APAC’s Trillion-Dollar Construction Market Boosting Elevator and Escalator Industry
Arizton’s recent market research report on the global elevator and escalator market identifies Otis Elevator (United Technologies), Schindler, KONE, and Thyssenkrupp as the leading vendors that are likely to dominate the market during the forecast period. The research report provides a comprehensive industry study, competitive analysis, and trend forecasts. It provides a detailed analysis of market segmentation by product types (elevator and escalator), end-user types (commercial, residential, industrial, and government), and geography (APAC, Europe, North America, Latin America, and MEA).
The global elevator and escalator market is expected to reach over $107 billion by 2024, growing at a CAGR of around 6% during 2018–2024. The research report offers market share in million units.
APAC is likely to emerge as the largest market and is expected to witness the highest incremental growth rate during the forecast period. The adoption of stringent safety regulations, growth of the global construction market, rise in the aging population, and growth of smart buildings and elevators are likely to drive the global elevator and escalator market.
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The global elevator and escalator market is divided into three major segments - product, end-users, and geography.
The maintenance segment to dominate with the market share of over 45%
Maintenance involves a routine examination, cleaning, lubrication, and re-alignment of parts, components, or subsystems for optimal performance of elevators, escalators, and moving walkways. The maintenance segment is expected to have an incremental growth of over $20 billion during the forecast period. In 2018, the maintenance segment dominated the global elevator and escalator market with a market share of over 45% in terms of revenue. Growth in the installed user base, the rising need for safety, compliance to stringent safety regulations, and reduction in operational costs are driving the maintenance segment. Advantages of preventive maintenance in elevators and escalators are decreasing equipment downtime, preventing major repairs, increasing equipment lifetime, improving safety and service quality, and reducing the risk of accidents and mishaps. Therefore, Gatwick London offered Otis, UK a five-year maintenance contract for 340 elevators, escalators, and moving walkways in the UK’s second-largest airport.
Read: Fall Protection Equipment Market - Global Outlook and Forecast 2020-2025
The commercial sector to grow at a lucrative CAGR during the forecast period
In 2018, the commercial sector dominated the global elevator and escalator market with a market share of 40% and is expected to grow at a CAGR of around 6% during the forecast period. The use of elevators and escalators in commercial buildings helps to facilitate an efficient transportation of building occupants. The increasing adoption of elevators and escalators in offices, retail stores, hotels, restaurants, and other commercial environments is influencing the global market. Elevators and escalators used in commercial buildings are more complex than residential ones, thereby requiring careful designing and planning with risk assessment before installation. The hotel industry is one of the most crucial revenue generators for elevators and escalators, as it drives demand for premium and customizable elevators and escalators. Shopping malls have become a popular format of retail that is attracting a high number of footfalls globally every day. The growth of the construction sector is likely to boost the global elevator and escalator market during the forecast period.
APAC to emerge as the largest market for elevators and escalators
China, India, and Japan were the major revenue contributors to the market in 2018. The surge in the construction of high-rise buildings in APAC was a major driver for the high adoption of elevators and escalators. The global elevator market by new installation in APAC is expected to reach over 850 thousand units by 2024. The adoption of escalators and moving walkways in retail outlets and public transport, increase in urbanization, and growth in the aging population are also expected to positively influence the market during the forecast period. The countries in the APAC region are expected to increase their infrastructure budgets due to urbanization and favorable government initiatives for infrastructure development. The construction market plays a crucial role in the development of the region and is expected that it would reach more than $6 trillion, growing at a CAGR of about 5%. Thailand unveiled its 2016–2020 infrastructure plan. The infrastructure investment in the APAC region is expected to reach more than $58 billion by 2025.
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The complete overview of the latest market research report on the global elevator and escalator market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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