Elevators and Escalators Market Value of over US$ 133,800 Mn by the end of 2026

TMR states that the global elevators and escalators market is projected to reflect a CAGR of 7.4% over the forecast period, 2017-2026.

Sales to Remain High through Commercial Application

Increasing demand for constructions has led to surge in the installation of new equipment in various buildings globally. In terms of revenue, the new equipment service type segment is projected to witness the highest growth, recording more than US$ 30,200 Mn by 2026-end. On the other hand, the maintenance & repair service type segment is projected to reflect a healthy CAGR during the forecast period.

By 2017-end, the commercial application segment is projected to generate significant revenue, recording more than US$ 10,300 Mn. In contrary, the industrial application segment is projected to reflect a healthy CAGR throughout the forecast period.

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Global Elevators and Escalators Market: Overview

The global elevators and escalators market is expected to witness significant demand attributed to growing need for convenient and speedy traveling to different levels of the building. As traveling to different levels of the building continues to remain a significant challenge for the patients of arthritis, constructors are increasingly installing travolators or flat moving walkways for the customers. In addition, installation of the escalators and elevators allow a large number of people to travel to different levels of the building smoothly. The customers do not need to wait in the cue to travel to different levels of a building.

The report reveals in-depth insights on the crucial aspects of the global elevators and escalators market and offers information on the competitive landscape, growth patterns, important segments and factors fuelling growth of the global market.

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Global Elevators and Escalators Market: Dynamics

Growth of the global elevators and escalators market is mainly bound by various macro-economic and micro-economic factors. The report reveals that the global elevators and escalators market is mainly driven by the growing need for convenience traveling to various levels of a building. As carrying luggage to different levels of the building can be a challenging tsk, the constructors are increasingly installing escalators and elevators in various buildings. Installation of the elevators and escalators will continue to offer convenient travelling for the old aged people and children. Moreover, growing need to offer convenient traveling to the different levels of the buildings is further expected to enable the disabled customers conveniently navigate through the buildings. Escalators and elevators are very commonly seen in the underground train stations, airports and shopping malls. Equipping the commercial buildings with escalators and elevators will continue to favor the customer significantly. Such factors are expected to reflect positively towards growth of the global elevators and escalators market.

A recent trend witnessed in the construction industry is that the constructors are increasingly equipping the buildings with weatherproof elevators. Moreover, bound to comparatively less space within the building, constructors are focusing on installing weatherproof elevators outside the buildings. Besides installation of the top and bottom escalators, demand for the inclined and flat travolators is expected to remain high in the global elevators and escalators market.

In addition, the global elevators and escalators market is expected to witness significant growth attributed to increasing demand in the aviation industry. As the need for traveling to different floors of the airport arises, constructors are increasingly equipping the airports with escalators and elevators. Moreover, the flat escalators or travolators are also used by the passengers in order to transport a large number of people and their luggage conveniently, smoothly and quickly. As the customers could face challenges carrying their luggage around the airport, the travolators increasingly allow the end users to reach the platform for flight with their luggage conveniently. Such factors are expected to witness significant growth in the global elevators and escalators market.

Global Elevators and Escalators Market: Segmentation

In the next section, the global elevators and escalators market is mainly segmented as service type, application, and region. On the basis of service type, the global market is expected to be segmented as maintenance & repair, refurbishing and new equipment. Based on application, the global market is mainly segmented as residential, commercial and industrial. By region, the global market is segmented as North America, Latin America, Europe, Japan, APEJ and MEA.

Global Elevators and Escalators Market: Competition

Key market players in the global elevators and escalators market are Kone Corporation, Otis Elevator Company, Thyssenkrupp AG, Schindler Group, Hitachi, Ltd., Fujitec, Toshiba Elevators and Building Systems Corporation, Mitsubishi Electric Corporation, SJEC Corporation, Hyundai Elevator Co., Ltd., Kleeman Hellas SA, Canny Elevator and Shanghai Mechanical.

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