The elevators & escalators market size will grow from USD 88.78 Billion in 2015 to USD 125.22 Billion by 2021, at a CAGR of 6.01%.
This market is projected to witness a high growth as a result of the growing end-use industries such as residential and commercial as well as the rising demand from emerging countries such as China and India. The residential segment is projected to have the largest market share and dominate the elevators & escalators market from 2016 to 2021. Commercial industry is 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 segmentation for this report is based on type, service, technology, and end-use industry, and region. Elevators are projected to form the fastest-growing type in the elevators & escalators market as it is more widely used across industries. The machine room-less traction technology is the fastest-growing technology as it is more efficient and provides a smooth ride to its passengers.
Under elevators, there are various types of elevators such as passenger, freight, incline, and double deck elevators. Out of these various types, the passenger elevators segment is projected to be the fastest-growing due to the increasing demand for residential and commercial spaces. The next fastest-growing segment is freight elevators; they are widely used to transport goods to different floors.
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 of the main reasons which have led to the growth of the industry. The residential industry, for a long time, has been the major contributor to the rising demand for elevators & escalators. But in recent times, it has been closely competing with the commercial industry.
Asia-Pacific is projected to have the largest market share and dominate the elevators & escalators market from 2016 to 2021. Asia-Pacific offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for elevators & escalators. 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 market.
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. (Republic of Korea/ South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel).
These players adopted various strategies such as contracts, agreements, expansions, acquisitions, joint ventures, strategic alliances, new product developments, and innovations to cater to the needs of the elevators & escalators market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Elevators & Escalators Market, By Type
7 Elevators & Escalators Market, By Service
8 Elevators & Escalators Market, By Elevator Technology
9 Elevators & Escalators Market, By End-Use Sector
10 Elevators & Escalators Market, By Region
11 Competitive Landscape
12 Company Profiles
- Electra Ltd. - Fujitec Co., Ltd. - Hitachi Ltd. - Hyundai Elevator Co., Ltd. - Kone Corporation - Mitsubishi Electric Corporation - Schindler Holding Ltd. - Thyssenkrupp AG - Toshiba Corporation - United Technologies