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The Asia Pacific (APAC) - Elevator and Escalator Market size is estimated to grow at a CAGR of 2.91% between 2022 and 2027. The market size is forecast to increase by USD 12.83 billion. The growth of the market depends on several factors such as growing high-speed metro projects, increasing government spending on infrastructure projects and development of smart cities in the APAC region. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by end-user (residential and non-residential) and product (elevator and escalator). It also includes an in-depth analysis of drivers, trends, and challenges.
APAC Elevator and Escalator Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
To use a city's resources intelligently and efficiently, a smart city makes use of information and communication technology and the IoT. The major attraction of a smart city is the smart infrastructure. Elevators and escalators are being used for daily commutes, forming an integral part of this infrastructure. The smart commute solutions are not only energy-efficient but also have enhanced monitoring systems. In addition, the concept of smart cities has been gaining prominence worldwide. Such a trend is particularly growing in the Asia Pacific - elevator and escalator market. Rapid urbanization and the importance of lowering energy consumption have been the largest drivers in the adoption of smart cities in APAC and result in Asia Pacific (APAC) - elevator and escalator market expansion.
For instance, the country's smart city program is on target to spend USD 39 billion on smart cities by 2023, with over 500 smart communities in various stages of construction. These cities make use of vital technologies such as IoT, big data, cloud computing, and others. The growing concept of a smart city would deliver growth prospects and possibilities for elevator and escalator manufacturers which may have e positive impact on the Asia Pacific (APAC) - elevator and escalator market growth. Such factors will drive the growth of the market in focus during the forecast period.
Elevators and escalators as machines are developing in their functions and are not just limited to transportation. Companies are incorporating cognitive analytics with elevators and escalators which would assist in the monitoring of these machines in various locations. To gather data regarding the performance of escalators or elevators, different sensors are used. End-users can collect a considerable amount of data through the sensors implanted in elevators and escalators which can be used to identify and predict issues, minimize downtime, and personalize the experience for users. Operations can be controlled remotely by making commands over the cloud by storing the data in the cloud.
In addition, manufacturers of elevators and escalators can remain connected with their customers through the cloud and if the customers require any additional services, they can be easily added. Consequently, the introduction of such smart elevators will drive the growth of the elevator and escalator market in the region during the forecast period.
To manufacture elevators and escalators including steel stock, wire rope, and stainless steel, raw materials required. Such materials are used to manufacture various elements for elevators and escalators. Due to the rising demand for the end products, the costs of these materials have been increasing. The fluctuation can improve the manufacturing cost of elevators and escalators. For instance, steel is the most required raw material to manufacture elevators and escalators. Global steel prices have, thus far, been averaging USD 959 a ton since the beginning of the year, against the 2020 average of USD 582.
Consequently, an upsurge in the price of steel would negatively influence the profit margin of the companies. Rising raw material prices and the addition of cutting-edge technologies in the equipment accelerate the price of elevators and escalators, which may have a negative impact on the Asia Pacific - elevator and escalator market. Therefore, fluctuation in raw material prices will adversely influence the growth of the APAC - elevator and escalator market during the forecast period.
The market share growth of the residential segment will be significant during the forecast period. The residential market segment includes elevators for use in residential buildings. The demand for residential buildings, particularly high-rises, has been growing and resulting in the APAC - elevator and escalator market growth. Rapid urban population in Asian countries such as India, China, Indonesia, Cambodia, and Vietnam has expanded the demand for high-rise buildings.
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The residential segment was valued at USD 47.70 billion in 2017. The continuous development of the construction industry and rapid urbanization across the region are forming several revenue-generation possibilities for companies engaged in the manufacture of equipment and machinery used for constructing residential buildings. Foreign buyers will be able to own up to 40% of the total floor area of registered condominiums under the new rules which will support the property market in Myanmar due to an upsurge in foreign investments. Moreover, changing demographics are also strengthening the demand for elevators in the region. Countries such as Japan, Thailand, and Australia are grappling with the ageing population, which will expand the Asia Pacific - elevator and escalator market demand for elevators in these countries and, in turn, will boost the growth of the Asia Pacific - elevator and escalator market through the residential segment during the forecast period.
Based on product, the market has been segmented into elevator and escalator. The elevator segment will account for the largest share of this segment.? Elevators are used for transporting goods or services between different floors and it is also known as lift. Elevators can be segmented into two groups: Personal elevator: It carries human beings. Load elevator: It carries goods. The growing population and rapid urbanization in the region have increased the number of vertical houses in the region. Nevertheless, in comparison to residential buildings, elevators in office and commercial buildings are also highly used for the transportation of goods. Well-established multinational companies in APAC are now targeting the Asia Pacific (APAC) - elevator and escalator market in the region with these solutions. Consequently, these factors will drive the growth of the APAC - elevator and escalator market in the region through the elevator segment during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Fujitec Co. Ltd. - The company offers elevators and escalators such as small machine room elevator ZEXIA, machine room-less elevator REXIA, and GS escalator 8000 NX.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Doppelmayr Seilbahnen GmbH, EITA Elevator M Sdn. Bhd, Fujitec Co. Ltd., Glarie Elevator Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., IFE Elevators Co. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., Sicher Elevator Co. Ltd., Sigma Elevator Co., Stannah Group of Co., Sunlong Elevator Co. Ltd., Suzhou Diao Elevator Co. Ltd., Sydney Electric Co. Ltd., ThyssenKrupp AG, Toshiba Corp., and Yuanda China Holdings Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The APAC elevator and escalator market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
APAC Elevator And Escalator Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.91% |
Market growth 2023-2027 |
USD 12.83 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.45 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Doppelmayr Seilbahnen GmbH, EITA Elevator M Sdn. Bhd, Fujitec Co. Ltd., Glarie Elevator Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., IFE Elevators Co. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., Sicher Elevator Co. Ltd., Sigma Elevator Co., Stannah Group of Co., Sunlong Elevator Co. Ltd., Suzhou Diao Elevator Co. Ltd., Syney Electric Co. Ltd., thyssenkrupp AG, Toshiba Corp., and Yuanda China Holdings Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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