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.
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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.
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