THE GREECE ELEVATOR AND ESCALATOR MARKET WAS VALUED AT 7.8 THOUSAND UNITS IN 2021 AND IS EXPECTED TO REACH 9.6 THOUSAND UNITS BY 2028 GROWING AT A CAGR OF 2.96% DURING 2021-2028

Greece Elevator and Escalator Market Size (Volume) 

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

Greece Elevator Market Size (Volume) 

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

Greece Escalator Market Size by Volume  

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

Greece 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 2021-2028

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GREECE ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE BY NEW INSTALLATIONS (2028) 9.2 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2021) 7.5 thousand units
CAGR (2022-2028) 2.96%
MARKET SIZE BY INSTALLED BASE (2028) 455.2 thousand units
MARKET SIZE BY MODERNIZATION (2028) USD 475.0 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

The Greece elevator and escalator market was valued at 7.5 thousand units in 2021 and is expected to reach 9.2 thousand units by 2028, growing at a CAGR of 2.96% during 2022-2028. The increasing government investment in public and private infrastructure and housing projects is boosting the Greece elevator and escalator market. Greece expects various hotel openings across the nation, mainly in Athens and the Greek islands. During 2021-22 there are about 50 new hotels that are set to open with an estimated investment of approximately USD 102.6 million, which will involve buying properties, renovation or leasing, and redevelopment of older buildings into hotels.

The Greece elevators market by the installed base is expected to reach 455,259 units by 2028. The Greece escalators market used in the commercial sector accounted for the largest share of around 35.7% in 2021, about urban development projects in the pipeline.

GREECE ELEVATOR AND ESCALATOR MARKET: KEY HIGHLIGHTS

  • Digital transformation initiatives by the Ministry of digital governance to be a long-term driver in the Greece elevator and escalator market.
  • In July 2022, the Ministry of Digital Governance launched the second phase of Greece’s Smart cities program. This program is open to 315 municipalities across the nation. The program's second phase is funded by the European regional development fund, which was financed around USD 233 million. The municipalities are eligible if they have a population above 100,000 and are funded accordingly. Projects in smaller cities will be assisted with funds from the National Strategic Reference Framework (ESPA).
  • Greece has accelerated the digital transformation pace by implementing several digital initiatives to solve the difficulties and hurdles brought on by the COVID-19 epidemic. The Greek Ministry of Digital Governance offers businesses and citizens digital services based on improved management and administration. In addition, it is in a position to ensure process consistency with all other ministries and government organizations. The goal is for Greece to become "digital by default" by 2023. In Greece, the percentage of construction companies utilizing 3-D printing and the Internet of Things was 14% and 34%, respectively, in 2020.
  • In late 2020, the Onassis Foundation donated the elevator to the Greek government. The lift in Acropolis takes 32 seconds to transport passengers over 40 meters at an incline ranging from 38 to 78 degrees from Peripatos to Erechtheum. The elevator can carry up to 16 people with a 1,250 kg capacity(or two wheelchairs with accompanying persons). The elevator was designed so an ambulance stretcher with an accompanying person could travel during an emergency.
  • The second Ascen.tec - Elevator Technologies Trade Fair, held at the MEC Exhibition Center from June 3 to June 5, 2022, was attended by experts in the building, importing, maintaining, and installing elevators. Following the success of the second international exhibition Ascen.tec, participants and visitors agreed to reunite in 2024, creating more market opportunities.

Expanding Infrastructure & Commercial Construction to Hike Escalator Demand

  • Ionian hotels started redevelopment of Hilton in 2020, which was completely closed in January 2022. The hotel will be opened in 2024 under Conrad, a luxury brand under Hilton. This project will offer 280 suites and 50 luxury apartments under the brands Conard residences and Waldorf Astoria residences.
  • E-commerce is already in place for most merchants who have adopted an omnichannel strategy. Most markets witnessed consistent rental values for the first three months of 2022. New openings include launching a new Calvin Klein store in Patras and opening a new Sephora store in Matogiannia, Myconos. The newly launched Molton Brown outlet in Kifisia will be witnessed in the first quarter of 2022.
  • Lamda Development announced the project Hellinikon Commercial Hub. The Hellinikon Project's construction is scheduled to begin in February 2022. There will be almost 2 million square feet in the Commercial Hub. It will include the biggest mall in Greece, a retail park with large corporations, and office spaces. A prominent mixed-use tower with a hotel, offices, and flats will be built next to it, significantly boosting the Greece elevator and escalator market.

