An elevator may be identified as a shut cabin operated by an electrical engine that uses pump hydropower, counterweight systems, or traction cables to lift a cylinder piston. Lifts are creative vertical mobility solutions since they efficiently utilize urban space and enable movement inside the buildings. An escalator is described as a moving stairs or transportation equipment used to transfer persons between building floors. The gadget is usually a chain operated by motor, connected steps that move up or down the path, allowing the steps to stay horizontal. As increasing construction of government structures including, residential complexes, airports, hotels, offices, and banks are growing, both in developed and emerging countries, the need for more lifts and escalators is growing. Due to the outbreak of the COVID-19 pandemic, countries had to enforce lockdown that halted the progress of constructions of new properties and households. Due to that, the demand for elevators and escalators has decreased.
COVID-19 Impact Analysis
- Due to the outbreak of the COVID-19 pandemic, countries had to enforce lockdown that halted the progress of constructions of new properties and households. Therefore, the demand for elevators and escalators decreased. The construction sites and other commercial places were the bulk buyers of these systems. The elevator and escalator market witnessed a dip in production as sufficient labors were not available to continue the production process. The sales procedure couldnot complete as there was unavailability of service personnel for installing the system.
- Disruption in the distribution channel was an important cause as adequate raw materials couldnot reach the industries for production; the delivery of finished products to the dedicated stores was not possible. Consumers had no option to visit the specialized stores, whereas online purchase couldnot support the installation service.
Top Impacting Factors
- Industries such as oil & gas, petrochemical, manufacturing, energy & power, automotive need machines to lift heavy objects. Therefore, the demand for elevators is high in these industries. Manufacturers should work on improving the elevators by adding new features.
- COVID-19 pandemic harmed the elevator and escalator market as the sales and demand for the product had decreased. It is expected that demand for the products will increase as the construction industry and other industries start working in full force after the pandemic.
- The growing worries about accidents in lift and escalator should influence the lift and escalator business. The elevator mishaps lead to deaths and grave injuries in-building locations. Increased safety and safety measures for workplace and training are, however, projected to minimize accidents during repairs and maintenance.
The continuous evolution of the Internet of Things (IoT) in elevators & escalator is expected to boost the elevator and escalator market.
The integration of IoT in elevators & escalators is offering a potential growth opportunity to the global elevator & escalator market. IoT makes it possible for a product to collect, exchange, and analyze data with its operator, manufacturer, and other devices highly relevant to the elevator & escalator industry. IoT enables contemporary lifts and escalators to predict and respond to traffic intelligently in real-time, to interact with service teams, and to allow people to call lifts and escalators via a Smartphone app. The use of elevators may also be enhanced by the use of a connected sensor in an elevator and escalator, which reduces waiting times.
The growing construction/real estate sector will increase the demand for elevators and escalators
Business and multi-block tendency is growing. The building of mixed-block high-height structures has grown. Mixed blocks might include huge residential complexes, offices, stores, serviced apartments, showrooms, hotels, and casinos. The demand drives the growth of elevators and escalators.
Strict government regulations expected to hamper the growth of the market
Stringent government laws and policies controlling lifts and escalators safety requirements have forced manufacturers to comply with stringent criteria and certifications. Nearly half of the fatal lift incidents involve employees involved in elevator maintenance or repair. However, passenger accidents are of utmost importance. These elevators & escalators maintain protection from these accidents by strict maintenance requirements and safety regulations. Lifts & escalators manufacturers are expected to comply with the safety requirements needed by the various areas.
Key Benefits of the Report
- This study presents the analytical depiction of the elevator and escalator industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the elevator and escalator market share.
- The current market is quantitatively analyzed to highlight the elevator and escalator market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed elevator and escalator market analysis on the basis of competitive intensity and how the competition will take shape in coming years
Questions Answered in the Report
- Who are the leading market players active in the elevator and escalator market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Elevator and Escalator Market Report Highlights
By Elevator Type
Key Market Players
Hyundai Elevator Co, Ltd., Electra Ltd, Gulf Elevator & Escalator Co, Ltd, Kone Corporation, Mitsubishi Electric Corporation, Hitachi Ltd, ThyssenKrup AG, Schindler Management Ltd., Toshiba Elevator and Building System Corporation, Stein Limited