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The Australia Elevator and Escalator Market size is forecast to increase by USD 543.1 million, at a CAGR of 4.36% between 2023 and 2028. The elevator industry is experiencing significant growth due to several key factors. Firstly, the increasing urbanization trend has led to a surge in demand for high-rise buildings, resulting in a corresponding increase in the installation of smart elevators. These advanced systems offer features such as energy efficiency, reduced wait times, and seamless integration with building automation systems. Secondly, there is a growing awareness and demand for eco-friendly elevators and escalators. Sustainability is a top priority for many building owners and developers, and the use of energy-efficient technologies, such as regenerative drives and natural light integration, is becoming increasingly common. Moreover, the adoption of IoT and connectivity in elevators is gaining momentum, enabling predictive maintenance and real-time monitoring, thereby enhancing safety and reliability. With these trends driving the market, the future of the elevator industry looks promising, offering numerous opportunities for innovation and growth.
Market Forecast 2024-2028
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The market is witnessing significant growth due to the increasing construction activities in residential, commercial, and infrastructure industries. Smart elevators and moving walkways are gaining popularity in various sectors such as skyscrapers, residential buildings, commercial buildings, industrial spaces, airports, metro stations, and railway stations. New installation segment is expected to dominate the market due to the increasing number of construction projects. Pneumatic lifts, wheelchair lifts, glass lifts, and other specialized elevators cater to the specific needs of different user groups.
Also, moving walkways, also known as moving sidewalks or travelators, are increasingly being used in airports, metro stations, railway stations, and other high-traffic areas for seamless and efficient passenger movement. Also, the market is witnessing the integration of advanced technologies such as IoT, AI, and smart systems to provide touchless controls and enhance the user experience. The green building market and online shopping are also driving the demand for vertical transportation solutions. Overall, the market is expected to continue its growth trajectory in the coming years, driven by the need for efficient and smart vertical transportation solutions in various industries.
The growth of the market is fuelled by the growing demand for eco-friendly elevators and escalators, coupled with the increased demand for green buildings in the country. In addition, there is an increasing focus by the Australian government on sustainable lift technologies as well as a growing demand for green, sustainable buildings and the advent of the sustainable building movement, builders, and construction giants which is also significantly contributing to the Australia elevator and escalator market growth.
Moreover, the rise in the number of green buildings in Australia has fuelled the adoption of options by builders and construction companies. In addition, there is an incorporation of several functions including regenerative drives, MRL technology, standby mode, destination dispatch, and energy-efficient lighting in lifts Hence, such factors are expected to positively impact the market. Therefore, it is expected to drive Australia elevator and escalator market growth during the forecast period.
There is an increasing development of regenerative drives due to the growing need to develop energy-efficient, in-building transport systems. One of the main innovations in modern-day elevator technology is the regenerative drives. The main advantage of regenerative drives is that they help to capture the heat generated by the extra power and convert it to reusable energy that can be utilized in the building.
Moreover, another significant benefit of the regenerative drive is that it helps to save energy by facilitating the motor to become a generator during periods of low loads. Some of the main factors that influence the energy saved by the regenerative drives include the height of the building, the frequency of use of the elevator, the weight of the load, and the capacity of the elevator. Hence, such factors are positively impacting the Australia - elevator and escalator market. Therefore, it is expected to drive the Australia elevator and escalator market growth during the forecast period.
The high cost of operations associated with the operation, maintenance, and retrofit of elevators and escalators is one of the significant challenges associated with the elevator and escalator market in Australia. Even though the average shelf life of a newly installed escalator is 20-30 years, there are several operational challenges that need constant maintenance and monitoring of these elevators and escalators.
Moreover, the machine getting stuck, the call box not working, odd noises, and jumpy or bumpy rides are some of the key challenges associated with elevators and escalators. As a result, to overcome such issues, these elevators and escalators require frequent maintenance in some cases replacement of the components. Hence, such factors are negatively impacting the Australia - elevator and escalator market. Therefore, it is expected to hinder the Australia elevator and escalator market growth during the forecast period.
The elevator segment is estimated to witness significant growth during the forecast period. The main sources of revenue for the elevator segment are from new installations (unit and service), maintenance, and the modernization of elevators. In addition, there is an increasing adoption of hydraulic technology in low-rise buildings whose compositional structure is below 35 meters as it is cheaper to maintain than other modern technologies.
