MarketsandMarkets projects that the elevators & escalators market size will grow from USD 88.78 billion in 2015 to USD 125.22 billion by 2021, at a CAGR of 6.01%. The demand for the market is supported by the increasing demand in Asia-Pacific and wide application in diverse end-use industries.
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The global market for elevators & escalators is dominated by players such as KONE Corporation (Finland), United Technologies (U.S.), Schindler Holding Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), thyssenkrupp AG (Germany), FUJITEC CO., LTD. (Japan), Hitachi, Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel). These players have adopted various strategies to expand their global presence and increase their market share. Contracts, agreements, expansions, acquisitions, joint ventures, strategic alliances, new product developments, and innovations are the various strategies adopted by the market players to achieve growth in the market.
The growth of the elevators & escalators market was largely influenced by contracts & agreements in the past two years. A large number of developments such as contracts, agreements, expansions, acquisitions, joint ventures, strategic alliances, new product developments, and innovations were made by top players in the market between January 2015 and July 2016. Contracts & agreements were the key strategies adopted by most of the players in the elevators & escalators market. Companies such as KONE Corporation (Finland), United Technologies (U.S.), Schindler (Switzerland), ThyssenKrupp AG (Germany), Hitachi Ltd. (Japan), and Hyundai Elevator Co., Ltd. (South Korea) adopted this strategy to strengthen their portfolio and to gain a competitive advantage. KONE Corporation (Finland) got into a contract to modernize the elevators of global law firm Clifford Chance at its Canary Wharf offices in London, England. The deal includes the integration of the KONE Polaris elevator destination control system to the 27 elevators in the 33-story building to improve people flow for both tenants and end users. Upgrade work was expected to begin in June 2016, with completion expected by December 2017. Otis Elevator (China) Co., Ltd (Otis China), a local Otis entity secured a contract from Meishan Sunshine for 321 Otis Gen2 elevators for its Sunshine 1519 project, a residential complex in the city of Meishan, China. The Istanbul Grand Airport (IGA) got into a contract with Schindler (Switzerland) as its main supplier for elevators & escalators for the new international airport in Istanbul, Turkey. The contract included the supply of a total of 648 units by Schindler to the world’s biggest airport. The contract consisted of the delivery, installation and maintenance of 306 elevators, 159 escalators and 183 moving walks. ThyssenKrupp AG (Germany) secured a contract to install its first TWIN elevator system in the Western Hemisphere at Atlanta’s Technology Square. The TWIN elevator system would have two cars that would operate independently in one shaft. The elevators would help transport up to 40% more passengers than conventional elevators. The installation work would begin in 2018. The contract included the installation of five TWIN elevators, seven conventional elevators and two escalators.
The residential end-use industry is estimated to play a key role in the elevators & escalators market; this segment is projected to have the highest market share from 2016 to 2021.
MarketsandMarkets projects that the elevators & escalators market size will grow from USD 88.78 billion in 2015 to USD 125.22 billion by 2021, at a CAGR of 6.01%. Elevators & escalators are used in the residential, commercial, institutional, infrastructure, industrial and marine end-use industries. The residential end-use industry accounted for the largest market share in 2015. This segment leads the market as the housing market across the world has grown over the years. The numbers of floors in residential buildings are increasing to keep up with the population; the economic growth is leading to a higher standard of living, thus, giving rise to luxuries and comforts. Owing to this, the industry for residential elevators is witnessing a growing demand. The residential elevators are also especially useful for the handicapped and old people because of their restricted mobility.
Elevators as a type is projected to grow at the fastest rate from 2016 to 2021
The type segment has various types such as elevators, escalators, and moving walkways. Elevators can be further classified into passenger elevators, freight elevators, incline, and double deck elevators. The elevators market is projected to witness a high growth; it has diverse applications in various end-use industries such as residential, commercial, institutional, infrastructure, industrial and marine industry.
Asia-Pacific region is projected to grow at the fastest rate from 2016 to 2021
The global markets are projected to witness high growth based on the growing demand from end-user industries such as residential, commercial, institutional, infrastructure, industrial and marine. This growth would be driven by the Asia-Pacific markets which would witness the highest growth rate during the forecast period. High growth potential in the emerging markets of Asia-Pacific such as China and India is expected to provide new growth opportunities to players in the elevators & escalators market. In 2015, Asia-Pacific accounted for the largest share in the global elevators & escalators market, by volume, with China being the fastest-growing market in this region. This would be followed by Europe, North America, and Rest of the World.
New installation as a service is projected to grow at the fastest rate from 2016 to 2021
As per service, the market for elevators & escalators is segmented into new installation, maintenance & repair, and modernization. New installation is projected to grow at the highest rate; as the market for real estate grows across the world, so does the demand for new installation of elevators, escalators, and moving walkways. New installations have a diverse application in several end-use industries and are witnessing a growth because of the emerging economies such as China and India, which are the biggest markets for such equipment across the globe.
The year 2016 saw a lot of acquisitions by the key players to increase their geographic presence and expand their portfolio in untapped markets. During this period, KONE Corporation (Finland), United Technologies (U.S.), and Schindler (Switzerland) used this strategy. KONE Corporation (Finland) acquired ThyssenKrupp Hissit Oy, a Finnish subsidiary of ThyssenKrupp AG (Germany). The company specialized in elevator & escalator maintenance services. Nippon Otis Elevator Company (Japan) and Schindler Elevator K.K. (Japan) announced that Nippon Otis acquired the elevator & escalator service business of Schindler in Japan. Schindler (Switzerland) was to acquire the FB group (Germany). The FB group was a privately owned business with a 20 year presence in the German elevator market. FB group engages in the manufacturing, installation, modernization and maintenance of elevators and elevator components. The group has 225 employees and branch offices in Berlin, Dresden and Leipzig. The agreement is subject to approval by the relevant authorities.
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