Elevators and escalators are the major parts of day-today life. Elevators are used to transport people and goods between different floors in any building and escalator is a moving staircase, consisting of a circulating belt of steps which facilitate the commute between floors in commercial and other infrastructure. Geriatric population, arthritic patients, and children are suffer discomfort while climbing long range of stairs. Hence contractors are increasingly incorporating enhanced solutions for travelling through the multi-storey buildings which increases the market demand. Changing demographic trends also have a positive influence on the growth of the market.
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The governments across all regions are promoting and developing their construction sector. The emerging nations are the ones which are particularly bringing various reform and regulations to boost their infrastructure growth and real-estate market. These factors are expected to augment the market growth of elevators and escalators. However, high price of the product, lack of skilled workforce to maintain elevators and escalators, and high maintenance cost are the major factors restricting the growth of the market.
Geographically, Asia Pacific region is the dominating as well as the fastest growing market for the elevators and escalators. Increasing spending capacity of the consumers and improved living of standard driving the growth of the market in region. The Middle East & Africa is another major regions for the market. Rising construction of multi-storey building and increasing number of shopping malls is driving the growth of the market.
Market Research Analysis:
For the purpose of this study, the global elevators and escalators market has been divided into four segments type, service, elevator technology, and end user. On the basis of end user, non-residential sector dominates the end user segment of the market and is expected to grow at the highest CAGR during the forecast period. Non-residential sector comprises shopping malls, hotels, corporate offices, and education institutes among others. Hence, high demand for elevators and escalators from non-residential sector is driving the growth of the market. Residential sector is expected to contribute significantly during the forecast period. In many emerging economies such as China, India, Indonesia, Thailand, Brazil, and Mexico, many people are shifting from rural to urban areas. Hence, increasing population and lack of housing structures are forcing the governments to invest more into the construction sector. This may create an opportunity for elevators and escalators market in these regions.
On the basis of elevator technology, the market has been divided into traction, machine room-less, and hydraulic. The machine room-less traction (MRLS) technology is projected to grow at the highest CAGR during the forecast period mainly due to efficiency and its ability to provide a smooth commute to its passengers. Currently, MRLS are more preferred over the conventional geared elevators as they are technologically advanced, save space and consume less energy.
The prominent players in the elevators and escalators market include KONE Corporation (Finland), Sigma Elevator Company (Korea), Otis Elevator Company (U.S.), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Elevator And Building Systems Corporation (Japan), Stein Ltd (Russia), PAPPAS Elevators (Russia), Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia) and Electra Ltd. (Israel).
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