Global Elevators and Escalators Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Elevators and Escalators Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Elevators and Escalators include elevators that operate vertically, escalators that operate in an inclined direction, and moving walkways that operate in an inclined or horizontal direction.The elevator is a type of vertical transport equipment that efficiently moves people or goods between floors (levels, decks) of a building or other structure.The escalator is a moving stairway that transports passengers up and down the floors of a building.Moving walkways are motorized continuously moving horizontal or low-inclined surfaces that transport people over short to medium distances.

Market Overview:

The latest research study on the global Elevators and Escalators market finds that the global Elevators and Escalators market reached a value of USD 75526.61 million in 2022. It’s expected that the market will achieve USD 102843.12 million by 2028, exhibiting a CAGR of 5.28% during the forecast period.While the COVID-19 epidemic may depress sales of elevators and escalators this year, in the long run, elevators and escalators will continue to grow steadily in the coming years as the economy recovers, people rigidly demand to apartments, and improvement of infrastructure.From a elevators and escalators manufacturer's perspective, the COVID-19 pandemic has created a number of challenges for manufacturers; first, much of the manufacturing work is done on site and cannot be done remotely. Secondly, the slowdown in economic activity has reduced the demand for elevators and escalators globally. Especially at this stage of the ongoing epidemic like in the U.S., safeguarding the health of consumers and the workforce is a top priority for businesses and governments alike. For manufacturers in the hardest-hit areas, plant closures (full or partial) may still be necessary for an extended period of time. For companies whose teams are prone to virus outbreaks, this will be a critical time to explore the proactive deployment of automation technologies (e.g., collaborative robots, autonomous material handling, industrial IoT) to reduce worker density across operations.

Continuous demand for elevators and escalators

The downstream industry of elevators and escalators is the construction industry, which mainly includes residential, commercial support and infrastructure. Among them, residential and commercial elevators account for more than half of the total demand, in addition, elevators and escalators sales in rail transportation, social housing and old ladders renovation and renewal of several applications show a positive trend in demand. The development of the rail transit industry will also drive the demand for elevators and escalators, take rail transportation as an example. The global intercity high-speed railway and urban rail transit are still in the stage of continuous expansion. As of 2018, the global high-speed rail operating mileage is about 38,000 kilometers, of which China's high-speed rail operating mileage is 25,000 kilometers, accounting for 66.3% of the global high-speed rail total, much higher than other countries in the world. Followed by Spain, with a high-speed rail operating mileage of 3,100 kilometers, followed by Germany and Japan, with a high-speed rail operating mileage of 3,038 kilometers and 2,765 kilometers, respectively. China's new high-speed rail mileage exceeded 4,000 kilometers in 2019, still maintaining a relatively rapid growth rate. With the continuous development of the global economy, the strengthening of regional economic links, and the expansion of urban agglomerations, the rail transit industry will face a long-term demand, which also means that the market's demand for elevators and escalators will continue.

Risk of volatility in raw material prices

The upstream raw materials of the elevators and escalators industry are mainly steel, which accounts for more than 80% of the cost of elevators and escalators, and is the highest proportion of all raw materials. The price of steel has a reverse relationship with the gross profit margin of the elevators and escalators industry. Therefore, the fluctuation of the price of steel will produce great changes in the cost of elevators and escalators, thereby affecting the gross profit margin of the product. In addition, the risk of price fluctuations of rare earths. Rare earths are the main raw material for tractors, a key component of elevators, which can make elevator operation more energy-efficient, and its price fluctuation will affect the gross profit margin of enterprises to some extent. Although the demand for rare earth materials for tractors is not large, due to the high unit price, rare earth price fluctuations still have a significant impact on the procurement or production costs of tractors.

Region Overview:

From 2022-2027, Asia Pacific is estimated to witness robust growth prospects.

Company Overview

Otis Elevators is one of the major players operating in the Elevators and Escalators market, holding a share of 12.13% in 2022.

Otis Elevators

Otis Elevator Company operates as a transportation manufacturing company. The Company specializes in manufacturing elevators and escalators. Otis Elevators services include maintenance solutions, elevator monitoring, communications, and design services.

Schindler

Schindler is a leading manufacturer and provider of related services for elevators, escalators, and moving walkways. Moving more than one and a half billion people each day, their products can be found in many well-known buildings throughout the globe, including office and residential buildings, airports, shopping centers/retail establishments and specialty buildings.

Segmentation Overview:

As for product types, the Elevators segment held the largest market share in 2021.

Elevators

The elevator is a type of vertical transport equipment that efficiently moves people or goods between floors (levels, decks) of a building or other structure.

Escalators

The escalator is a moving stairway that transports passengers up and down the floors of a building.

Moving Walkways

Moving walkways are motorized continuously moving horizontal or low-inclined surfaces that transport people over short to medium distances.

Application Overview:

The market largest segment by application is the segment Residential, with a market share of 30.11% in 2021.

Key Companies in the global Elevators and Escalators market covered in Chapter 3:

FujitecHitachiSchindlerJohnsonThyssenkruppKONEOrbis ElevatorSJECSodimasSavariaKleemannHyundai ElevatorGEEC (Gulf Elevators & Escalators Company)GTS ElevatorFuji ElevatorsOmega ElevatorsOtis ElevatorsMitsubishi ElectricToshibaORONACANNY Elevator

In Chapter 4 and Chapter 14.2, on the basis of types, the Elevators and Escalators market from 2018 to 2029 is primarily split into:

ElevatorsEscalatorsMoving Walkways

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Elevators and Escalators market from 2018 to 2029 covers:

CommercialIndustrialResidentialGovernmentOthers

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)Latin America (Brazil, Mexico, Argentina)Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)