Increasing investments in non-residential buildings and Surging population, as well as economic development, will catalyze market growth
- Escalators are essential machinery for transporting customers and visitors between different levels of commercial buildings. There has been significant growth in the development of non-residential buildings such as airports, shopping malls, corporate offices in recent years. This continuous construction of non-residential properties will have a positive influence on the escalator market growth.
- Economies including India, China, and Singapore are focusing on announcing new expansion facilities and increasing infrastructure development to increase passenger handling capacity. This will further boost the escalator market growth during the forecast period.
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Fluctuation in global Raw Material Prices Likely to Hinder Market Growth
- Variations in the cost of escalators may be caused by changes in global prices for raw materials or the ability of suppliers to deliver. Any changes in the prices of steel components, driving units, electronics, and cables may negatively impact the construction lift industry’s production and manufacturing costs.
- In addition, other factors such as increased sales of relatively low-cost refurbished reduction gears will further affect escalator market revenues.
Services held the largest escalator market share by offering in 2021.
- Based on offering, the escalators market is segmented into services and products.
- In 2021, the services offering segment held the largest share due to the increasing installation of smart escalators across various commercial buildings in India and Australia.
- The segment is anticipated to continue its dominance in the market as companies are increasingly providing effective and efficient software solutions for maintaining newly installed escalators and monitoring the operation of existing lifts through predictive maintenance software.
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APAC is expected to show the highest and fastest growth during forecast period.
- Based on geography, the escalator market is segmented into APAC, North America, Europe, MEA, and South America.
- In 2021, APAC became the largest revenue-generating region of the escalator market with over 35% market share.
- By 2026, APAC will account for the highest escalator market growth owing to the growth in the construction of commercial buildings, such as shopping centers, airports, transit systems, exhibition halls, hotels, arenas, and public buildings.
- The escalator market in India, Australia, Vietnam, Indonesia, and Thailand will register more growth compared to the market of other countries in the region during the forecast period. Other factors such as rising GDP and ever-rising population have increased the number of non-residential and infrastructure projects, in turn, boosting the demand for escalators during the forecast period.
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Prominent Player Analysis
- The escalator market is fragmented with players categorized as pure-play, industry-focused, and dominant players in this report. Vendors in the market are focusing on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
- The escalator market report also offers information on several market vendors, including Fujitec Co. Ltd., Hitachi Ltd., Hyundai Motor Co., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., Sigma Elevator Co., TK Elevator GmbH, and Toshiba Corp. among others.
- Companies are engaging in launching smart elevators and strengthening their market presence by acquiring several other significant players. For instance, In August 2021, Hitachi Ltd. launched SVC Light to enhance the resilient and carbon-neutral energy future. In January 2021, Schindler Holding Ltd. launched the ElevateMe mobile application for touchless elevator operations. Similarly, In October 2021, Hyundai Motor Co. announced a partnership with BTS to boost the awareness of carbon neutrality through social media.
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Table
|
Escalator Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 3.69% |
|
Market growth 2022-2026 |
USD 3.93 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
3.89 |
|
Regional analysis |
APAC, North America, Europe, MEA, and South America |
|
Performing market contribution |
APAC at 47% |
|
Key consumer countries |
US, China, Germany, India, and Japan |
|
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
|
Companies profiled |
Fujitec Co. Ltd., Hitachi Ltd., Hyundai Motor Co., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., Sigma Elevator Co., TK Elevator GmbH, and Toshiba Corp. |
|
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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