | USD 766 Million |
HISTORIC YEAR | 2019-2022 |
BASE YEAR | 2023 |
FORECAST YEAR | 2024-2029 |
SEGMENTATION BY CARRIAGE TYPE | Passenger and Freight |
SEGMENTATION BY CAPACITY | 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above |
SEGMENTATION BY END-USER | Commercial, Residential, Industrial, and Others |
SEGMENTATION BY MACHINE TYPE | Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others |
KEY VENDORS | KONE, Mitsubishi Electric, Schindler, TK Elevator, Hitachi, and Otis |
MARKET OUTLOOK
The Australia elevator and escalator market by new installations accounted for 4.9 thousand units in 2023, which is expected to reach 6.7 thousand units by 2029, growing at a CAGR of 5.30% during the forecast period. The government's Smart Cities Plan outlines its vision for cities and a strategy for maximizing their potential. The Australian government will contribute USD 50 million to help plan, implement, and construct big infrastructure transformation projects. Furthermore, the residential and office infrastructure investment growth increased tall building constructions to be long-term demand drivers for the Australia elevator and escalator market.
KEY HIGHLIGHTS
- Directions 2031 is a high-level spatial framework and strategic plan that establishes a vision for the future growth of the metropolitan Perth and Peel region. The Directions 2031 has also identified the need to introduce an urban expansion management program.
- The Deputy Mayor of Melbourne emphasized the need to decarbonize at least 80 commercial buildings annually to align with climate targets. The advocacy for eco-friendly building materials highlights the prominence of timber, with the Green Building Council of Australia reporting an increase in projects achieving 5-star and 6-star Green Star ratings, indicating a greater focus on sustainability.
- In 2020, the Australian government established Building 4.0 CRC as part of its cooperative research center initiative. Building 4.0 CRC will drive the construction industry into an efficient, connected, and customer-centric future through deep collaboration and emerging 4th industrial-age technology.
- The Federal Government has committed USD 5 billion to Melbourne's Airport Rail Link. The 23-kilometer link will connect Melbourne Airport in Tullamarine to the Central Business District via Sunshine. Construction is expected to begin in 2022, with the project due for completion in 2029. The growing demand for urban transportation and government efforts to expand transportation infrastructure will propel the construction and renovation of metro rails and airports across the country. These projects are further projected to support the Australia elevator and escalator market growth.
- The concentration of many people in certain parts of cities automatically leads to congested transportation networks, which is likely to cost about USD 16.5 billion each year and expected to cost more than USD 27.7Billion by 2030."30-minute city "is one of the concepts to approach the connectivity needs of cities.
- The Australian government has established a USD 1 billion Clean Energy Innovation Fund, which will invest up to USD 100 million annually in smart, green technologies and enterprises in Australia. The National Energy Productivity Plan includes several measures to improve ecological sustainability and resilience, including the National Australian Built Environment Rating System (NABERS) and Minimum Energy Performance Standards (MEPS) for appliances, and updates accordingly to the National Construction Code.
Urbanization and Migration Remain Key Factors for Urban Development Likely to Push the Australia Elevator and Escalator Market Growth
- Dexus and Frasers Property Australia have joined forces to build a USD 2.5 billion twin-tower commercial space on a 130,000 square meter in Sydney's Tech Central, expected to be completed in 2026.
- Plans for a USD 1 billion office tower and build-to-rent apartments on Melbourne's North bank have been approved. The development site at 7 Spencer Street will include a 20-story office tower; the second tower comprises 472 apartments designed exclusively for renters.
- The permanent Migration Program is a strategy to tackle the challenges of an aging population. Migration is expected to lower the population's average age and slow the aging process, given that migrants are generally younger than the existing Australian population. Increased migration in Australia is expected to positively impact the Australia elevator and escalator market, driving demand for infrastructure development in residential and commercial spaces and fostering growth and opportunities in the industry.
