Global Elevator and Escalator Market
Global Elevator and Escalator Market Size By Elevator Type, By Elevator Technology, By Service, By Geographical Scope and Forecast To 2026
According to Verified Market Research, the Global Elevator and Escalator Market was valued at USD 96,060.1 Million in 2018 and is expected to witness a growth of 6.38% from 2019-2026 and reach USD 155,898.3 Million by 2026.
The main objective for the use of elevators and escalators is their efficiency in vertical transport. An elevator can be defined as a closed cabin that is driven by electric motors that either drive traction cables, counterweight systems, or pump hydraulic fluid to raise a cylindrical piston. Elevators are resourceful vertical mobility solutions as they are able to use urban space efficiently and make movement in buildings possible for everyone. In the scope of this report, the two main types of elevators covered are passenger elevators and freight elevators.
An escalator can be defined as a moving staircase, or a conveyor transport device that is used for carrying people between floors of a building. The device traditionally consists of a motor-driven chain of individual, linked steps that move up or down on tracks, allowing the step treads to remain horizontal.
Elevator and Escalator Market overview
With the growth of the global construction market, construction companies around the globe are focusing on reducing their energy consumption levels and also planning to achieve green building certifications such as Building Research Establishment Environmental Assessment Method (BREEAM) and Leadership in Energy and Environmental Design (LEED) for their projects. This increased focus on reducing overall energy consumption levels is aiding the growth of the elevators and escalators market.
Due to the advantages that urbanization provides such as the increase in efficiency as well as increased access to better facilities, there is a growing rate of urbanization worldwide. It can be seen that the degree of urbanization for every region is above 49% as of 2018, indicating the extent of urbanization that is occurring in regions worldwide. With this increasing urbanization in both developed as well as developing regions, the potential, as well as the necessity for more elevators and escalators, are increasing as more public buildings such as residential buildings, airports, hotels, offices, and banks.
Customers expect constant support and after-sales-services from OEMs so as to maintain the effective performance of elevators and escalators. The bigger and well-established vendors in the market such as ThyssenKrupp, Schindler, Mitsubishi, Hitachi, and Fujitec provide integrated maintenance solutions to their customers. As a result, third-party service providers in the market are capturing the maintenance and repair business, especially for smaller projects, as they provide similar services at much lower prices. This could potentially hamper the growth rate for the Elevator & Escalator Market.
The Global Elevator and Escalator Market are classified on the basis of Type, Service, Elevator Technology, End-use Sector, and Geography. The gist of breaking down the market into various segments is to gather information about various aspects of the market.
On the basis of Elevator Type, the market is bifurcated on the basis of Passenger Elevators, Freight Elevators, and Others. A passenger lift is a completely enclosed lift car that travels vertically within a specially prepared lift shaft, while freight elevators are designed to move goods and materials. The demands for passenger lift are growing and expected to boom over the forecast period. Thus, the market for passenger elevators is expected to hold the largest share in the market.
On the basis of Service, Maintenance & Repair accounted for the largest market share in 2018, with a market value of USD xx Million and is projected to grow at the highest CAGR during the forecast period. Modernization was the second-largest market in 2018, valued at USD xx Million in 2018
In terms of Geography, the market was dominated by the Asia Pacific in 2018, with China, Japan, and Mexico accounting for the majority of the shares in this region. The Asia Pacific was also the fastest-growing region in the global market.
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