DUBLIN--(BUSINESS WIRE)--The "Global Elevators & Escalators Market by Type (Elevators, Escalators, Moving Walkways), Service (New installation, Maintenance & Repair, Modernization), Elevator Technology (Traction, Machine-Room-Less, Hydraulic), End-use Industry, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global elevators and escalators market is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026.
The increasing migration of a large population base from rural areas toward cities has consequently increased the need for infrastructure development, such as constructing high-rise buildings, to cater to the accommodation needs.
Urban cities are now emerging into megacities, with the population rising exponentially. Tokyo, Mexico City, Seoul, Lagos, are some of the new megacities that are constructing skyscrapers, futuristic transportation hubs, and a lot more infrastructure to cater to the growing population.
Efficient vertical mobility is an important component of high-rise buildings. Hence, rapid urbanization and increasing construction of high-rise buildings are expected to increase the deployment of elevators & escalators which would be one of the factors driving the growth of the market during the forecast period.
In terms of value, machine-room-less traction elevator segment led the elevators and escalators in 2020
Machine-room-less traction elevator, by elevator technology, accounted for the largest market share in the elevators and escalators market. The machine-room-less elevator technology is a relatively new technology and is the result of technological advancements.
This technology has resulted into a significant reduction in the size of electric motors used with traction equipment. This equipment possesses newly designed permanent magnet motors (PMM). Through this technology, there is no need for machine room over the hoistway.
This design is adopted by buildings across the world and is becoming the standard elevator technology. Machine room-less elevators were first introduced to the US market by KONE. As machine room-less elevators are receiving widespread acceptance, manufacturers are introducing new products fitted with the technology in varying sizes and speeds.
In terms of both value and volume, elevator is projected to be the fastest-growing segment from 2021 to 2026, for elevators and escalators
Elevators can be described as any platform, either open or enclosed, which is useful to lift people or freight to different floors within a building. There are several safety standards that are required to be met by elevator manufacturers. For example, in the US, an elevator manufacturer has to meet the safety standards laid down by the American National Standards Institute and the American Society of Mechanical Engineers.
The market for elevators is dominated by players, such as KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (Republic of Korea/South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel). The elevators segment is projected to grow at the highest CAGR due to the development of new residential and commercial projects worldwide.
In terms of value, the APAC elevators and escalators market is projected to grow at the highest CAGR during the forecast period
In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2021 to 2026. Increased construction spending, improved living standards, and rapid urbanization are the key drivers in the region.
Asia Pacific countries are taking aggressive initiatives to upgrade commercial and institutional buildings. Many countries in the region took steps to implement low-carbon and IoT-based smart cities in recent years, thereby offering opportunities for the growth of the elevators & escalators market.
Competitive Landscape
The market comprises of major manufacturers, such as Schindler Group (Switzerland), Otis Elevator (US), Thyssenkrupp AG (Germany), KONE Corporation (Finland), and Hitachi Ltd. (Japan), among others.
Premium Insights
- Expansions and Acquisitions to Offer Lucrative Opportunities in Elevators & Escalators Market
- Machine-Room-Less Traction Elevator Segment to be the Fastest-Growing Elevator Technology
- Elevators Type Segment to Lead Elevators & Escalators Market
- Asia-Pacific and Residential Led Their Respective Segments in Elevators & Escalators Market in 2020
Market Dynamics
Drivers
- Increased Construction of High-Rise Buildings Equipped with Smart Vertical Transportation Systems due to Rapid Urbanization
- Growing Need for Reducing Energy Consumption in Buildings
- Growing Aging Population to Facilitate Development of Better Infrastructure Within Buildings
Restraints
- Uncertainty and Risk Regarding Global Economy
- High Maintenance Cost
Opportunities
- Adoption of Green Building Codes and Energy-Efficient Products
- Development of Innovative Technologies and Rising Demand for Smart Elevators
Challenges
- Compliance with Standards and Regulations
- Economic Slowdown
Porter's Five Forces Analysis
Value Chain
- Research & Development
- Component Manufacturer
- Manufacturer
- Software & Service
- Integrator
- End-Use Application
Regulatory Landscape
- Container Compliance Options for Safety and Accessibility in Europe
- Lift/Elevator Standards in Asia-Pacific (India)
Technology Trends
- Adoption of Eco-Friendly Products
- Artificial Intelligence
- Intuitive Elevator Technology
- Internet of Things
- Connectivity 5G Technology
Case Study Analysis
- Case Study 1: Elevators Gurgaon Medanta
- Case Study 2: Energy-Efficient Building Initiative Mumbai - the Ruby Building Systems - Elevators
- Case Study 3: Honeywell - Corporate Office Renovations
- Case Study 4: Kone Corporation - 180 Brisbane Commercial Offices, Australia
Company Profiles
- Aaron Industries Ltd.
- Cibes Lift Group AB
- Eita Elevator
- Electra Elevators
- Escon Elevators
- Expedite Technologies
- Fujitec Co. Ltd.
- Glarie Elevator Group
- Hitachi Ltd.
- Honeywell International
- Hyundai Elevator
- Kleemann
- Kone Corporation
- Leo Elevators
- Mitsubishi Electric Corporation
- Orona
- Otis Elevator
- Schindler Group
- Shenyang Yuanda Intellectual Industry Group Co. Ltd.
- Sigma Elevator Company
- Stannah Group
- The Ruby
- Thyssenkrupp AG
- Toshiba Elevators and Building Systems Corporation
- Trio Elevators Co. (India) Private Limited
- Walton Group
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