The GMI Research expects the elevator and escalator market to expand at a significant rate. From a regional perspective, the Asia-Pacific is projected to lead the market owing to the increasing urbanization and the fundamental demographic changes. India and China are the developing markets in the region due to the rise of the commercial and non-commercial industries in these countries.
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Elevator And Escalator Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The increasing construction sector, significant demographic trends, and continuous urbanization are the major factors surging the growth of the global elevators and escalators market share in terms of revenue. The high demand from several end-use sectors, including hospitals, residential, and commercial, will further energize the growth of the global elevator and escalator market size. Furthermore, the growing concerns for safety among the geriatric population will fuel the demand for elevators and escalators in the market in the upcoming years. The growing use of elevators and escalators in numerous commercial spaces that include train stations, airports, and shopping malls, is one of the emerging elevator and escalator industry trends that will support the growth of the market. According to the elevator and escalator industry analysis, the rising commercial activities and growing investment for the enhancement of infrastructure at public places will further contribute to the growth of the global elevators and escalators market. On the other hand, the factors hindering the market growth including the increasing installation cost and set up costs of escalators and elevators.
Application Segment Drivers
Based on the application, the Non-Commercial segment is anticipated to increase at a faster CAGR in the upcoming years due to the high demand for elevators and escalators in the residential sector. Furthermore, the fundamental growth in the construction of residential and high-rise buildings will further bolster the growth of the segment.
Type Segment Drivers
Based on the type, the elevators type is expected to dominate the market during the forecast period due to the increasing use of elevators in several industries. The elevators segment is further sub-segmented into freight elevator, passenger elevator, and other types of elevators. On the other hand, the passenger elevators segment is projected to grow at a higher CAGR during the forecast period due to its rising demand in commercial and residential spaces.
Elevator And Escalator Market’s leading Manufacturers:
- Kone Corporation
- United Technologies
- Schindler Holding Ltd.
- Mitsubishi Electric Corporation
- Thyssenkrupp AG
- Fujitec Co., Ltd.
- Hitachi Ltd.
- Hyundai Elevator Co., Ltd.
- Toshiba Corporation
- Electra Ltd
Elevator And Escalator Market Segmentation:
Segmentation by Elevator Technology:
- Traction
- Hydraulic
- Machine Room-Less Traction
Segmentation by Type:
- Elevators
- Passenger Elevator
- Bed Elevator
- Service Elevator
- Observation Elevator
- Residential Elevator
- Freight Elevator
- Dumbwaiters
- Vehicle Elevators
- Others
- Passenger Elevator
- Escalators
- Moving Walkways
Segmentation by Application:
- Commercial
- Non-commercial
Segmentation by Services:
- New Installation
- Maintenance
- Modernization
Segmentation by Building Type:
- Low Rise
- Mid Rise
- High Rise
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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