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The elevator and escalator market in US share is expected to increase by USD 1.34 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.05%.
This elevator and escalator market in US research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers elevator and escalator market in us segmentations by product (elevators and escalators) and service (new installation, maintenance, and modernization). The elevator and escalator market in US report also offers information on several market vendors, including Fuji Electric Co. Ltd., Fujitec Co. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Prysmian Spa, Savaria Corp., Schindler Holding Ltd., thyssenkrupp Elevator AG, and WITTUR HOLDING GmbH among others.
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Increasing adoption of smart homes is notably driving the elevator and escalator market in us growth, although factors such as increasing cost of compliance market may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the elevator and escalator market in US. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Elevator And Escalator Market In US Driver
The increasing adoption of smart homes is a major driver fueling the growth of the elevator and escalator market in US. The increasing adoption of digitization and awareness of global warming in the US has led to the rise of green and eco-efficient homes, termed as smart homes. This has led to the development of efficient designs such as pneumatic elevators, which require less space and maintenance. Pneumatic elevators work on the principle of air pressure by creating high-pressure and low-pressure environments they can control descent or ascent.At present, the US smart home market has just passed early adoption stages and is experiencing a gap for mass adoption due to various issues such as high prices and high fragmentation of these devices. However, the devices are becoming more prevalent in US homes due to digitalization. Following this dramatic shift, many homeowners are predicted to install smart elevators or stairlifts to improve accessibility. In addition, the installation of an elevator inside a home uplifts the house to a luxury home and improves its selling price considerably. Hence, owners are trying to appeal to customers by including lifts such as pneumatic lifts.
Key Elevator And Escalator Market In US Trend
The increasing adoption of energy-efficient elevators and escalators is another driver fueling the growth of the elevator and escalator market in US. Rapid urbanization has resulted in a greater number of tall buildings. It is critical that all building systems become more energy-efficient to achieve the necessary reductions in greenhouse emissions from buildings. It is estimated that in the US, around 40% of CO emissions will emerge from buildings. As the American public increasingly favors stricter emission limits, many companies are adopting eco-friendly solutions as a public way of demonstrating a strong commitment to green practices and improving the environment, which saves the /image of the institution. Due to these reasons, energy-efficient and eco-friendly escalators and elevators are gaining momentum. Likewise, many states in the US are working on implementing a carbon tax, and many contractors are opting for energy-efficient solutions to be incorporated in their buildings to reduce their carbon footprint. KONE installed around 50 new eco-efficient escalators in Madison Square Garden to improve capacity and energy efficiency. In addition, Schindler installed energy-efficient elevators in Hearst Tower, New York.
Key Elevator And Escalator Market In US Challenge
The increasing cost of compliance is a major hindrance to the growth of the elevator and escalator market in US. The Department of Buildings (DOB), Occupational Safety and Health Administration (OSHA), and other administrative bodies have been boosting efforts to keep lift code complaints and passengers safe. In the previous years, there have been noteworthy code and rule changes that have had a money-related effect on building owners, facility managers, and elevator service organizations. As safety regulations are made more stringent, adherence to the new rules becomes more expensive. A recent example is an additional requirement of having an alternate floor elevator recall feature in case of a fire in the building. This addition required most building owners to upgrade not only the elevator system but also optimize their firefighting systems.Impact of drivers and challenges
This elevator and escalator market in us analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the elevators and escalators market in the US as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the elevator and escalator market in US during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the elevator and escalator market in US encompasses successful business strategies deployed by the key vendors. The elevator and escalator market in us is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The elevator and escalator market in US forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the elevator and escalator market in US, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global industrial machinery market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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The elevator and escalator market share growth in the US by the elevators segment will be significant during the forecast period. The mid-rise elevator market is anticipated to grow rapidly compared with the low-rise elevator market in the US. The increasing demand for multifamily buildings is likely to drive the growth of traction elevators. The increasing costs of material, land, and labor have pushed developers to maximize the number of floors to increase density. In addition, retailers are pushing developers to create multi-use buildings due to rapid urbanization and high demand.Gearless traction elevator is the only solution to high-rise buildings, as it has fast speeds. The gearless traction elevator segment is anticipated to be the fastest-growing segment in the US during the forecast period. The total elevator market is predicted to grow significantly, as several new projects in the pipeline have been planned. The MRL market is anticipated to grow significantly, as many low-rise hydraulic elevators are modernized with MRL for better reliability and space savings.
This report provides an accurate prediction of the contribution of all the segments to the growth of the elevator and escalator market in us size and actionable market insights on post COVID-19 impact on each segment.
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Elevator And Escalator Market In US Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.05% |
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Market growth 2021-2025 |
$ 1.34 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.17 |
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Regional analysis |
North America, Europe, Asia, and ROW |
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Performing market contribution |
Africa at 38% |
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Key consumer countries |
Bahrain, US, Jamaica, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Fuji Electric Co. Ltd., Fujitec Co. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Prysmian Spa, Savaria Corp., Schindler Holding Ltd., thyssenkrupp Elevator AG, and WITTUR HOLDING GmbH |
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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, Market condition analysis for forecast period |
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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 report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Service
7 Customer landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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