Residential Elevator New Installations in Latin America Surpass Commercial End Users, Securing Over 40% Market Share – Latin America Elevators and Escalators Market Report by Arizton

Jul 24, 2023

Residential elevators continue to show high incremental opportunity due to the replacement of aging infrastructure in older housing development prompted by Government initiative 

Arizton is proud to announce the publication of its report, Latin America Elevator and Escalator Market Size & Growth Forecast 2023-2029. This comprehensive report covers a wide range of protein products, market segments, and regional analysis, providing insightful data to key players and businesses operating in the market. 

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. 

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Residential Buildings Prevail in Latin American Elevator Market 

Single and multi-family homes are considered residential elevator segments. Residential buildings make up the largest part of the market, contributing to most of the market through 2029  

Reserve Alta Vista is an under-construction residential complex in Jundiai, São Paulo, with an investment of $ 50 million, and Nex One Alto da Boa Vista is another residential construction project on 0.27-hectare land at Santo Amaro in São Paul with an investment of  $30m, both of which are expected to be completed by 2023. 

As of May 2023, according to Chile's Housing and Urban Development, 133,855 dwellings are being built, while 74,866 have been approved, and 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 with approval to start construction.  

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 up with the demand. These necessary actions will boost the demand of elevators in Latin American countries. 

 Metro lines and Railway projects in Brazil, Panama, and Mexico in the pipeline to push the demand for Elevators 

 A people mover has been authorized by Brazil federal court of auditors connecting line 13 jade of Paulista Metropolitan Trains Company(PCTM) to Sao Paulo International Airport in Guarulhos with an elevated line of 2.7 km and an investment of $51.7 million is expected to complete by 2024. 

A new metro line, Line 3, is currently under construction and is expected to be completed by 2025. This metro line spans 34 kilometers and is the largest project undertaken in Panama since the expansion of the Panama Canal. It will connect the regions of Panama Oeste and Panama City and has a budget of USD $2.6 billion. 

By May 2023, the 480 km section of the Maya railroad line connecting Campeche and Cancun will have reached 80% of its construction goal. The project, which consists of five packages and spans a total distance of nearly 1,500 km and $7.4 billion, is the highest publicly funded infrastructure undertaking in recent times in Latin America. 

According to Ministry of Infrastructure Brazil and Municipality of Olimpia agreement  the new airport project is expected to be built by 2026 and estimated to cost $19.82 Million. 

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Major Stake Holders in the Latin America Elevators and Escalator Market include: 

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 

The latest research report on Latin America Elevator and Escalator Market Size & Growth offers an assessment of market dynamics, consumer trends, and competitive landscape and helps players to make informed decisions and drive sustainable growth in the rapidly evolving industry.  

Detailed Table of Content Available: https://www.arizton.com/market-reports/latin-america-elevator-and-escalator-market?details=tableOfContents 

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