Potential Impact of COVID-19 on Elevators Escalators Market
The global elevators and escalators market is forecasted to witness healthy growth in the coming years, according to a Transparency Market Research (TMR) report. The market’s competitive landscape comprises of numerous players, with high levels of competition among the vendors. Players in the global elevators and escalators market compete on the basis of services and pricing. The delivery of high quality products and best in class services is a key strategy that vendors are expected to take up in order to gain traction the market. The deployment of innovative technologies, novel products, and best practices will help vendors achieve greater market shares.
Players in the global elevators and escalators market are expected to adopt several organic and inorganic growth strategies. Among them, partnerships, collaborations, and mergers and acquisitions are anticipated to emerge as popular methods capitalized on by vendors. Being at supports swift growth, vendors are expected to find low barriers for gaining entry into the global elevators and escalators market.
Key players operating in the market are Fujitec, Hitachi, Kone, Mitsubishi, and Otis.
According to analysts, the global elevators and escalators market is estimated to reach a valuation of US$13.3bn by 2026. Over a forecast period of 2017 to 2026, the market is prognosticated to exhibit a 7.4% CAGR.
On account of the rise of new-age buildings, the segment of modern equipment is expected to demonstrate substantial growth among the different range of products. On the basis of geographical segmentation, the region of Asia Pacific is expected to emerge dominant. Brisk infrastructure development on countries such as India and China is a key reason of the growth in this region.
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Rapid Urbanization to Drive Growth
The boom in urbanization leads to increasing numbers of modern retail and metro stations, with market growth of elevators and escalators expected to increase significantly. The increased purchasing power of people in the middle class promotes a demand worldwide for larger and better equipped apartments. It is estimated that the global population of the middle class will grow approximately by 2.7 billion by 2030 and that it will have a positive effect on the growth of the elevators and escalators market. The growing aging population of the world also requires escalators and elevators. This is a key factor that will propel the global elevators and escalator market to a large extent in the coming years.
Smart Elevator and Escalator Systems to Emerge as Key Trend
In the recent years, the need for smart elevators has grown considerably due to increasing needs to reduce travel time between floors and awareness of the need for energy-efficient residential elevators. The use of IoT enables the monitoring in real-time, helping to improve the control of buildings and equipment. This reduces downtime and also reduces operational costs. As energy efficiency in buildings is increasingly being concentrated there is a huge risk that IoT-enabled lifts may be used to support predictive maintenance. This trend is expected to bolster the global elevators and escalators market to a large extent.
High Set-Up Costs to Limit Market Demand
The high initial installation cost is a key factor which negatively affects the growth of the elevators and escalators market. In addition, the lack of qualified labor to maintain the elevators and escalators market after sales is expected to hinder growth. In addition, the surge in energy and electricity consumption in lifts and escalators are expected to delay market growth during the forecast period.
