Elevators and Escalators Market: Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029

  • Single User License $3500

Elevators and Escalators Market: Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029

Status : February, 2021 | Industrial

Report Digest


Global Elevators and Escalators Market: Overview

A moderate growth rate will be recorded in the global elevators and escalators market as per Transparency Market Research. The landscape would therefore be marked with presence of new and untapped growth opportunities in the period. In turn, this would ensure that players are using various measures to take up a larger share of the market, in turn driving the market towards further growth.  

The reasons behind this growth are not hard to find. Elevators and escalators have become a crucial part of everyday lives for people, especially in places such as multi-story buildings like skyscrapers and multifarious malls. Besides, ageing population and busy schedules are also contributing to this projected growth in the market.

Global Elevators and Escalators Market: Competitive Landscape

TMR Research notes that the vendor landscape of global elevators and escalators market is fragmented and competitive. A large number of players – big and small – are marking it with their presence and driving the market forward with the many and varied growth strategies and measures deployed to gain a larger share of the growth, projected for the forecast period.

Prominent companies that work in the global elevators and escalators market are KONE Corporation (Finland), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel).

It is pertinent to note here that technology and innovation hold key to growth for players in the market. Various other strategies are also deployed. These emerge from different points on the organic and inorganic spectrum. Key alliances such as mergers are also entered into to capture higher share of market. Partnerships and collaborations, based on mutual synergies, also lead to better market penetration and consolidated position for players. Besides, better products and efforts directed by players towards portfolio diversification also propel growth in the market.

Global Elevators and Escalators Market:  Key trends and driver

A slew of trends and drivers mark the landscape of global elevators and escalators market. These are propelling the market on to a higher trajectory by contributing positively to growth. TMR Research delineates these in its upcoming market research report in great detail. A glimpse into the scenario of growth factors interplay is provided below:

  • One in every six people in the world will be aged over 64 by the year 2050. This means that demand for elevators and escalators will grow as strenuous physical activity becomes difficult for this age group. 2 billion people will be in 60’s and over by the same year. The situation will be slightly more pronounced In North America where the number would one in every four (people aged 65 and above). A similar ratio would be observed in Europe.
  • An increasing demand for these is coming from big hospitals and malls, the number of which is increasing especially in the developing regions of the world. An outcome of robust growth in these economies, these structures have these products as an essential part of the building framework.

Global Elevators and Escalators Market:  Regional Analysis

The global elevators and escalators market will witness Asia Pacific top the regional charts over the forecast period. China and India will lead the way to this notable CAGR and market share. One of the biggest reasons of growth in the region is presence of a large number of older people. Besides, economic growth in some of the economies is contributing massively to increase in construction of bigger buildings and maintenance and modernization of older ones. This is boosting demand in the regional market landscape.

Segments:

By Type:

  • Elevators (passenger, freight, single, and double deck elevators)
  • Escalator
  • Moving walkways

By Service:

  • New installation
  • Maintenance & repair
  • Modernization

By Technology:

  • Elevator technology (traction with a room, machine room less traction, hydraulic)

By End-use Industry:

  • Residential
  • Commercial
  • Institutional
  • Infrastructure
  • Others (industrial and marine industry)

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?