South Africa Elevators and Escalators Market Size Expands at Significant CAGR of 8.64% to Reach USD 1.04 Billion by 2030
South Africa Elevators and Escalators Market is flourishing due to the growing need for reducing energy consumption in buildings and increasing adoption of advancements in technology.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa Elevators and Escalators Market size at USD 0.63 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the South Africa Elevators and Escalators Market size to expand at a CAGR of 8.64% reaching a value of USD 1.04 billion by 2030. South Africa Elevators and Escalators Market is propelled by the increasing demand for maintenance, repair, and after-sales services, coupled with a significant requirement for new installations. The geriatric population's preference for alternatives to stairs significantly contributes to market acceleration. Urbanization resulting from industrialization and infrastructure development in South Africa further propels the market. Beyond traditional solutions, innovative options like horizontal moving walkways cater to modern commuting needs. The market's expansion extends beyond South Africa, with substantial infrastructure investments across Africa and notable projects in Egypt and Kenya indicating significant demand for vertical transportation solutions. Residential sector expansion, including projects like "Cornubia Housing Project" and the Kenyan government's "Affordable Housing Project," acts as a catalyst, promising sustained and dynamic industry growth in the continent.
Impact of COVID-19 on South Africa Elevators and Escalators Market
COVID-19 pandemic adversely affected the South Africa Elevators and Escalators Market. The pandemic impeded the growth of the construction industry, leading to delays attributed to disruptions in supply chains. Elevator and escalator manufacturers, along with the broader construction sector, confronted challenges stemming from incomplete or delayed commercial projects, caused by issues such as disrupted supply chains, financial constraints, workforce shortages, and production stoppages. However, with the gradual lifting of lockdowns in South Africa, there was an expected resurgence in demand for elevators and escalators. As the global construction sector resumed operations, a corresponding increase in the demand for vertical transportation solutions boosted the market growth.
South Africa Elevators and Escalators Market
Segmental Information
South Africa Elevators and Escalators Market – By Type
Based on type, South Africa Elevators and Escalators Market is divided into Elevator, Escalator, and Moving Walkways segments. The elevator segment holds the highest share in the South Africa Elevators and Escalators Market by type. It is primarily due to their widespread utilization in commercial, residential, and industrial settings. Elevators, characterized by their space efficiency compared to escalators, contribute further to their expanding market presence. Also, the growth of the elevator market is expected to be propelled by the rising number of hotel projects, exemplified by developments such as the Premier Hotel Building in South Africa.
Competitive Landscape
Major players operating in South Africa Elevators and Escalators Market include Otis, Schindler, Mitsubishi Electric, Hitachi, Hyundai, ThyssenKrupp, Toshiba, and Fujitec. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the South Africa Elevators and Escalators Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the South Africa Elevators and Escalators Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. South Africa Elevators and Escalators Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing need for reducing energy consumption in buildings
- 3.2.1.2. Advancement in technology
- 3.2.2. Restraints
- 3.2.2.1. Uncertainty and risk regarding economy
- 3.2.3. Opportunities
- 3.2.3.1. Adoption of green building codes and energy-efficient products
- 3.2.4. Challenges
- 3.2.4.1. Compliance with standards and regulations
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. South Africa Elevators and Escalators Market Overview
- 4.1. Market Size & Forecast, 2019–2030
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Elevator
- 4.2.1.2. Escalator
- 4.2.1.3. Moving Walkways
- 4.2.2. By Service
- 4.2.2.1. New Installation
- 4.2.2.2. Maintenance & Repair
- 4.2.2.3. Modernization
- 4.2.3. By Elevator Technology
- 4.2.3.1. Traction Elevator
- 4.2.3.2. Machine Room Less Traction Elevator
- 4.2.3.3. Hydraulic
- 4.2.4. By End Use Industry
- 4.2.4.1. Residential
- 4.2.4.2. Commercial
- 4.2.4.3. Institutional
- 4.2.4.4. Infrastructure
- 4.2.4.5. Others
- 5. Competitive Landscape
- 5.1. List of Key Players and Their Offerings
- 5.2. South Africa Elevators and Escalators Company Market Share Analysis, 2023
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 6. Impact of Covid-19 on South Africa Elevators and Escalators Market
- 7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 7.1. Otis
- 7.2. Schindler
- 7.3. Schindler
- 7.4. Mitsubishi Electric
- 7.5. Hitachi
- 7.6. Hyundai
- 7.7. ThyssenKrupp
- 7.8. Toshiba
- 7.9. Fujitec
- 7.10. Other Prominent Players
- 8. Key Strategic Recommendations
- 9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents, By Region
- 9.5. Assumptions & Limitations
- *Financial information of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
- List of Figures
- Figure 1 South Africa Elevators and Escalators Segmentation
- Figure 2 South Africa Elevators and Escalators Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 South Africa Elevators and Escalators Market Size, By Value (USD Million), 2019–2029
- Figure 5 South Africa Elevators and Escalators Market Share, By Type, By Value, 2019–2029
- Figure 6 South Africa Elevators and Escalators Market Share, By Services, By Value, 2019–2029
- Figure 7 South Africa Elevators and Escalators Market Share, By Elevator Technology, By Value, 2019–2029
- Figure 8 South Africa Elevators and Escalators Market Share, By End Use Industry, By Value, 2019–2029
- List of Tables
- Table 1 South Africa Elevators and Escalators Market Size, By Value (USD Million), 2019–2029
- Table 2 South Africa Elevators and Escalators Market Size, By Type, By Value, 2019–2029
- Table 3 South Africa Elevators and Escalators Market Size, By Services, By Value, 2019–2029
- Table 4 South Africa Elevators and Escalators Market Size, By Elevator Technology, By Value, 2019–2029
- Table 5 South Africa Elevators and Escalators Market Size, By End Use Industry, By Value, 2019–2029
- Table 6 Otis Company Overview
- Table 7 Otis Financial Overview
- Table 8 Schindler Company Overview
- Table 9 Schindler Financial Overview
- Table 10 Schindler Company Overview
- Table 11 Schindler Financial Overview
- Table 12 Mitsubishi Electric Company Overview
- Table 13 Mitsubishi Electric Financial Overview
- Table 14 Hitachi Company Overview
- Table 15 Hitachi Financial Overview
- Table 16 Hyundai Company Overview
- Table 17 Hyundai Financial Overview
- Table 18 ThyssenKrupp Company Overview
- Table 19 ThyssenKrupp Financial Overview
- Table 20 Toshiba Company Overview
- Table 21 Toshiba Financial Overview
- Table 22 Fujitec Company Overview
- Table 23 Fujitec Financial Overview
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