Latin America Elevator and Escalator Market Size & Growth Forecast 2023-2029

133 pages

21 tables

21 charts

1 region

7 countries

14 company

6 segments

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THE LATIN AMERICA ELEVATOR AND ESCALATOR MARKET SIZE WAS VALUED AT 36.6 THOUSAND UNITS IN 2022 AND IS EXPECTED TO REACH 46.6 THOUSAND UNITS BY 2029, GROWING AT A CAGR OF 3.51% FROM 2022-2029

Latin America Elevator and Escalator Market Size (Volume) 

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

Latin America Elevator Market Size (Volume) 

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

Latin America Escalator Market Size by Volume  

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

Latin America 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 2023-2029

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LATIN AMERICA ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
MARKET SIZE BY NEW INSTALLATIONS (2029)46.6 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2022)36.6 thousand units
CAGR (2022-2029)3.51%
MARKET SIZE BY INSTALLED BASE (2029)1,090.5 thousand units
MARKET SIZE BY MODERNIZATION (2022)USD 204.1 Million
BASE YEAR2023
FORECAST YEAR2023-2029
SEGMENTATION BY CARRIAGE TYPEPassenger and Freight
SEGMENTATION BY CAPACITY2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
SEGMENTATION BY END-USERCommercial, Residential, Industrial, and Others
SEGMENTATION BY TYPEHydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
KEY VENDORSOtis, KONE, Schindler, TK Elevator, Mitsubishi Electric, Fujitec, and Hyundai Elevator
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MARKET OVERVIEW

The Latin America elevator and escalator market by new installations accounted for 36.6 thousand units in 2022 and is expected to reach 46.8 thousand units by 2029 growing at a CAGR of 3.51% during the forecast period. Migration and rising demand for vertical cities have paved the way for the development of the elevator and escalator market, which is also related to the evolution of the construction sector. Further, rapid urbanization, housing deficit, and government initiatives to attract foreign conglomerates for trade and business have contributed to the growth of Latin America elevator and escalator markets.

By the installed base, the Latin America elevators market is expected to reach 1,062.2 thousand units by 2029. Brazil remains to be the largest installed base in the Latin American Region. Still, Brazil's elevator density stands fourth in terms of elevator density, with 1.9 elevators for 1,000 people in Brazil.

Latin America Elevators Market Report

KEY HIGHLIGHTS

Technological innovation and safety aspects like sky bridges, modular construction, and cybersecurity adoption in buildings propel the demand for intelligent elevator systems.

  • The urgent need for housing in Chile has prompted the Housing and Urban Development Ministry (MINVU) to develop an urban housing strategy. With an estimated housing deficit of approximately 650,000 units, the strategy aims to address this issue by delivering 260,000 homes by March 2026, covering at least 40% of the projected need. One of its key objectives is to restore the State's central role in housing planning and management.
  • In Colombia, the International Finance Corporation (IFC) collaborated with the Colombian Chamber of Construction (CAMACOL) to promote EDGE certification, providing a platform for designing and certifying green and zero-carbon buildings as of 2021. Colombia's five commercial banks offer green financial products in the construction sector, making it one of the region's most empowering financial environments for green building investment. Colombia already has 168,000 homes built with EDGE certification, with 120,000 additional homes underway at the end of 2022.
  • 3D Printing is emerging as a key technology to provide eco-friendly and affordable construction, but its adoption requires a standard shift in the construction industry. While additive manufacturing in Latin America has yet to grow significantly, a consortium called CONMAD was developed in 2018 to promote the technology. The largest modular hospital in Latin America, spanning 140,000 ft², was constructed in just 60 days in Rio de Janeiro to treat patients infected with COVID-19. The project involved over 500 workers and included 300 beds and 120 ICUs divided into four modules.
  • Regarding equipment, the majority (79%) is imported from China, with 1% from Europe and 20% manufactured in Columbia. While most spare parts are imported, mechanical components are primarily produced within the country. The U.S.-Colombia Trade Promotion Agreements have facilitated the importation of road and construction equipment duty-free, along with services such as project management, bridge design, architecture, and engineering. The agreement also provides legal protections for U.S. companies, expanded access to the services market, and improved dispute settlement mechanisms.
  • The United States-Mexico-Canada Agreement (USMCA) will bring abundant opportunities for constructing new manufacturing and industrial plants, which shall be a key factor in enhancing investment and supply chain to Mexico.

