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Escalator and Elevator Market to Reach USD 114.65 Billion by 2026; Rising Demand for Sustainable Products to Surge Growth

April 03, 2020 | Machinery & Equipment

The global escalator and elevator market size is projected to reach USD 114.65 billion by 2026. It is set to gain traction from the rising demand for sustainable products. Manufacturers are, therefore, striving persistently to develop green labelled products to attract environmentally conscious consumer bases. Green elevators, for instance, are equipped with features, such as water soluble paints, recycled materials, and LED lights. Fortune Business Insights™ published this information in a recent study, titled, “Escalator and Elevator Market Size, Share & Industry Analysis, By Product (Elevators, Escalators and Moving Walkway), By Business (New Equipment, Maintenance and Modernization), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026.” The study further states that the market stood at USD 70.95 billion in 2018. However, it is set to exhibit a CAGR of 6.4% during the forecast period between 2019 to 2026.


ThyssenKrupp Sells its Elevator Division to Consortium for USD 18.7 Billion


In February 2020, ThyssenKrupp AG, a multinational conglomerate based in Germany, announced its decision to sell its elevators division for USD 18.7 billion to a consortium of RAG foundation, Cinven, and Advent. The bidding group won against the rival consortium consisting of the Canada Pension Plan Investment Board, Carlyle, and Blackstone.


This sale would help ThyssenKrupp in becoming one of the most successful organizations. It would not only aid the organization in obtaining an excellent selling price, but would also be able to efficiently complete the transaction. The employees, consumers, as well as the shareholders would benefit from the sale of the elevators units.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/elevator-and-escalator-market-100301


Numerous Upcoming Smart City Projects to Boost Growth


In the emerging economies, the government and well as private agencies are investing huge sums in the development of infrastructure. The governments are taking numerous initiatives to enhance the economy of the particular nations. It is thereby, resulting in the rapid construction of urban infrastructure consisting of airports, ports, schools, and highways. Coupled with this, the development of dams and bridges is set to contribute to the escalators and elevators market growth during the forthcoming years.


Besides, several countries have planned to develop smart cities, which, in turn, would increase the number of skyscrapers and thus, upsurge the demand for elevators and elevators. However, the U.S. Bureau of Labor Statics and Consumer Product Safety Commission states that every year, approximately 17,000 are seriously injured and more than 30 people are killed in accidents involving elevators and escalators. This factor may obstruct market growth.


Key Players Focus on Mergers & Acquisitions to Strengthen Position


The market is highly fragmented and competitive. Renowned companies are mainly engaging in the strategy of mergers and acquisitions, as well as novel product launches to gain the maximum share. They are also striving to follow the latest escalators and elevators market trends to fulfil the demand of their consumer bases.


Fortune Business Insights™ provides a list of all the companies present in the escalators and elevators market. They are as follows:



  • United Technologies

  • thyssenkrupp AG (Cinven, Advent and RAG foundation)

  • Johnson Elevator Co., Ltd.

  • Schindler

  • Toshiba Corporation

  • KONE CORPORATION

  • Mitsubishi Electric Corporation

  • Hitachi, Ltd.

  • Fujitec Co., Ltd.

  • HYUNDAIELEVATOR CO., LTD.

  • Other prominent companies


Noteworthy Industry Development-



  • November 2018: ThyssenKrupp Elevator, unveiled ‘Evolution’ and ‘Synergy’, two of its new range of elevator families. These latest products would help in surging the market needs for improved service, quality, and design. These are best suited for mid-and low-rise buildings for infrastructure, commercial, and residential applications.


Further Reports Findings-



  • Asia Pacific generated USD 35.34 billion in terms of escalator and elevator market share in 2018 and is likely to lead. This growth is attributable to the rising demand for products from the developing countries, such as India and China.

  • The Middle East & Africa would exhibit considerable growth backed by the rising number of residential and commercial construction activities.

  • Based on business, the maintenance segment held 32.7% escalators and elevators market share in 2018 owing to the modernization of the existing equipment.


The escalators and elevators market can be segmented in the following way:











































 ATTRIBUTE



 DETAILS



Study Period



   2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



Segmentation



By Product



  • Elevators

  • Escalators

  • Moving Walkway



By Business



  • New Equipment

  • Maintenance



  • Modernization



By Application



  • Residential

  • Commercial

  • Industrial



By Region



  • North America (U.S. and Canada)

  • Europe (Germany, U.K., France, and the Rest of Europe)

  • Asia Pacific (China, Japan, India, South Korea, South East Asia and the Rest of Asia Pacific)

  • Middle East & Africa (GCC, South Africa, and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)


Escalator and Elevator Market
  • PDF
  • 2018
  • 2015-2017
  • 140

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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