Public Private Partnership (PPP) Projects in Greece to Boost Demand for New Installations

  • The National Recovery and Resilience Plan (NRRP) of Greece, which aims to use funds totaling USD 31 billion in grants and loans, includes investment projects for urban regeneration and restoration programs to improve the energy efficiency of residential structures.
  • The PPP (Public Private Partnership) contract calls for the renovation of 25 buildings, the construction of four new buildings, two underground parking garages, the underground connection to the Metro, the demolition of aging buildings in the industrial complex, the urban regeneration of the entire 116,000 m2 plot, and the creation of a sizable urban park.
  • USD 13.1 billion budget by the Ministry of Infrastructure and Transport is anticipated for 2021, which includes a variety of initiatives, such as upgrading the nation's railroads and urban transit systems, as well as completing the nation's high-speed highway network. The master plan calls for transforming new road, rail, sky, and marine links while leveraging on EU(European Union) and EU-mobilized funding.
  • Ministry of Infrastructure and Transport is funding around USD 13.3 billion, covering various projects, including the country’s highspeed motorway network, railway modernization, and urban transit systems.

Greece’s Reduction of the Single Property Tax to Boost Elevator Demand

  • The Greek property market's primary driver, foreign demand, has also declined. Due to this, the percentage of the real estate market in Greece's overall foreign direct investments (FDI) decreased from 32.3% in 2019 to 25.3% in 2020. The government implemented the Single Property Tax (ENFIA) initiative to reduce the tax burden to boost the housing market and the building industry.
  • All property owners will get an additional reduction of 10.0% on average starting in 2020. These actions led to a considerable increase in building permits, which led to thriving construction industry in 2020. Over the five years from 2015 to 2020, the building permits index, specifically for residential buildings, increased by 178%. For "One-dwelling structures" and "Two and more dwelling buildings," the construction permits index rose by 39% and 265%, respectively, over the same period.
  • The European Bank for Reconstruction and Development (EBRD) invested USD 20.3 million of the USD 233.6 million total offering in a green bond issued by Lamda Development in Greece. The Bank contributed USD 23 million in 2019 to Lamda's equity offering to assist the construction of The Ellinikon.

Elevators over Their Average Life Expectancy Create Demand for Maintenance and Upgradation of Components in Greece.

  • Approximately 75% of elevators in Greece are over 30 years old and need partial or complete repair. Due to aging and the need to modernize existing elevators, daily reality demonstrates adequate mobility in terms of repair and maintenance services.
  • Maintenance and Modernization accounted for 87.7% and 12.3%, respectively, for 2021.

GEOGRAPHIC ANALYSIS

There has been an increase in demand for short-term rentals for housing in Athens, with increasing tourist areas a significant growth over the last few years; this has led to the rise in construction activity in the region.
The Municipality of Lamia is committed to the steady modernization and digitalization of its public services and the systematic integration of smart city solutions. The Municipality is in the process of implementing important smart city infrastructure upgrades and software projects. Some include open data repositories, including real-time information about the city and its surroundings, Electric Vehicle charging stations, IoT sensor networks, big data management and visualization tools, fleet management solutions, and conversational AI tools.

VENDOR LANDSCAPE

  • The key players in the Greece elevator and escalator market are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Kleeman, Fujitec, and Schindler.
  • TK elevator, Otis, Schindler, and KONE are the top 4 manufacturers of elevators and escalators in Greece.
  • Currently, most global firms have local partners and are involved in distribution and trading, while local players produce various elevator components.
  • Kleemann has two manufacturing plants and one logistics center. In 2010, the company opened its testing tower for high-speed elevators with a height of 61m in Greece.
  • In May 2021, the KONE announced a new tech solution designed to enable wheelchair users to navigate modern buildings more efficiently by connecting elevators and wheelchairs.

Frequently Asked Questions

How big is the Greece elevator and escalator market?

The Greece elevator & escalator market by new installations accounted for 7.5 thousand units in 2021 and is expected to reach 9.2 thousand units by 2028.

