Global Elevator & Escalator Market Overview, 2022-2027

Global Elevator & Escalator Market Overview, 2022-2027

The report titled 'Global Elevator & Escalator Market Overview, 2022-2027' published by Bonafide Research study report offers a valuable insight with an emphasis on the global market from the period of 2016 to 2027. The segments considered for the elevators & escalators market in this includes by type, service, and end-use industry across the regions. the market was valued at around USD 90 billion, which is anticipated to reach nearly USD 130 billion by 2027, registering a CAGR of more than 6% for 2022-2027. The recent COVID-19 outbreak has resulted in declining market growth. However, several factors are expected to drive the elevator and escalator market during the forecast period. The market is projected to witness high growth because of the growing end-use industries apart from residential and commercial and the rising demand from emerging countries such as China and India. The residential segment is to have the largest market share followed by the commercial industry becoming the next end-use industry to play a key role in changing the elevators & escalators industry landscape and grow at the highest rate during the forecast period. The market is to grow with an anticipated CAGR of over 6% through the forecasted period.

Elevators & escalators are demanded by various industries as they offer comfort and easy movement of people and goods between various floors of a building. These are some main reasons, which have led to the growth of the industry. By type, the elevator segment leads the market in 2021. The growing geriatric population is another factor boosting its installation. The booming construction sector resulting in rapid demand for elevators in high-rise and mid-rise buildings is further pushing the market growth. Similarly, the moving walkway segment is to grow with an anticipated CAGR of more than 6%, while the escalator segment is expected to show a decline in the market. Rising usage of elevators and escalators at airports, malls, subways, hospitals, office buildings, and other commercial spaces to offer ease in transit is driving the market growth.

The residential industry, for a long time, has been the major contributor to the rising demand for elevators & escalators in 2021. However, in recent times, it has been closely competing with the commercial industry. The commercial end user segment is expected to show a marginal decline. The increasing focus of government towards high rise infrastructures coupled with the increasing need for rapid transit is expected to fuel the growth. Tourism is another sector, which encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries. These factors are to influence the other end user segment that is to grow with an anticipated CAGR of over 6%.

Asia-Pacific is to have the largest market share and dominate the elevators & escalators market, expected to cover larger market share by the end-of-year 2027. The region offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the region the fastest-growing market. The expansion of the elevators & escalators market in this region is propelled by factors such as the growth of the residential, commercial, institutional, and infrastructure industries. The increasing population and economic development are other factors that further drive the growth of this region. The regions of South America and Middle East & Africa together contributed to more than 12% of the market in 2020.

Factors such as stringent regulations in the elevators & escalators industry are some of the serious restraints for the growth of the market. The global market for elevators and escalators is dominated by players such as 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).

COVID-19 Impacts:
The COVID-19 pandemic triggered a global health emergency that was unprecedented and difficult to manage. As a precaution, most of the region's major economies enforced a harsh and abrupt nationwide lockdown, effectively halting financial activity in the region. The abrupt closure wreaked havoc on the labor-intensive and highly unpredictable construction industry. This aspect also hampered global market sales and development by reducing new construction and upgrading operations. The market's expansion was slowed by lower cash liquidity, uncertainty in state investments, and a gloomy attitude among established potential investors. The disruption and complete breakdown of the manufacturing ecosystem's supply chain shifted the market's decline across numerous areas. A temporary prohibition has been imposed by a number of federal governments. The government issued urgent measures to halt non-essential commodity movement, resulting in a large gap between the procurement of raw materials for products and actual production at manufacturing facilities. The industry's efficiency and productivity have been harmed by a complete mismatch between supply and demand for basic resources.

Major Companies Present In the Market
Fujitec Corporation Limited, Hitachi Group, Hyundai Elevator Corporation Limited, Kleemann Hellas, Kone Corporation, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Group, Sigma Elevator Company, Stannah Lifts Holdings Limited, Thyssenkrupp AG, Toshiba Elevator And Building System Corporation

Considered In the Report
• Geography: Global
• Historical year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Countries covered:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Aspects Covered In the Report
• Market Size By Value for the historic time period (2016-2021)
• Market Size By Value for the forecast time period (2022-2027)
• Market Share by Type (Elevator, Escalator & Moving Walkways)
• Market Share by Service (New Installation, Maintenance & Repair, Modernization )
• Market Share by End Users (Residential, Commercial & Others)

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.