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Australia Elevators and Escalators - Market Size and Growth Forecast 2022-2028

TO BE PUBLISHED : Jul 2022 | Pages : 107

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AUSTRALIA ELEVATOR AND ESCALATOR MARKET SIZE WAS ESTIMATED AT 4.6 THOUSAND UNITS IN 2021 AND IS EXPECTED TO REACH 6.4 THOUSAND UNITS BY 2028 GROWING AT A CAGR OF 4.67% DURING THE FORECAST PERIOD (2022-2028).

Australia Elevator and Escalator Market Size (Volume) 

  • Installation Base
  • New Installation Type
  • Modernization (In Billion)
  • Maintenance (In Billion)

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 Market Size, Share, & Trends Analysis Report by 

  • Machine Type: Hydraulic and Pneumatic, Machine Room TractionMachine Room Less Traction, and Others 
  • 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 

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2028

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Most Exhaustive Report

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107 Pages

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11 Companies

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4 Market Segment

AUSTRALIA ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE BY NEW INSTALLATIONS (2028) 6.4 Thousand Units
MARKET SIZE BY NEW INSTALLATIONS (2021) 4.6 Thousand Units
CAGR (2021-2028) 4.67%
MARKET SIZE BY INSTALLED BASE (2028) 218.4 Thousand Units
MARKET SIZE BY MODERNIZATION (2028) USD 2257.7 Million
BASE YEAR 2021
FORECAST YEAR 2022-2028
MARKET SEGMENTATION BY CARRAIGE TYPE Passenger and Freight
MARKET SEGMENTATION BY CAPACITY 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
MARKET SEGMENTATION BY END-USER Commercial, Residential, Industrial, and Others
MARKET SEGMENTATION BY TYPE Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others

MARKET INSIGHTS

Australia Elevator and Escalator market was valued at 4.6 thousand units in 2021 and is expected to reach 6.4 thousand units by 2028 growing at a CAGR of 4.67% from 2022 to 2028. The Australia elevators market is expected to reach 175,151 units (installed base) and the Australia escalators market is expected to reach 43,269 units (installed base) by 2028. Growth in residential and office infrastructure investment to be long-term demand drivers for the elevator and escalator Market. 

KEY HIGHLIGHTS IN THE REPORT

  • The Australian Government's Smart Cities Plan outlines the government's vision for cities and a strategy for maximizing their potential. The Australian government will contribute $50 million to help with the planning and implementation and construction works of big infrastructure transformation projects.
  • The 2020-21 tourism investment pipeline included 225 projects with a total investment of $42.8 billion. 40 projects in the proposal phase valued at $14.0 billion, 108 projects in the planning phase valued at $13.1 billion, and 77 projects under construction with a budget of $15.7 billion.
  • 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. Directions 2031 has also identified the need to introduce an urban expansion management program.
  • 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.

Expanding Infrastructure & Commercial Construction to hike Escalator's demand

  • A commercial tower with an investment of $3 billion is being developed at 50 Bridge Street. It is currently being delivered by the AMP Capital Diversified Property Fund and AMP Capital Wholesale Office Fund. The project comprises of 97,000sq m area and is expected to be delivered by 2022.
  • Plans for a $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 Trajectory for Low Energy Buildings initiative for residential and commercial buildings to boost demand for the installation of energy-efficient elevators.

  • The heritage-listed Pentridge Prison in Melbourne's inner-north is undergoing a $1 billion retail and residential transformation. The first stage of the shopping area and apartment project includes a 15-screen cinema, more than 20 specialty stores, and 500 underground parking spaces, which are set to open at the end of 2025.
  • The 30,000 sq m commercial tower planned at 39 Martin Place is already under construction with an investment of $1.5 billion and is expected to be operating by 2026.
  • A $760 million investment has been allotted to redevelop Sydney's City Tattersalls Club on Pitt Street, including a 50-story hotel and apartment tower. The Pitt Street project is currently 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 commercial and residential buildings in Australia net-zero energy. 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).
  • Carseldine Village is a model of sustainable development, one of Queensland's first residential developments committed to delivering net-zero energy emission freehold terrace homes. Carseldine Village's concept is expected to be developed in six stages over the next three to five years, depending on market demand. The currently approved plan allows for a total of 606 homes.

Governments effort to expand infrastructure across the nation to increase demand for new installations.

  • The Federal Government has committed $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.
  • The concentration of many people in certain parts of cities automatically leads to a congested transportation network, which is likely to cost about $16.5 billion annually and is expected to cost more than $27.7 Billion by 2030. "30-minute city "is one of the concepts to approach the connectivity needs of cities.
  • The Australian government has established a $1 billion Clean Energy Innovation Fund, which will invest up to $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.

Elevators are reaching their average life expectancy, mainly in high-rise apartment buildings to create demand for the maintenance of elevators in Australia

  • According to Fire and Rescue, NSW data increasing elevator rescue number has risen by 80% from 2014. 1,620 people across the New South Wales state were rescued from elevators in 2018. This is a sign that elevators need to undergo regular maintenance to avoid accidents.
  • The digital economy approach drives the long-term growth potential of the modernization market in Australia by integrating emerging technologies like Artificial Intelligence, Cyber security and supporting SME digitization.
  • Maintenance and Modernization accounted for 69.7% and 30.3%, respectively, for 2021.

Frequently Asked Questions

HOW BIG IS THE AUSTRALIA ELEVATOR AND ESCALATOR MARKET?

Australia Elevator & Escalator market by new installations accounted for 4.6 thousand units in 2021 and is expected to reach 6.4 thousand units by 2028

WHO ARE THE KEY COMPANIES IN THE AUSTRALIA ESCALATOR AND ELEVATOR MARKET?

OTIS, KONE, Schindler, TK Elevator, Hitachi, and Mitsubishi Electric are the key companies in the market.

WHAT ARE THE GROWTH FACTORS FOR THE AUSTRALIA ELEVATOR AND ESCALATOR MARKET?

Increasing demand for accessibility for elders, and the adoption of energy-efficient elevators in buildings are some of the factors driving the growth in the market.

IN AUSTRALIA, HOW MANY ELEVATORS AND ESCALATORS WERE INSTALLED IN 2021?

4,675 units of elevators and escalators were installed in Australia in 2021.

WHAT WILL BE THE GROWTH RATE OF AUSTRALIAN ESCALATOR AND ELEVATOR MARKET DURING THE FORECAST PERIOD?

Australian elevator & escalator market is expected to grow at a CAGR of 4.67% during 2022-2028.

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Australia's elevator and escalator market by new installations was estimated at 4.6 thousand units in 2021, which is expected to reach 6.4 thousand units by 2028 growing at a CAGR of 4.67% during the forecast period (2022-2028).

Base Year: 2021

Forecast Year: 2022-2028

Scope: The report considers the present scenario of the Australian elevator & escalator market and dynamics for 2022−2028. It covers a detailed overview of several industry growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of Australia's elevators & escalators market.

Key Vendors

  • OTIS
  • Kone
  • Schindler
  • TK Elevator
  • Hitachi
  • Mitsubishi Electric

Other Prominent Vendors

  • Toshiba
  • KLEEMANN
  • WITTUR
  • Stannah
  • LML Lift Consultants

Segmentation by Type

  • Hydraulic and Pneumatic
  • Machine Room Traction
  • Machine Room Less Traction
  • Others

Segmentation by carriage Type

  • Passenger
  • Freight

Segmentation by Person

  • 2-15
  • 16-24
  • 25-33
  • 34 and Above

Segmentation by End-User

  • Commercial
  • Residential
  • Industrial
  • Others

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