report thoroughly covers the market by components, verticals, and regions. The elevator and escalator market outlook report provides an unbiased and detailed analysis of the on-going elevator and escalator market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The elevator and escalator market is likely to grow in coming years due to rise in need for hospitality services, commercial offices and residential areas. Moreover, the rise in infrastructural facilities and diversification of service sector especially over the construction of shopping malls are expected to eventually led to rise in the elevator and escalator market. There is a shift in expenditure by the government on infrastructure facilities such as development of metro railways, now leading to the increase in market share of elevator and escalator market.
Construction of commercial and residential market is also driving this market. Moreover, the Asia Pacific region is expected to lead a major share in the market across the world. In Asia Pacific, India elevator and escalator market is projected to gain momentum over the upcoming years on account of the rising construction in various sectors as well as rapid urbanization.
Elevator and Escalator market analysis
According to 6Wresearch, the market is likely to grow from 2021 – 2027. Although the COVID- 19 global pandemic has staggered the growth of this market leading to the negative demand of escalators and elevators as a consequence of closure of shopping malls and construction sites. Moreover, escalators are more prone to cause accidents owing to increasing number of injured every year. Furthermore, it has been projected that the Elevator and escalator market is likely to rise rapidly.
Geographically, China and India hold the largest share in the elevator and escalator market as a consequence of rapid development in infrastructure. Additionally, Asia Pacific is likely to dominate the market and cover relevant share in forecast period. Increasing population and modernization drives the market share. Lack in growth of this market owes to the high maintenance and replacement cost.
COVID – 19 Impact
The global pandemic led to the shift in labor intensive, hampering the production of highly modernized sector and eventually leading to the disruption in the elevator and escalator market. Additionally, the government restriction on movement of non-essential goods has broken down the chain of the growing market. However, owing to the increase in construction and infrastructural activities in commercial and residential area is leading to the rapid development.
To attract environment conscious consumer there is a shift towards green escalators creating focus on using recyclable materials and reducing the level of energy consumption. Awareness regarding increasing efficiency and modernization owes the growth of the elevator and escalator market.
The elevator and escalator market are dominated by KONE corporation, United technologies, Schindler, Mitsubishi Electric Corporation, Fujitec, Toshiba Corporation and Hitachi Ltd. The demand of this market is concentrated to the commercial areas followed by increasing demand in residential owes to the increasing number of shopping malls, grocery stores, shopping malls and commercial parks. The new technology is contributing towards the growth of the revenue of the market. The new segment has come up with utmost safety and aims at providing eco-friendly environment. Also, China is expected to increase the share of in the market in forecast period. Also, the North America region is projected to be seen as a fast growing market the efforts are being made by the producers to establish and widened the market.
In South Africa, there is a substantial increase in construction of commercial complexes, malls and offices leading to increase in demand for lifts and escalator contributing towards the flourish of the market.
The increase in modernization and awareness regarding technology improvement is contributing towards the development in the pattern of household premises and commercial sites. Moving towards the premium living amenities like elevators is essential owing to the development of the market. After uplifting COVID – 19 restrictions and resumption of construction work the market of elevators is expected to have a positive growth.
Europe also came as the second largest growing region in escalator market. Increase in infrastructure and construction drives the growth of the market. Middle East and America forecasted to contribute significantly in the coming years due to the lifestyle changes. Increasing support from government also adds fuel to the market.
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
- By Types
- Moving Walkways
- By Services
- Maintenance & Repair
- New Installation
- By End-User