Escalators Market Overview:
Escalators Market is expected to garner $5,146 million by 2022, registering a CAGR of 5.3% during the forecast period 2016-2022. The growth in construction market, upcoming metro projects, expansion of airport, and other advancements have revolutionized the escalators industry, worldwide. The major factors that drive the global market are rapid urbanization, boom in real estate sector, and need for efficient & rapid transit systems. However, safety issues and lack of skilled workforce are expected to hamper the market growth.
The report comprises the study of the global escalators market that focuses on various industry verticals such commercial, public transit, and others (institutional sector and residential). The type considered are parallel, multi-parallel, walkway, and others (crisscross, and spiral).
The key manufacturers profiled in the report include Schindler Group, Kone Corporation, ThyssenKrupp AG, Dover, Hyundai, Fujitec, Mitsubishi Electric, SIGMA, Otis, and Omega.
The market is segmented by type, industry verticals, and geography. On the basis of type, it is sub-segmented into parallel, multi-parallel, walkway, and others (crisscross, and spiral). In 2015, parallel escalators generated the highest revenue in the global market. However, the others sub-segment is anticipated to exhibit the highest growth during the forecast period.
Based on industry verticals, the market is segmented into commercial, public transit, and others (institutional sector and residential). In 2015, commercial dominated the market, in terms of revenue, and is projected to continue its dominance throughout the forecast period.
The geographical regions considered in the report are North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific is expected to dominate the escalators market; however, North America is projected to grow rapidly.
Top factors impacting the global escalators market
The above figure depicts the current and the future impacts of various factors on the growth of the global escalators market. Technological advancement is projected to have a prominent impact on the market growth during the forecast period. In addition, developments in the real estate sector and rapid urbanization have fueled the market growth in the recent years. However, safety issues due to poor maintenance of equipment are expected to have a marginal impact on the market growth during the forecast period.
Drivers & Restraints: Escalators Market
Increase in the number of people migrating from rural to urban areas has fueled the demand for multi-storied buildings and escalators in the public transportation sector. Furthermore, growth in disposable income, and aging population in the urban areas has driven the markets in China and India.
Safety issues due to poorly maintained equipment
Escalators are prone to safety issues as compared to elevators. In addition, poorly maintained escalators add up to these issues. There have been several cases and accidents over the past few years. This has given rise to fear among people, which has restrained the market growth.
Segment Overview: Escalators Market by Type
Parallel escalators are parallel circulating belt of ladders that are mostly found in commercial establishments such as metro stations, shopping malls, and other public areas. Initially, escalators functioned continuously for longer and extended period, which resulted in increase in energy consumption. Therefore, Hitachi Ltd. introduced the VX series escalators, which are safe and efficient, and are enabled with LED lights and automatic turn-off system. This series turns off handrail lighting and skirt guard lighting when there are no passengers to reduce power consumption.
Segment Overview: Escalators Market by Industry Vertical
Escalators are widely used at commercial establishments, such as shopping malls, departmental stores, theatres, and hotels for brisk and comfortable commuting. These escalators are preferred for commercial applications due to their high durability and ability to handle high passenger inflow. Moving walks are designed for ease in transportation for large volumes of people across long distances including shopping trolleys. The market for escalators has witnessed vast transitions over the past few years. Parallel escalators are the most common type of escalator adopted for commercial purposes. However, other types of escalators are also built for large buildings such as shopping malls and hotels. In addition, bicycle escalators are widely used at commercial establishments. For instance, in December 2014, Norway implemented the first world’s bike escalators for its people to improve the transportation facility over small distances, and reduce population
- This study comprises analytical depiction of the global escalators market, with current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends for gaining a stronger coverage in the market.
- The report presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2014 to 2022, which is provided to highlight the financial competency of the market.
- Porters Five Forces analysis illustrates the potency of the buyers and suppliers.
Escalators Market Key Segments:
The market is segmented on the basis of type, industry vertical, and geography.
- Others (Crisscross and Spiral)
By Industry Vertical
- Public transit
- Others (Institutional Sector and Residential)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players Profiled
- Schindler Group
- Kone Corporation
- Thyssenkrupp AG
- Hyundai Elevator
- Mitsubishi Electric
Other Companies Mentioned in the Report
- Hitachi Ltd.
- Stannah Limited