The Global Market for Elevators and Escalators is Projected to Exceed 1.1 Million Units in New Installations by 2022

The Remarkable Vertical Growth of City Skyscrapers Globally Drive the Elevators and Escalators Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Elevators and Escalators market. The global market for Elevators and Escalators is projected to exceed 1.1 million units in new installations by 2022, driven by the rising popularity of smart intelligent elevators, growing number of super tall skyscrapers worldwide, recovering construction activity, and technology advancements.

The world is currently experiencing a wave of urbanization that is the largest in history. Cities occupy a meager 2.0% of the Earth’s space. However, more than 55% of the world population resides in this small space, which is expected to increase to nearly 70% by 2030. Paucity of usable land in cities would ensure that for accommodating this vast majority, much taller buildings would have to be built putting into perspective the growing pressure on cities to expand vertically. Building skyscrapers to accommodate the rising city population is not a new concept. Tall buildings existed as early as the late 1800s and the elevators required for transporting people up and down the buildings also existed. However, the scenario currently is a completely transformed one with skyscrapers becoming the necessity unlike in the past where they were the fancy of wealthy individuals and governments. The rapid urbanization globally has led to a remarkable evolution of skyscrapers in various cities that are offering higher levels of comfort, control, reliability, safety, security, and energy conservation. In addition to new installations supported by recovering construction activity, demographic changes, growing urbanization, and increasing safety concerns, the modernization and maintenance segment of the market, necessitated by related legislations in many countries, are also driving market growth.

Future growth in the market will be driven by surging popularity of smart intelligent elevators that are equipped with smart access control, advanced and sophisticated security systems, and superior elevator hardware and software technologies. Steady launch of innovative and advanced elevators and escalators that include but are not limited to elevators without ropes, solar-powered elevators, high-speed elevators, elevators with sideways or diagonal movements, and docking elevators, among others, are also poised to benefit market adoption in the coming years. These next generation elevators offer significant cost and energy savings with better motors, optimal cabin lighting, regenerative drives, and control software. Other important factors driving future growth in the market include rising prominence of energy efficient building solutions, increasing number of super tall buildings worldwide, positive outlook for the global construction industry, rising investments in infrastructure projects worldwide, and growing prominence of ‘green infrastructure’. Growing number of residential apartments in developing countries to accommodate the rising middle class that demand better provisioned housing provide a strong business case for the long term growth of the market.

As stated by the new market research report on Elevators and Escalators, Asia-Pacific represents the largest and the fastest growing market worldwide registering a CAGR of 5.8% over the analysis period. China and India currently represent two of the most important E&E markets worldwide, with China alone accounting for more than 50% of the global upcoming high-rise building projects. Broad economic factors poised to drive growth in Asia as a whole include rapid urbanization, strong residential construction activity, increasing standards of living, and surging infrastructure development. Middle East represents another important market with large number of new E&E installations expected in the region’s affluent urban locations, including the under construction tallest ever skyscraper ‘Kingdom Tower’ in Jeddah, which is set to incorporate 65 elevator and escalator units.

Major players covered in the report include Canny Elevator, Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevators Co., Ltd., Johnson Lifts Ltd., Kleemann Hellas S.A., KONE Corporation, Mitsubishi Electric Corporation, Otis Elevator Company, Xizi Otis Elevator Co., Ltd., Savaria Corporation, Schindler Group, SJEC Corporation, ThyssenKrupp Elevator AG, and Toshiba Elevator and Building Systems Corporation, among others.

The research report titled “Elevators and Escalators: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Product segments analyzed include Elevators and Escalators.

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