Who are the key companies in the Greece elevator and escalator market?

The key players are KONE, Otis, Hyundai Elevator, TK Elevator, Mitsubishi Electric, Kleeman, Fujitec, and Schindler.

What are the growth factors for the Greece elevator and escalator market?

The significant growth in the Greece elevator and escalator market is contributed by the increasing government investment in public & private infrastructure and housing projects during the projected period.

How many elevators and escalators were installed in Greece in 2021?

4,22,344 units of elevators and escalators were installed in Greece in 2021.

What will be the growth rate of the Greece elevator and escalator market during the forecast period 2021-2028?

The Greece escalator and elevator market is expected to grow at a CAGR of 2.96% from 2021 to 2028.

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The Greece elevator and escalator market by new installations was estimated at 7.5 units in 2021 and is expected to reach 9.2 units by 2028 growing at a CAGR of 2.96% during the forecast period (2021-2028)

Base Year: 2021

Forecast Year: 2021-2028

The report considers the present scenario of the Greece elevators and escalators market and market dynamics for 2021−2028. 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 Greece elevator & escalator market.

Key Vendors

  • KONE
  • Otis
  • TK Elevator
  • Hyundai Elevator
  • KLEEMANN
  • Mitsubishi Electric
  • Schindler
  • Fujitec

Other Prominent Vendors

  • DOPPLER
  • Morris Hellas
  • Cibes lift
  • Wittur Elevator Components
  • Zerco

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

Section 1 – Introduction

• Market Scope
• Market Snapshot of Elevators
• Market Snapshot of Escalators
• Executive Summary

Section 2 – Greece Elevators Market
Future Outlook -Greece Elevator Market By Volume

2.1- Greece Escalators Market- By Segments

2.1.1- Greece Escalators Market, By Volume
Greece Escalators Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.1. Greece Elevators Market, By Type
Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2019–2028
Machine Room Traction, Market Size and Forecast, Volume (Units), 2019–2028
Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.2. Greece Elevators & Escalators Market by Carriage Type
Passenger, Market Size and Forecast, Volume (Units), 2019–2028
Freight, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.3. Greece Elevators Market by Persons
2-15 Persons, Market Size and Forecast, Volume (Units), 2019–2028
16-24 Persons, Market Size and Forecast, Volume (Units), 2019–2028
25-33 Persons, Market Size and Forecast, Volume (Units), 2019–2028
34 Persons and Above, Market Size and Forecast, Volume (Units), 2019–2028

2.1.1.4. Greece Elevators Market by End Users
Commercial, Market Size and Forecast, Volume (Units), 2019–2028
Residential, Market Size and Forecast, Volume (Units), 2019–2028
Industrial, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

Section 3- Greece Escalators Market
Future Outlook - Greece Escalators Market by Volume

3.1- Greece Escalators Market- By Segments

3.1.1- Greece Escalators Market, By Volume
Greece Escalators Market Size and Forecast, Volume (Units), 2019–2028

3.1.1.1 Greece Escalator Market by Type
Parallel, Market Size and Forecast, Volume (Units) , 2019–2028
Multi-parallel, Market Size and Forecast, Volume (Units) , 2019–2028
Walkway, Market Size and Forecast, Volume (Units) , 2019–2028
Crisscross, Market Size and Forecast, Volume (Units) , 2019–2028

3.1.1.2 Greece Escalator Market by End users
Commercial, Market Size and Forecast, Volume (Units), 2019–2028
Public Transit, Market Size and Forecast, Volume (Units), 2019–2028
Others, Market Size and Forecast, Volume (Units), 2019–2028

Section 4 Greece Elevators & Escalators Market, By service (Maintenance & Modernization)

Section 5-Geographical Analysis
Key Economic cities in Greece

Section 6- Market Dynamics
• Market Drivers, Opportunities, Restraints, Trends

Section 7 – Technological Development
Section 8– Competitive Landscape

1. Company Profile of major Vendors
2. Other Prominent vendors

Section 9 – Report Summary
1. Quantitative Summary
2. List of Abbreviations

Section 10– Appendix (Report Scope & Definition)
1. Research Methodology
2. Market Definition, Inclusion & Exclusion

