Global Elevators and Escalators Market Outlook and Forecasts, 2018-2019 & 2024 - Rise of Smart Elevators & Increasing Use of AI in Elevators and Escalators

DUBLIN, May 30, 2019 /PRNewswire/ -- The "Elevators and Escalators Market - Global Outlook and Forecast 2019-2024" report has been added to's offering.

The global elevators and escalators market is expected to reach over $107 billion by 2024, growing at a CAGR of around 6% during 2018-2024.

The research report also offers market share in million units. The global elevators and escalators market is driven by the growing demand for technically sound escalators and elevators by commercial end-users.

Otis Elevators, Schindler, and KONE are major competitors in the global market. The global elevators and escalators market is evolving due to the changing dynamics of the global construction industry. Advancements in vertical transportation have transformed the construction sector, enabling the growth of high-rise buildings. This has fueled the need to install elevators and escalators in premises.

Currently, the global market is moving toward smart solutions. The increasing penetration of IoT in government, commercial, residential, and industrial sectors has a positive impact on the emerging ecosystem of next-generation elevators and escalators, thereby increasing revenues opportunities for vendors. Prominent manufacturers are integrating smart digital assistants that are capable of detecting, analyzing, and warning during contingencies.

Further, magnetic levitation is seen as the future of elevators and escalators as they allow for both horizontal and vertical movements. Moreover, elevators would be free to move at any angle, thereby offering building engineers flexibility and versatility in building design.

Elevators and Escalators Market: Segmentation

This market research report includes a detailed segmentation of the global elevators and escalators market by product, end-user, and geography. The global elevators and escalators market by products is classified into elevators and escalators, modernization, and maintenance.

The growth of the construction and vertical construction industry is expected to boost the market during the forecast period. Maintenance is the largest segment, which is expected to grow at a CAGR of around 8% during the forecast period. The maintenance market is growing rapidly due to an increase in the installed base and the need for safety and reliability. Regular maintenance helps to improve the safety and security, reduce the risk of accidents and mishaps, decrease major repair cost, and lower equipment downtime. For instance, Gatwick London offered Otis, UK a five-year maintenance contract for 340 elevators, escalators, and moving walkways in the UK's second largest airport in February 2019.

To leverage on market opportunities, vendors have strengthened their aftersales services and established their manufacturing units to bank on low labor costs. These measures are likely to decrease operational costs and increase profit margins for vendors. Commercial, industrial, residential, and government are the prominent end-users in the global elevators and escalators market. The commercial sector dominated the market and is expected to grow at a CAGR of 6% during the forecast period.

The presence of stringent safety norms and building codes enforced by regulatory bodies globally has positively impacted the market. The hotel industry is one of the most crucial revenue generators, as it drives demand for premium and customizable elevators and escalators. The residential sector is the second largest adopter of escalators and elevators and is highly influenced by the rise in construction of residential, high-rise buildings, apartments, and housing projects.

Key Vendor Analysis

The elevators and escalators market has a diverse structure since each of the geographies has its competitive dynamics and intensity of competition. The APAC market can be termed as the most competitive due to its high product reach and increasing market demand. It is expected that the market to witness healthy growth during the forecast period due to the high adoption of elevators, escalators, and moving walkways worldwide. The report profiles leading players in the market and provides a value chain analysis of the global elevators and escalators market.

Major Vendors:

    --  Otis Elevators
    --  Schindler
    --  KONE
    --  Thyssenkrupp

Other Prominent Vendors:

    --  Mitsubishi Electric
    --  Business Overview
    --  Hitachi
    --  Fujitec
    --  Toshiba
    --  Hyundai Elevator
    --  SJEC
    --  Electra Lift
    --  Savaria
    --  Johnson
    --  Orbis Elevator
    --  Kleemann
    --  GTS Elevator
    --  ORONA
    --  Omega Elevators
    --  Fuji Elevators
    --  GEEC (Gulf Elevators & Escalators Company)
    --  Sodimas

    --  T. Elevator

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market At A Glance

7 Introduction
7.1 Overview

8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Growth of Vertical Cities
8.1.2 Aging Population
8.1.3 Growth of Smart Buildings
8.1.4 Increasing Air Travel
8.2 Market Growth Restraints
8.2.1 High Maintenance Costs
8.2.2 High Installation Costs
8.3 Market Opportunities & Trends
8.3.1 Rise of Smart Elevators
8.3.2 Industry 4.0 to Boost Smart Elevators and Escalators
8.3.3 Increasing Use of AI in Elevators and Escalators

9 Global Elevator & Escalator Market
9.1 Market Overview
9.2 Market Size & Forecast
9.3 Five Forces Analysis
9.3.1 Threat of New Entrants
9.3.2 Bargaining Power of Suppliers
9.3.3 Bargaining Power of Buyers
9.3.4 Threat of Substitutes
9.3.5 Competitive Rivalry

10 By Product & Service
10.1 Market Snapshot & Growth Engine
10.2 Market Overview

11 Market By Product
11.1 New Installation
11.2 Global Elevator Market
11.3 Global Escalator Market
11.4 Global Moving Walkways Market

12 Market By Service
12.1 Maintenance
12.2 Modernization

13 By End-User
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Commercial
13.4 Residential
13.5 Government
13.6 Industrial

14 By Geography
14.1 Market snapshot & Growth Engine
14.2 Overview

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