The Upward Trajectory for Low Energy Buildings Initiative for Residential and Commercial Buildings to Boost Demand for Installation of Energy-Efficient Elevators
- A USD 760 million investment has been allotted to redevelop Sydney's City Tattersalls Club on Pitt Street, which includes a 50-story hotel and apartment tower. The Pitt Street project is slated to commence construction in 2022 and is expected to be completed by 2025.
- The Trajectory for Low Energy Buildings is a national plan to make net-zero energy commercial and residential buildings in Australia. It's a significant program aimed at achieving Australia's 40 percent increase in energy productivity by 2030, as outlined in the National Energy Productivity Plan (NEPP).
- Housing Australia has secured a significant USD 517 million lending deal in Q4 2023 to facilitate the construction of 1,370 new homes in Melbourne through collaboration with Community Housing (Vic) Limited (CHL), the Victorian Government, and industry partners. The funding, mainly sourced from a recently closed USD 422 million sustainability bond issuance, extends the total bond issuance to over USD 2.6 billion. The homes will cater to various needs, including social, affordable, market, and specialist disability accommodation, prioritizing women, children at risk of homelessness, and Indigenous Australians.
Escalators Reaching Their Average Life Expectancy Mainly in Rail Transit to Create Demand for the Maintenance of Elevators in Australia
- From 2021 to 2023, around 4,151 escalators have been recorded as having faults, including 29 stoppages per escalator, which cost USD 3.8 million for service and repair. The aging of equipment, along with heavy rain and floods, has remained a key factor that has increased the demand for the service sector in the Australia elevator and escalator market.
- The long-term growth potential of the modernization industry in Australia is driven by the digital economy approach, which integrates emerging technologies like artificial intelligence and cyber security and supports SME digitization.
VENDOR LANDSCAPE
- The key players in the Australia elevator and escalator market are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Hitachi, and Schindler.
- The top 4 prominent vendors, including KONE, Otis, Schindler, and TKE, account for 58% of the market share in the Australia elevator and escalator market.
- Schindler is among 67 businesses in New South Wales to have obtained a silver partnership in the NSW Sustainability Advantage Program, which aims to help organizations achieve performance and improve their environmental approach.
Frequently Asked Questions
How big is the Australia elevator and escalator market?
What will be the growth rate of the Australia elevator and escalator market?
What is the number of installed bases in the Australia elevator and escalator market in 2023?
What are the key opportunities in the Australia elevator and escalator market?
What are the key Australia elevator and escalator market players?
The Australia elevator and escalator market size by new installations was estimated at 4.9 thousand units in 2023 and is expected to reach 6.7 thousand units by 2029, growing at a CAGR of 5.30% during the forecast period.
The following factors are likely to contribute to the growth of the Australia elevator and escalator market during the forecast period:
- Increasing Smart Cities Initiatives To Drive Demand
- Integrated Platform Create Opportunities for Sustainable Construction
- Housing Schemes to Neutralize the Impact Caused Due to Housing Shortage
- Accessibility of Elders Increasing Demand for Elevators in Houses
- Tourism Investment to Drive the Accommodation Sector
- Overseas Migration to Foster Infrastructure Development
Base Year: 2023
Forecast Year: 2024-2029
The report considers the present Australia elevator & escalator market scenario and market dynamics from 2024 to 2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of the Australia elevator & escalator market.
