Escalators and Elevators Market Size US$ 135 Bn by 2027
The global escalators and elevators market is expected to reach value of around US$ 135 Bn by 2027 and is anticipated to grow at a CAGR of around 6.1% in terms of revenue during the forecast period 2020 - 2027
LOS ANGELES, June 10, 2020 /PRNewswire/ -- Acumen Research and Consulting, Announced Report on "Escalators and Elevators Market Size, Share, Growth and Forecast, 2020 - 2027".
The increased demand in the end use sectors such as, commercial, residential, and industrial is a major driver of the elevators and escalators market. In addition, the government's focus on rising infrastructure and increasing transit needs are anticipated to fuel global growth in the target market. Moreover, continued investment is also anticipated to boost the demand for elevator and escalator services in public spaces such as the airports, railway station, airports, shopping mall, etc. Tourism is another sector that promotes demand for lifts and escalators in places of importance to facilitate and make tourists visiting the respective countries more convenient.
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On the other hand, maintenance is accessible at frequent intervals with heavy use of lifts in high-speed business areas and low to medium use of residential buildings. The expenses for repairs or replacement may be related to the malfunction of the lift, but sometimes they are performed to promote smooth operation of the lift. Nevertheless, in emergencies, the total cost of repairs ranges from US$ 170 to US$ 2000. In comparison, the total rehabilitation and replacement cost of lifts and escalators built in buildings with high elevations is greater than for buildings with low elevations.
Regional Analysis
Asia Pacific held significant market share in 2019. A major factor driving industry growth is growing demand in both residential and manufacturing sectors. Increased policy funding legislation often drives demand growth. For example, several big policy reforms have been introduced in India, including the 2016 Real Estate Act, an extension to the Benami Transactions Act, 100 percent deduction for affordable housing gains, reform in arbitration requirements for building firms, etc. Such measures help improve the country's construction industry and raise consumer demand. The main markets in Asia-Pacific are Japan, China, India and Singapore. In the Middle East demand for elevators and escalators would also increase owing to their aging infrastructure and the demands for development, the demand for replacement and modernization of lifts and escalators in the developing world is expected to increase. Many European countries have adopted stringent standards of protection and improvement that are to improve the elevator and escalator repair and modernization industry.
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About the Market
An elevator is a kind of upright transport system that transports goods or people in any building facilities or any business area safely or effectively from one floor to another. Elevators are typically 3 types; lifts, mechanical lifts and elevators. These are pneumatic lifts. In this new and sophisticated world, sophisticated elevators still grab the market. The advanced framework for programming vertical movement of goods or passengers is done by intelligent elevators. Intelligent lifts are designed to execute a simple transport act across building floors. An escalator is a moveable action path, i.e. a staircase to travel users across building levels. The mechanism consists of a series of connected steps that are powered essentially by the engine which moves up and down the paths to maintain effective transport.
Key Players & Strategies
Participants include major global players such United Technologies Corporation, SJEC Corporation, Hitachi, Mitsbushi, Kone Corporation, Otis Elevator Company, Schindler Holding Ltd., and ThyssenKrupp AG., and Others.
The producers concentrate on creating quality goods to target ecologically responsible customers. Green lifts have various characteristics, such as LED beams, recycled fabrics and water-soluble paints. In fact, clients are becoming more popular with the escalator and lift companies use alternatives to cables and sweat systems including magnetic motors. In addition, the attention granted to these green goods encourages manufacturers' investment.
2018, The Singapore green building goods certificate with high scores is won with the technologies KONE including TransitMaster 140, KONE S MonoSpace and KONE 3000 TranSys elevators.
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