Global Elevator Services to Grow Over 5% Annually Through 2024 - Freedonia Group

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Jun 25, 2020, 13:07 ET

CLEVELAND, June 25, 2020 /PRNewswire/ -- Global revenues from elevator-related services, including the initial installation of new units as well as maintenance, repair, and modernization of existing units, are forecast to rise 5.1% per year through 2024 to $79.9 billion. Although installation revenue will rise going forward, greater gains will be affected by generally weak building construction activity following the COVID-19 pandemic.

Repair and modernization services tend to generate a relatively steady stream of business for elevator firms regardless of the macroeconomic climate. The best growth opportunities lie in markets of developing countries, where the number of elevators has risen rapidly in recent years.

The Asia/Pacific region will see the largest absolute gains in installation revenue as new elevator installations grow rapidly in large, developing countries such as India. Additionally, China continues to account for a significant share of the region's newly installed elevators.

Revenues derived from the provision of repair, maintenance, and modernization services on existing elevator systems are projected to increase 5.4% per year through 2024. Service requirements on a per-unit basis tend to be highest in:

Japan, where elevator failures are considered to be especially unacceptable due to cultural norms and the ever-present threat of earthquakes in the country.
the US, Canada, and the UK, which represent developed elevator markets where the nonresidential market predominates and strict requirements for nonresidential buildings support frequent elevator service

Learn more about equipment and service revenue trends in the new Global Elevators. https://www.freedoniagroup.com/industry-study/global-elevators-3823.htm

The study analyzes the global market for elevators (including passenger and freight elevators), escalators, and moving walkways; and associated parts that are sold separately, such as controls, doors, sensors, and power transmission equipment. Installation services and modernization services are also included.

About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.

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SOURCE The Freedonia Group