Rising Urban Population in Metropolises and Housing Deficit to Hike Elevator Demand

  • Green and Yellow House’ is a program initiated to build 12 million housing units, of which 384,000 were given to socially vulnerable populations, around 1.5 million in Brazil.
  • As of May 2023, according to Chile's Housing and Urban Development, 133,855 dwellings are being built, 74,866 have been approved, and the work is almost complete. This indicates that as of May 2023, 259,038 dwellings had been awarded a subsidy, considering the total number of completed housing solutions, those under construction, and those approved to start construction.
  • Argentina plans to construct nearly 300,000 homes in the next decade, particularly emphasizing commercial buildings driven by the country's tourism industry. Moreover, Argentina offers a cost advantage compared to neighboring countries like Uruguay and Brazil, where building expenses are almost double.
  • The housing deficit in most Latin American countries is due to urban sprawl since most migrated people live in remote areas on hills called favelas. Due to this, the national governments have introduced various housing initiatives to cope with the demand. These necessary actions will boost the demand for elevators in the Latin American elevator and escalator market.

Increased Infrastructure Investments Due to Reduced Tax and Service Platform Authorization Directed to Surge in New Installations in the Latin America Elevator and Escalator Market

  • In June 2023, tax incentives were announced to attract companies to invest in Mexio’s business corridor, aiming to compete with the Panama Canal. These incentives include a 50% reduction in income tax for three years, with a potential 90% discount if employment goals are met. The measures also include accelerated depreciation of investments and value-added tax (VAT) exemptions. The government plans to construct ten industrial parks along the corridor, with a tender for their location launching in mid-June 2023.
  • During 2016-2018, when the platform gov.br service did not exist, only 21 requests to open a branch from foreign companies were registered. However, after introducing the platform, 118 authorization requests were registered, of which 92 have been authorized to open branches in Brazil. Due to this service platform, authorization to work has also been granted in digital ways in a span of 3 days.

Maintenance Market Pushed Digital Seal By ABEEL

  • Brazilian Association of Elevator Companies (ABEEL) introduced a digital seal for elevator companies to distinguish companies based on meeting current standards, quality of products, commitment, and customer service. Through digital seal, companies can top out by getting certified by an independent consulting company, SW - inteligência em negócios. After meeting all the requirements, companies are provided with a QR code that exhibits all the company's related information when scanned.
  • According to ABEEL, the modernization of elevators leads to secondary consequences (reduced maintenance costs of elevators), stabilizing the economy for condominiums. Old elevators, which require extra attention and additional costs, lead to an increase in the costs of buildings.

VENDOR LANDSCAPE

  • Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers of the Latin America elevator and escalator market, with a share of over 64%.
  • The Latin America launch of the Otis eCall PlusTM app, which offers passengers a contactless intelligent solution to call elevators remotely, Otis Mexico conducted the first regional demonstration of the product installed at the Avalanz Tower in Monterrey, Nuevo León. Avalanz Tower is the fifth tallest skyscraper in San Pedro Garza García and one of the city's most well-known buildings.

Frequently Asked Questions

How big is the Latin America elevator and escalator market?

The Latin America elevator and escalator market size by new installations accounted for 36.6 thousand units in 2022 and is expected to reach 46.6 thousand units by 2029.

What will be the growth rate of the Latin America elevator and escalator market?

The Latin America elevator and escalator market share by new installations is expected to grow at a CAGR of 3.51% during the forecast period (2023-2029).

What is the number of installed bases in the Latin America elevator and escalator market in 2022?

The number of installed bases in the Latin America elevator and escalator market accounts for approximately 950.2 thousand units in 2022.

What are the key opportunities in the Latin America elevator and escalator market?

The key opportunities in the Latin America elevator and escalator market are edge certification driving sustainable building practices across Latin America, the role of technology in shaping the region’s urban future, and Mercosur and EU TRADE agreement: A step towards stronger international relations.

What are the key Latin American elevator and escalator market players?

The key players in the Latin America elevator and escalator market are Otis, KONE, Schindler, TK Elevator, Mitsubishi Electric, Fujitec, and Hyundai Elevator.

The Latin America elevator and escalator market size by new installations was estimated at 36.6 thousand units in 2022 and is expected to reach 46.6 thousand units by 2029, growing at a CAGR of 3.51% during the forecast period.

The following factors are likely to contribute to the growth of the Latin America elevator and escalator market during the forecast period:

  • Affordable Housing Initiatives in Latin America to Boost the Elevators Demand
  • 3D Printing Paves the Way for Affordable Housing in Latin America
  • Building Information Modeling Transforming the Pace of the Elevator Industry
  • Increased Demand for Urban Living And Lack of Space to Fuel Demand for The High-Rise Constructions in Latin America

Base Year: 2022

Forecast Year: 2023-2029

The report considers the present Latin America elevator and escalator market scenario and market dynamics from 2023 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 Latin America elevator & escalator market.

