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The increasing urbanization, demographic changes, and growing concern for safety are the key growth drivers for the global elevators and escalators market. The booming construction industry is providing growth opportunities for the market during the forecast period. The maintenance and modernization segment in the global elevators and escalators market is also expected to grow during the forecast period, owing to the related legislations in different regions. China dominated both the new equipment segment, and the maintenance and modernization segment, among the type category in 2014, and it is expected to retain its leadership during the forecast period, owing to its growing population and up-surging urbanization.
Elevators are used to move people and goods between different levels or floors in any building. Escalator on the other hand is a moving staircase, consisting of a circulating belt of steps which conveys people between floors in a public building. The demand for elevators and escalators is increasing significantly in the developing countries, such as China and India. China held 69% share in the market in 2014, which has also encouraged the international manufacturers to install their production base in the country.
The demand for elevators and escalators is also expected to up surge in the Middle-East during the forecast period. The market for maintenance and modernization of elevators and escalators in the developed countries is expected to surge, due to their ageing infrastructure and requirement for up-gradation. Several European countries have adopted strict safety and modernization standard, which is expected to boost the market for maintenance and modernization of elevators and escalators.
The up-surge in urbanization is leading to increasing numbers of modern retail and metro train stations, which is expected to significantly boost the market growth of elevators and escalators. The increased buying power of middle class population is promoting the demand for more spacious and better-equipped apartments globally. The global middle class population is estimated to grow approximately by 2.7 billion till 2030; which is also expected to lay its positive impact on the growth of the elevators and escalators market. The increasing ageing global population is also necessitating the need for escalators and elevators in buildings.
Approximately 40% of the global energy is consumed by buildings. The energy consumption by elevators and escalators in a building varies between 2% – 10%, which necessitates the need of an efficient mobility solution between floors. The industry is therefore incorporating power efficient solutions, which are being installed in green buildings worldwide. The key restraints in the growth of the global market include high price, lack of skilled workforce, and safety issues. However, with the growing need of urbanization for modern buildings, the price barrier for the industry is expected to mitigate during the forecast period.
The market for new equipment is consolidated, whereas it is fragmented in case of maintenance and modernization. The maintenance services are provided by the new equipment suppliers, as well as small and medium-sized local players. The overall elevators and escalators market is consolidated with a few players operational at the global level. The major companies operating in the market include United Technologies Corporation, Kone Corporation, Schindler Holding Ltd., and ThyssenKrupp AG.
Global Elevators and Escalators Market Segmentation: