The global Escalators & Elevators (E&E) market is expanding owing to growing urbanization and modernization. With the technological advancements this market has undergone rapid transformations and upgrades. Comfort, easy movement, and the convenient transfer of goods between floors are contributing factors to the highly demanded E&E market by various industries. Industries cannot but install elevators of the type that complies with their needs and business nature. One leading factor driving the growth of this market is the residential industry, which is facing some competition with the commercial industry.
Over the recent years, the global elevators & escalators industry has gone through rapid transition supported by the advancement in technologies and increasing construction of skyscrapers catering to the fast paced vertical expansion of the cities. The elevators & escalators market has grown significantly due to rapid urbanization and construction of high rise buildings particularly in emerging economies.
Globally, the growth in the elevators and escalators market is driven by increasing population in metropolitan cities, rising disposable incomes, increasing investment in public infrastructure and high demand for affordable house. Additionally, a significant number of elevators and escalators with the age of 20 years and above in developed economies coupled with changing regulations & safety codes and growing preference for energy efficient elevators are anticipated to impel the elevators & escalators market particularly in modernization segment according to Wiseguy report.
The elevators & escalators market size will grow from USD88.78 Billion in 2015 to USD125.22 Billion by 2021, at a CAGR of 6 percent. This market is projected to witness a high growth as a result of the growing end-use industries such as residential and commercial as well as the rising demand from emerging countries such as China and India. The residential segment is projected to have the largest market share and dominate the elevators & escalators market from 2016 to 2021.
Commercial industry is the next end-use industry to play a key role in changing the elevators & escalators industry landscape and grow at the highest rate during the forecast period. Elevators are projected to form the fastest-growing type in the elevators & escalators market as it is more widely used across industries. The machine room-less traction technology is the fastest-growing technology as it is more efficient and provides a smooth ride to its passengers. Under elevators, there are various types of elevators such as passenger, freight, incline, and double deck elevators. Out of these various types, the passenger elevators segment is projected to be the fastest-growing due to the increasing demand for residential and commercial spaces.
The next fastest-growing segment is freight elevators; they are widely used to transport goods to different floors. Elevators & escalators are demanded by various industries as they offer comfort and easy movement of people and goods between various floors of a building. These are some of the main reasons which have led to the growth of the industry. The residential industry, for a long time, has been the major contributor to the rising demand for elevators & escalators. But in recent times, it has been closely competing with the commercial industry. Asia-Pacific is projected to have the largest market share and dominate the elevators & escalators market from 2016 to 2021.
Asia-Pacific offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for elevators & escalators. The expansion of the elevators & escalators market in this region is propelled by factors such as the growth of the residential, commercial, institutional, and infrastructure industries. The increasing population and economic development are other factors that further drive the growth of this market. Factors such as stringent regulations in the elevators & escalators industry are some of the serious restraints for the growth of the market according to Research and Markets.