Key Vendors

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

Other Prominent Vendors

  • Wittur
  • GMV ELEVATOR
  • VEGA LIFTS
  • Schmersal
  • Draka Elevator
  • GIOVENZANA INTERNATIONAL B.V.
  • ALAMEX ELEVATOR

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
  1. Latin America Elevator & Escalator Installed Base by Volume 2020-2029 (Units)
  2. Latin America Elevator & Escalator New Installations by Volume 2020-2029 (Units)
  3. Market Share 2022: Maintenance
  4. Market Share 2022: Modernization
  5. Latin America Installed Base: Volume (Units in Thousands)
  6. Latin America New Installations: Volume (Units in Thousands)
  7. Latin America Elevator Installed Base Percentage Share by Country
  8. Argentina Installed base Percentage share by City -2021
  9. Installed base of elevators by volume (units in thousands)
  10. New Installations of elevators by volume (units in thousands)
  11. Maintenance & Modernization Value($Million)
  12. Maintenance & Modernization 2022(%)
  13. Installed base of escalators by volume (units in thousand)
  14. New Installations of escalators by volume (units in thousand)
  15. Maintenance & Modernization Value($Million)
  16. Maintenance & Modernization 2022(%)
  17. Installed base and new installations of Elevators (Units)
  18. New Installations of Elevators (Units)
  19. Elevator Density of Latin American Countries -2020
  20. Urban Population by Size class of Urban settlement in Brazil
  21. Average Life Expectancy of Elevator Components
  22. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)
  23. Machine Room less Traction Elevators Installed base and New Installations (Units)
  24. Machine Room Traction Elevators Installed base and New Installations (Units)
  25. Others Machine Elevators Installed base and New Installation (Units)
  26. Installed base and new installations of Passenger Elevators (Units)
  27. Installed base and new installations of Freight Elevators (Units)
  28. Installed base and new installations of 2–15 persons elevators (Units)
  29. Installed base and new installations of 16-24 persons elevators (Units)
  30. Installed base and new installations of 25-33 persons elevators (Units)
  31. Installed base and new installations of 34 persons and above elevators (Units)
  32. Installed base and new installations of Commercial Elevators (Units)
  33. Installed base and new installations of Residential Elevators (Units)
  34. Installed base and new installations of Industrial Elevators (Units)
  35. Installed base and new installations of other end-user Elevators (units)
  36. Installed base and new installations of escalators (Units)
  37. New installations of escalators (Units)
  38. Installed base and new installations of Parallel Escalators (Units)
  39. Installed base and new installations of Multi parallel Escalators (Units)
  40. Installed base and new installations of Moving Walkway Escalators (Units)
  41. Installed base and new installations of Criss cross Escalators (units)
  42. Installed base and new installations of Public Transit Escalators (Units)
  43. Installed base and new installations of Commercial Escalators (Units)
  44. Installed base and new installations of Other End user Escalators (units)
  45. Latin America Elevators & Escalators Maintenance Market ($ Mn)
  46. Maintenance market share by company in Brazil 2021
  47. Latin America Elevators & Escalators Modernization Market ($ Mn)
  48. Elevators and Escalators market: Geographic Analysis
  49. Latin America New Installation Percentage Share by Country
  50. Building Permits by Building Type in Chile 2022.
  51. Inhabited Private Housing units by Location in Mexico-2020 (Units)
  52. Percentage of New Additions by Building Q1 2022- Panama
  53. Type of Private Dwellings in Peru -2021
  54. Percentage share of Urban Population in Latin American Countries-2022
  55. Market share 2020(% share)
  56. Raw Materials used in elevator in TK elevator in 2022
  57. Otis total sales 2020-2022($billion)
  58. KONE, total sales by segment 2022(%share)
  59. Schindler, total sales 2017-2022($billion)
  60. TKE total sales 2020-2022($billion)
  61. Mitsubishi, total sales by segment2022(%share)
  62. Fujitec net sales 2017-2022($billion)

 LIST OF TABLES

  1. Latin American Countries and Skyscrapers
  2. Buildings Under Construction in Latin America with height above 150m+
  3. By Machine, New Installations, Total Incremental Opportunity, 2022-2029
  4. By Carriage Type, New Installations, Total Incremental Opportunity, 2022-2029
  5. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2022-2029
  6. By End User, New Installations, Total Incremental Opportunity, 2022-2029
  7. By Product, New Installations, Total Incremental Opportunity, 2022-2029
  8. By End User, New Installations, Total Incremental Opportunity, 2022-2029
  9. Building Permits 2021-2022 in Argentina
  10. New Additions in Provinces by Number of Buildings Q1 2022
  11. Developments/ projects
  12. Environment Impact Created by Otis
  13. Ratio of Co2 emissions in Hitachi Value Chain -2021
  14. Raw Materials in Hitachi Business Operations in 2021
  15. Impact of carbon emission
  16. Elevators market size & forecast by type (Units)
  17. Elevators by Carriage Type Market Size & Forecast (Units)
  18. Elevators market size & forecast by persons (Units)
  19. Elevators by End-Users Market Size & Forecast (Units)
  20. Escalators market size & forecast by type (Units)
  21. Escalators market size & forecast by end users (Units)
  22. List of abbreviations
  1. Introduction
    • Market Scope
    • Market Snapshot of Elevators
    • Market Snapshot of Escalators
    • Executive Summary
  1. Latin America Elevators Market
    • Future Outlook -Latin America Elevator Market By Volume
    • Latin America Escalators Market- By Segments
      • Latin America Escalators Market, By Volume
        • Latin America Escalators Market Size and Forecast, Volume (Units in Thousand), 2020–2029
      • Latin America Elevators Market, By Type
        • Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2020–2029
        • Machine Room Traction, Market Size and Forecast, Volume (Units), 2020–2029
        • Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2020–2029
        • Others, Market Size and Forecast, Volume (Units), 2020–2029
      • Latin America Elevators & Escalators Market by Carriage Type
        • Passenger, Market Size and Forecast, Volume (Units), 2020–2029
        • Freight, Market Size and Forecast, Volume (Units), 2020–2029
      • Latin America Elevators Market by Persons
        • 2-15 Persons, Market Size and Forecast, Volume (Units), 2020–2029
        • 16-24 Persons, Market Size and Forecast, Volume (Units), 2020–2029
        • 25-33 Persons, Market Size and Forecast, Volume (Units), 2020–2029
        • 34 Persons and Above, Market Size and Forecast, Volume (Units), 2020–2029
      • Latin America Elevators Market by End Users
        • Commercial, Market Size and Forecast, Volume (Units), 2020–2029​
        • Residential, Market Size and Forecast, Volume (Units), 2020–2029​
        • Industrial, Market Size and Forecast, Volume (Units), 2020–2029​
        • Others, Market Size and Forecast, Volume (Units), 2020–2029
  1. Latin America Escalators Market
    • Future Outlook - Latin America Escalators Market by Volume
    • Latin America Escalators Market- By Segments
      • Latin America Escalators Market, By Volume
        • Latin America Escalators Market Size and Forecast, Volume (Units), 2020–2029
      • Latin America Escalator Market by Type
        • Parallel, Market Size and Forecast, Volume (Units), 2020–2029
        • Multi-parallel, Market Size and Forecast, Volume (Units), 2020–2029
        • Walkway, Market Size and Forecast, Volume (Units), 2020–2029
        • Crisscross, Market Size and Forecast, Volume (Units), 2020–2029
      • Latin America Escalator Market by End Users
        • Commercial, Market Size and Forecast, Volume (Units), 2020–2029
        • Public Transit, Market Size and Forecast, Volume (Units), 2020–2029
        • Others, Market Size and Forecast, Volume (Units), 2020–2029
  1. Latin America Elevators &Escalators Market, By Service (Maintenance & Modernization)
  1. Geographical Analysis
    • Key Economic Countries in Latin America
  1. Market Dynamics
    • Market Drivers, Opportunities, Restraints, Trends
  1. Technological Development
  1. Competitive Landscape
    • Company Profile of Major Vendors
    • Other Prominent Vendors
  1. Report Summary
    • List of Abbreviations
  1. Appendix (Report Scope & Definition)
    • Research Methodology
    • Market Definition, Inclusion & Exclusion

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Frequently Asked Questions

How big is the Latin America elevator and escalator market?

The Latin America elevator and escalator market size by new installations accounted for 36.6 thousand units in 2022 and is expected to reach 46.6 thousand units by 2029.

What will be the growth rate of the Latin America elevator and escalator market?

The Latin America elevator and escalator market share by new installations is expected to grow at a CAGR of 3.51% during the forecast period (2023-2029).

What is the number of installed bases in the Latin America elevator and escalator market in 2022?

The number of installed bases in the Latin America elevator and escalator market accounts for approximately 950.2 thousand units in 2022.

What are the key opportunities in the Latin America elevator and escalator market?

The key opportunities in the Latin America elevator and escalator market are edge certification driving sustainable building practices across Latin America, the role of technology in shaping the region’s urban future, and Mercosur and EU TRADE agreement: A step towards stronger international relations.

What are the key Latin American elevator and escalator market players?

The key players in the Latin America elevator and escalator market are Otis, KONE, Schindler, TK Elevator, Mitsubishi Electric, Fujitec, and Hyundai Elevator.