North America Elevator & Escalator Market Outlook, 2027

North America Elevator & Escalator Market Outlook, 2027

The elevator and escalator market is expected to gain momentum during the upcoming period on account of the increasing expansion of the construction sector. Elevators and escalators are widely used all over the North American region and are considered a modern and convenient means of movement. The growth of the elevator and escalator market is also driven by an increase in the construction of high-rise buildings, a rise in eco-friendly infrastructural activities and the development of smart cities. The market's growth is expected to come from increasing construction projects across the region and the consequent need for maintenance, repair, and after-sales service activities.

The report 'North America Elevator & Escalator Market Outlook, 2027' by Bonafide Research covers explicit information regarding the development rate, market estimates, drivers, limitations, future demand, and revenue during the forecast period. In the year 2021, the North America market was valued at USD 18 Billion, post that the region has shown a constantly growing urbanization and focused on boosting the infrastructure in transportation and power sectors. The focus of the region towards energy consumption and boosting green energy in the region is expected to trigger the sound growth of the North America elevator and escalator market with a futuristic CAGR of over 5%. The North America Elevator and Escalator market is one of the major revenue generating markets in the world. Moreover, North America has promising growth prospects in the Elevator and Escalator market due to the high investments made by the government to build smart infrastructure.

The United States is the leading country in the overall North American elevator and escalator market in terms of revenue share. Additionally, the US has been constantly building its economy by encouraging green infrastructure and boosting urbanization. Furthermore, the US government has increased its spending in the construction sector to develop commercial and residential spaces, despite the market's increasing growth. In addition, Canada is witnessing a substantial growth in the elevator and escalator market on account of the expansion of the tourism sector and an increase in the construction of hotels and guest houses. In the United States, the construction industry is a major contributor to the country’s economy, generating jobs for more than 7.6 million people nationwide and building USD 1.4 trillion worth of structures every year. Both the private and public construction sectors have observed significant growth in the past few years in countries like Canada and the United States, fueling elevator installations.
The elevator and escalator markets in the US have been supported by the maintenance and modernization of existing equipment and the stabilizing economy of the country. The increasing investment by the government in public infrastructure and the rise in the number of commercial and residential complexes will drive the growth of the US elevators and escalators market in the upcoming years. Further, the companies in the industry are constantly investing in the development of new technology and safe designs. The introduction of these pioneering designs and innovations will instil growth in the industry for years to come. The integration of mobile technology is opening new gates of innovation and operational efficiency for companies and making jobsites safer for workers.

The number of commercial and residential complexes throughout the country is increasing substantially. An increase in the urban population will further create demand for housing and commercial space and will positively affect the elevator and escalator industry. A number of new projects have further propelled growth in the industry. Projects like the development of three world trade centers in New York; a large number of high-rise buildings in Portland; expansion projects at the University of Virginia; the University of North Carolina; Cleveland State University; Marquette University; and other notable projects across the country will provide robust growth for the industry. In addition, unavailability of energy-efficient resources, fear of accidents, and lack of long-term investments are some of the restraints that hinder the growth of the North American elevator and escalator market.

The market can be segmented into three major categories in terms of types, of which the elevator segment held the highest share of more than 50% in the year 2021. Elevators have always been used all over North America. However, after the introduction of smart elevators, the demand for the segment has risen tremendously. In addition, the increased construction of multi-story buildings and investment in the transportation and hospitality sectors has led to an increase in the demand for escalators. Furthermore, the North America region has a large ageing elevator and escalator installed base, which results in structural growth potential for the maintenance and modernization services market in the region. Due to this, the maintenance and repair segment leads the market, followed by the new installation segment. Also, increased safety standards have propelled the market demand for innovative elevators, which would drive the market demand for the modernization segment by the end of the forecast period.

All nationwide laws governing elevator maintenance are set by the Occupational Safety and Health Administration and the American Society of Mechanical Engineers. Besides, most states and cities have additional standards and codes. The US holds an unbeatable share of over 75% since the last decade, which is in a declining stage given the rise in the market share of other smaller countries.

Recently, Liberty Elevator Corporation and their partners were recognized for the ‘2022 PROJECT OF THE YEAR’ award by Elevator World Publications for installing the Ascent elevators at Summit-One Vanderbilt in Midtown Manhattan. The international partnership of vertical transportation experts incorporated cutting-edge technologies and world-class craftsmanship to deliver the world’s premier elevator experience. One Vanderbilt's highest elevation is touted as New York’s most transformational experience with its external glass elevators, known as ASCENT, offering a thrilling one-of-a-kind perspective of the city from One Vanderbilt’s highest elevation. Furthermore, some of the key players in the North American elevator and escalator market are Delta Elevator, Otis Elevator Co., Hyundai Elevator, KONE Corporation, and ThyssenKrupp Elevator. Additionally, in February 2021, TK Elevator acquired shares of Accurate Elevator, making this its fifth acquisition in North America. TK Elevator has previously acquired Albany Elevator and three other Canada-based companies. Furthermore, in 2020, Action Elevator Company, based in the US, partnered with Southwest Elevator and Align Capital Elevators to expand their business potential.

COVID-19 Impacts
Due to the COVID-19 pandemic, the North American elevator and escalator market was hit majorly. Lockdowns were imposed in all the countries in the North American region, leading to restrictions on the movement of people, further hampering the growth of the market. The elevators and escalators market has been negatively impacted in recent months owing to the lockdowns imposed in the majority of the countries due to the outbreak of the COVID-19 pandemic in December 2019 in North America. Also, the impact of the COVID-19 outbreak has slowed down the growth of the construction industry in recent months, causing delays that can be attributed to several disrupted supply chains. However, the demand for elevators and escalators is anticipated to increase in the coming months as several governments prepare to lift the lockdowns in a phased manner. As the lockdowns gradually come to an end, the construction industry is anticipated to grow, though not at the same pace as compared to the last few years.

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: North America
• Historical year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Countries covered:
• United States
• Canada
• Mexico

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)
• Market Share by Country

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.