Integration of AI and increasing demand for smart building are the top trends driving the elevator and escalator industry growth.
Arizton’s recent market research report on the global elevator and escalator market provides a comprehensive industry study, competitive analysis, and trend forecasts. The research study segments the market by product types (elevator and escalator, modernization, and maintenance), end-users (commercial, residential, industrial, and government), and geography (APAC, Europe, North America, Latin America, and MEA). Otis Elevator (United Technologies), Schindler, KONE, and Thyssenkrupp are identified as the leading vendors that are likely to dominate in the elevator and escalator industry during the forecast period.
The global elevator and escalator market is expected to reach over $100 billion by 2024, growing at a CAGR of around 6% during 2018–2024. The market research report offers market share in million units.
Elevators and escalators have become an essential part of modern existence. They help people move in offices, malls, metro stations, airports, and residential buildings. The increasing penetration of IoT in commercial, residential, and industrial sectors has a positive influence on the emerging ecosystem of next-generation elevators and escalators.
The leading drivers and trends driving the elevator and escalator industry are discussed below:
Growth of Vertical Cities and Smart Buildings
The growing population, urbanization, green cover reduction, and space constraints are driving the growth of vertical cities. Vertical establishments enable accommodation of a large number of people in a small footprint, which helps in the conservation of land and natural resources. Smart buildings are known to be power efficient and some even have the equipment to generate their own electricity. For example, Shanghai Tower has 270 wind turbines that generate 1.19 million kWh of green power per year. Rapid urbanization has also uplifted the construction of skyscrapers. It is expected that there would be around 6,900 skyscrapers per billion people by 2050, compared to the current total of 800 per billion people. The growing urbanization and the increasing skyscraper constructions worldwide are likely to positively impact the elevators and escalator industry during the forecast period.
The increasing need for convenience and strong growth of mobile technology have fueled the growth of smart buildings. The high adoption of smart buildings can be attributed to the rise in energy costs, an increase in consumer awareness, stringent energy-saving regulations, and reduction in smart home technology cost. The growth of smart cities and rapid advancements in AI technology are pushing established manufacturers to offer smart elevator and escalator solutions.
Aging Population aiding Elevator and Escalator Industry
The aging population is expected to have a significant influence on the next generation of product designs. New product lines are expected to impact the end-user segment such as labor and financial, housing, transportation and social protection, and goods and services sectors. The elevator and escalator industry is expected to experience high growth due to the increase in the aging population. Currently, Europe has the highest percentage of the population aged 60 or over (25%). Increasing government initiatives to offer better travel for the aging population worldwide would positively impact the elevator and escalator industry during the forecast period.
Increasing Use of AI in Elevators and Escalators
The growth in structured and unstructured data and the rise of connected infrastructure have developed the demand for AI in several sectors. These developments are helping elevator and escalator industry manufacturers to harness the power of data, which, in turn, helps in developing engaging and efficient systems. The benefits of AI integration in the elevator and escalator industry are better customer satisfaction, efficient risk management, high operational efficiency, and proactive business analysis. The introduction of IBM Watson (AI) into services helps KONE to predict and suggest resolutions to potential challenges. The use of AI enables KONE to offer customized services that specifically meet the need of consumers, thereby increasing consumer satisfaction. Real-time interaction between elevators and IoT would help in faster detection and resolution of defects.
Mitsubishi Electric, Hitachi, Fujitec, Toshiba, Hyundai Elevator, SJEC, Electra Lift,Savaria, Lift-ok.com, Johnson, Orbis Elevator, KLEEMANN, GTS Elevator, Orona, Omega Elevators, Fuji Elevator, GEEC, OTSE Elevator & Escalator, Sodimas, and L.T.Elevator are the other prominent vendors in the elevator and escalator industry.
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 market sizing and forecast for major geographical regions and key countries.
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