1. Greece Elevator & Escalator Installed Base by Volume 2018-2028 (Units)
2. Greece Elevator & Escalator New Installations by Volume 2018-2028 (Units)
3. Market Share 2021: Maintenance
4. Market Share 2021: Modernization
5. Elevators and Escalators Installed Base : Volume (Units in Thousands)
6. Elevators and Escalators New Installations: Volume (Units in Thousands)
7. Global Elevators & Escalators Market: Products & Services 2021: New installations
8. Maintenance market: Global regions vs Greece 2021
9. Installed base of elevators by volume (units )
10. New Installations of elevators by volume (units )
11. Maintenance & Modernization Value($Million)
12. Maintenance & Modernization 2021(%)
13. Installed base of escalators by volume (units )
14. New Installations of escalators by volume (units )
15. Maintenance & Modernization Value($Million)
16. Maintenance & Modernization 2021(%)
17. Installed base and New installations of Elevators (Units)
18. New Installations of Elevators (Units)
19. Private building permits in Greece
20. Percentage share of public & private building permits by region 2020
21. Extended elevator life cycle
22. Average life expectancy of elevator components
23. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)
24. Machine Room less Traction Elevators Installed base and New Installations (Units)
25. Machine Room Traction Elevators Installed base and New Installations (Units)
26. Others Machine Elevators Installed base and New Installation (Units)
27. Installed base and new installations of Passenger Elevators (Units)
28. Installed base and new installations of Freight Elevators (Units)
29. Installed base and new installations of 2–15 persons elevators (Units)
30. Installed base and new installations of 16-24 persons elevators (Units)
31. Installed base and new installations of 25-33 persons elevators (Units)
32. Installed base and new installations of 34 persons and above elevators (Units)
33. Installed base and new installations of Commercial Elevators (Units)
34. Installed base and new installations of Residential Elevators (Units)
35. Installed base and new installations of Industrial Elevators (Units)
36. Installed base and new installations of other end-user Elevators (units)
37. Installed base and new installations of escalators (Units)
38. New installations of escalators (Units)
39. Installed base and new installations of Parallel Escalators (Units)
40. Installed base and new installations of Multi parallel Escalators (Units)
41. Installed base and new installations of Moving Walkway Escalators (Units)
42. Installed base and new installations of Criss cross Escalators (units)
43. Installed base and new installations of Public Transit Escalators (Units)
44. Installed base and new installations of Commercial Escalators (Units)
45. Installed base and new installations of Other End user Escalators (units)
46. Greece Elevators & Escalators Maintenance Market ($ Mn)
47. Cause of elevator accidents (% share)
48. Greece Elevators & Escalators Modernization Market ($ Mn)
49. Elevator Modernization Timeline
50. Elevators and Escalators market : Top cluster share Greece 2020
51. Investment in real terms in Construction sector
52. % Share by hotel type in pipeline
53. Hotel projects pipeline (units)
54. Market share 2020(% share)
55. KONE, total sales by segment 2020(%share)
56. Otis total sales 2019-2021($billion)
57. TKE total sales 2020-2021($billion)
58. Mitsubishi Electric, total sales by segment2020(%share)
59. Schindler, total sales 2017-2020($billion)
60. Fujitec net sales 2017-2021($million)

LIST OF TABLES

1. List of European Standards for construction & installation of elevators
2. By Machine, New Installations, Total Incremental Opportunity, 2021-2028
3. By Carriage Type, New Installations, Total Incremental Opportunity, 2021-2028
4. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2021-2028
5. By End User, New Installations, Total Incremental Opportunity, 2021-2028
6. By Product, New Installations, Total Incremental Opportunity, 2021-2028
7. By End User, New Installations, Total Incremental Opportunity, 2021-2028
8. Scrap value
9. Expected life span of components under regular maintenance and if equipment is manufactured by major OEM
10. Building permits by region
11. Developments/ projects
12. Elevators market size & forecast, by type (Units)
13. Elevators by Carriage Type Market Size & Forecast (Units)
14. Elevators market size & forecast, by persons (Units)
15. Elevators by End-Users Market Size & Forecast(Units)
16. Escalators market size & forecast, by type (Units)
17. Escalators market size & forecast, by end users(Units)
18. List of abbreviations

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