The global escalators and elevators market is expected to witness high growth throughout the forecast period due to growing urbanization and a considerable increase in the geriatric population. The escalators and elevators market features among the industries that have highly capitalized the rapidly evolving field of technology. Ever-increasing architectural and construction activities are expected to drive the market. Escalators & elevators are widely used across several verticals such as industrial, residential, and commercial places. They are conventionally installed at places such as railway stations, residential complexes, hospitals, metro stations, malls, office buildings, schools, and airports. Installation of escalators and elevators in high-rise and mid-rise buildings has become essential, thereby helping the market to gain momentum in the construction sector.
Key market vendors have concentrated on improving the efficiency of escalators and elevators accompanied with the aim of creating a clean, green, and sustainable environment. This has created considerable demand for energy-efficient and eco-friendly escalators and elevators, thereby commencing a new market trend. Prominent vendors have emphasized on manufacture of environmentally sustainable escalators and elevators. Sizeable growth in the real estate industry is considered to be a major driver in the escalator & elevator market.
The market can be segmented on the basis of type into moving stairs and moving walkaway escalators. Elevator systems comprise geared & gearless elevators, hydraulic elevators, and Machine Room Less elevators (MRLs). The market is experiencing a major shift from traditional geared hydraulic lifts to the more recent MRL elevators that are technologically more advanced, facilitate in saving space, and are energy efficient. The prerequisite essentiality comprises new equipment, modernization, and maintenance. Growth in overall Gross Domestic Product (GDP) is a major driving force in the new equipment segment. Growing demand for safety, legislation, and installed base are expected to be key drivers in the maintenance segment. Aging of installed base and safety requirements are driving the modernization segment.
Skyrocketed consumption of energy and power pose a major challenge to the global escalators and elevators market. Heavy investments are being made on R&D to find out ways for reducing the amount of energy consumption. The market is very receptive and susceptible to prevailing economic conditions. Being highly capital intensive, new entrants in the market have to deal with the high initial investment, installation, and set up costs, which may pose a challenge to penetrate into the market.
Rapid urbanization has shaped up as a universal trend and has particularly enveloped the Asia Pacific region. Countries in Asia Pacific such as China, India, and Japan exhibit a very high population density, as a result of which these countries are perceived to possess significant growth potential in terms of standard of living. Moreover, the region is expected to witness a substantial rise in the construction sector, which can be attributed to increasing private and public infrastructural development projects. Joint ventures of domestic companies and international players have created a constructive environment favorable for market growth.
Key vendors in the escalators and elevators market include Canny Elevators, Fujitec Co. Ltd, Hyundai, Johnson Lifts, Kleenmann Group, KONE Corporation, Hitachi, Mitsubishi, Otis Elevator Company, Schindler Holding Limited, Sigma, ThyssenKrupp Elevator AG, and Toshiba. Numerous domestic and international vendors are striving to gain market share thus creating a competitive setting in the market. The escalator & elevator market players have become more conscious about improving and enhancing their products. Safety is considered as a topmost priority as there have been several mishaps due to malfunctioning of escalators and elevators, particularly elevators. Fatalities may significantly dent the image of a brand as a result of which escalators and elevators manufacturers adhere to stringent quality checks under several conditions before commercially releasing their products.
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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.