A New Study Provides Fresh Insights Into Key Trends that Will Keep the Elevators and Escalators Market Moving Into 2027
The global market for Elevators and Escalators is projected to reach US$80.1 billion by 2027, after a temporary fall in sales in years 2020 and 2021 due to the COVID-19 crisis.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Elevators and Escalators market. The segments covered in the study include Type (Elevators, and Escalators); and Service (New Installation, Maintenance & Repair, and Modernization).
7 June 5:28 A.M., California/Marketwire/ - According to the new market research report, the global market for Elevators and Escalators is projected to reach US$80.1 billion by 2027, after a temporary fall in sales in years 2020 and 2021 due to the COVID-19 crisis. The market will be reset to a new normal which going forwards in a post crisis era will be continuously redefined and redesigned.
Investments on the building construction and infrastructure across residential, commercial, industrial and institutional verticals are slowing down as the COVID crisis continues depress the economies, globally. Lockdowns and disruptions in labor supply are impacting construction projects with workers unable to get to work/project sites. Disruptions in economic and business activity are pushing the world into a recession, which threatens to virtually annihilate new orders for construction companies. As economies bleed from the pandemic, the financial collapse will impact businesses and investors across a wide range of sectors. The decline in public and private investments on new constructions will wield short-term pain for manufacturers of elevators and escalators. The long-term outlook however remains more optimistic with the post COVID-19 period expected to bring all the market's fundamental growth drivers into play. These include urbanization, demographic transformations, environmental protection and safety. As the average age of the population increases, accessibility becomes the key factor, necessitating all multi-floor buildings to be provided with vertical transportation systems such as escalators, elevators, stair lifts, and platform lifts. Advancements in technology will help manufacturers to offer sophisticated escalators and elevators with attractive features and improved designs.
Key Competitors Covered in the Report
Canny Elevator Co., Ltd.
Fujitec Co., Ltd.
Hyundai Elevators Co., Ltd.
Johnson Lifts Private Limited
Mitsubishi Electric Corp
Otis Elevator Company
Shanghai Mitsubishi Elevator Co., Ltd.
ThyssenKrupp Elevator AG
Toshiba Elevator and Building Systems Corporation
Yungtay Engineering Co. Ltd.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 3064. Among this pool, 552 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 92 unique participations, a total of 41 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.