Key Vendors
- KONE
- Mitsubishi Electric
- Schindler
- TK Elevator
- Hitachi
- Otis
Other Prominent Vendors
- Toshiba Elevator and Building Systems Corporation
- Kleemann
- Wittur
- Stannah Lifts Holdings Ltd
- LML Lift Consultants Pty Ltd
- Easy Living Home Elevators
- Innovative Lift Consulting Pty Ltd
- Direct Lifts
- Jade Elevator
- Simplex Elevators
- Nibav Lifts
Elevator Market Segmentation by
Machine Type
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Others
- Climbing
- Elevators
- Industrial Elevators
Carriage Type
- Passenger
- Freight
Capacity
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
End-User
- Commercial
- Residential
- Industrial
- Others
- Public Transit
- Institutional
- Infrastructural
Escalator Market Segmentation by
Product Type
- Parallel
- Multi Parallel
- Walkway
- Crisscross
End-User
- Public Transit
- Commercial
- Others
- Institutional Sector
- Infrastructure
- Industrial
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1. Introduction
1.1. Market Scope
1.2. Market Snapshot of Elevators
1.3. Market Snapshot of Escalators
1.4. Executive Summary
2. Australia Elevators Market
2.1. Future Outlook -Australia Elevator Market By Volume
2.2. Australia Escalators Market- By Segments
2.2.1. Australia Escalators Market, By Volume
2.2.1.1. Australia Escalators Market Size and Forecast, Volume (Units), 2019–2029
2.2.2. Australia Elevators Market, By Type
2.2.2.1. Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2019–2029
2.2.2.2. Machine Room Traction, Market Size and Forecast, Volume (Units), 2019–2029
2.2.2.3. Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019–2029
2.2.2.4. Others, Market Size and Forecast, Volume (Units), 2019–2029
2.2.3. Australia Elevators & Escalators Market by Carriage Type
2.2.3.1. Passenger, Market Size and Forecast, Volume (Units), 2019–2029
2.2.3.2. Freight, Market Size and Forecast, Volume (Units), 2019–2029
2.2.4. Australia Elevators Market by Persons
2.2.4.1. 2-15 Persons, Market Size and Forecast, Volume (Units), 2019–2029
2.2.4.2. 16-24 Persons, Market Size and Forecast, Volume (Units), 2019–2029
2.2.4.3. 25-33 Persons, Market Size and Forecast, Volume (Units), 2019–2029
2.2.4.4. 34 Persons and Above, Market Size and Forecast, Volume (Units), 2019–2029
2.2.5. Australia Elevators Market by End Users
2.2.5.1. Commercial, Market Size and Forecast, Volume (Units), 2019–2029
2.2.5.2. Residential, Market Size and Forecast, Volume (Units), 2019–2029
2.2.5.3. Industrial, Market Size and Forecast, Volume (Units), 2019–2029
2.2.5.4. Others, Market Size and Forecast, Volume (Units), 2019–2029
3. Australia Escalators Market
3.1. Future Outlook - Australia Escalators Market by Volume
3.2. Australia Escalators Market- By Segments
3.2.1. Australia Escalators Market, By Volume
3.2.1.1. Australia Escalators Market Size and Forecast, Volume (Units), 2019–2029
3.2.2. Australia Escalator Market by Type
3.2.2.1. Parallel, Market Size and Forecast, Volume (Units), 2019–2029
3.2.2.2. Multi-parallel, Market Size and Forecast, Volume (Units), 2019–2029
3.2.2.3. Walkway, Market Size and Forecast, Volume (Units), 2019–2029
3.2.2.4. Crisscross, Market Size and Forecast, Volume (Units), 2019–2029
3.2.3. Australia Escalator Market by End Users
3.2.3.1. Commercial, Market Size and Forecast, Volume (Units), 2019–2029
3.2.3.2. Public Transit, Market Size and Forecast, Volume (Units), 2019–2029
3.2.3.3. Others, Market Size and Forecast, Volume (Units), 2019–2029
4. Australia Elevators &Escalators Market, By Service (Maintenance & Modernization)
5. Geographical Analysis
5.1. Key Economic Cities in Australia
6. Market Dynamics
6.1. Market Drivers, Opportunities, Restraints, Trends
7. Technological Development
8. Competitive Landscape
8.1. Company Profile of Major Vendors
8.2. Other Prominent Vendors
9. Report Summary
9.1. List of Abbreviations
10. Appendix (Report Scope & Definition)
10.1. Research Methodology
10.2. Market Definition, Inclusion & Exclusion
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Frequently Asked Questions
How big is the Australia elevator and escalator market?
What will be the growth rate of the Australia elevator and escalator market?
What is the number of installed bases in the Australia elevator and escalator market in 2023?
What are the key opportunities in the Australia elevator and escalator market?
What are the key Australia elevator and escalator market players?