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The elevator segment was the largest segment and was valued at USD 1.66 billion in 2018. Some of the elevator technologies that are prevalent in mid-rise buildings with a height of 35-100 meters include MRL and traction elevator technologies. There is an increasing preference for traction elevators where the emphasis is on performance. On the other hand, MRLs are adopted for tight spaces. Furthermore, there is a growing popularity for smart elevators in skyscraper projects, as they minimize the waiting time and enable people to reach their destination floors in minimal time. For example, in April 2020, a skyscraper project of Southbank by Beulah, a vertical mixed-use development planned for the Melbourne waterfront, received formal approval from Australia's Victorian State Government. Hence, such developments are expected to fuel the growth of this segment which in turn will drive the Australia elevator and escalator market growth during the forecast period.
Based on service, the segment is classified into new installations, maintenance, and modernization. The increasing demand for new installations of elevators and escalators in both the commercial and residential sectors is one of the main factors that is significantly contributing to the growth of this segment. Furthermore, other factors that fuel the growth of the new installations segment include the growth of high-rise buildings and the increasing number of new building projects in the country. In addition, the growing land rates and the increasing cost of materials are encouraging construction companies and builders in Australia the adopt eco-friendly elevators and escalators. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the Australia elevator and escalator market growth 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.
Brilliant Lifts Australia: The company offers elevator and escalator such as Panoramic lift, Brilliant 808 model that reduces the space required in the building and integrates seamlessly into the building.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including: Austand Edunburgh Elevators Pty Ltd, E Lift, Easy Living Home Elevators Pty Ltd., Forte Lift Service, GOINGUP ELEVATORS PTY LTD, Grant Elevators, Hitachi Ltd., IFE Elevators and Escalators Australia, Kleeman Hellas S.A., KONE Corp., Mitsubishi Electric Corp., Octagon Lifts Pty Ltd., Otis Worldwide Corp., Savaria Corp., Schindler Holding Ltd., Shotton Group, Southern Lifts Pty Ltd., TK Elevator GmbH, and WITTUR HOLDING GmbH.
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 market research and growth report provides comprehensive data with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market encompasses various types of vertical transportation solutions, including elevators and moving walkways, designed for residential, commercial, and infrastructure industries. Smart elevators are gaining popularity in the new installation segment, particularly in commercial buildings such as offices, malls, and hotels. Moving walkways, also known as escalators, are commonly used in transportation infrastructure like airports, metro stations, and railway stations. Pneumatic lifts, wheelchair lifts, and glass lifts cater to specific accessibility needs. Skyscrapers and residential buildings rely on these systems for efficient vertical transportation. Industrial spaces like warehouses and logistics centers also utilize vertical transportation solutions to optimize operations. Green building market trends influence the adoption of gearless motor systems and magnetic motors in elevators. Online shopping and construction activities further boost the demand for these systems.
Further, the integration of IoT, AI, and smart systems enhances the functionality and convenience of vertical transportation solutions. Customized solutions cater to various industries and accessibility requirements. Touchless controls and automation ensure safety and hygiene during natural disasters and in the current pandemic situation. Steel and aluminum are primary materials used in manufacturing these systems. The home elevator market and market have distinct growth trajectories, with universal design being a key consideration in both sectors. The market is robust, driven by a multitude of sectors and applications. In commercial settings such as office buildings, shopping centers, and retail outlets, there's a growing demand for efficient vertical transportation solutions to enhance accessibility and operational efficiency.
Moreover, this includes high-rise buildings and multi-story residential complexes where smart city initiatives and cultural preferences for high-rise living influence market dynamics. Infrastructure projects like metro systems and high-speed rail networks also contribute significantly, requiring reliable elevator and escalator systems for seamless passenger flow. Moreover, industries such as healthcare facilities, educational institutions, and the hospitality sector rely on these systems for enhanced mobility and accessibility. With increasing government investments in green building projects and energy-saving initiatives, the market sees further opportunities in sustainable building operations and modernization services for existing structures.
Industry Scope |
|
Report Coverage |
Details |
Page number |
131 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 543.1 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Austand Edunburgh Elevators Pty Ltd, Brilliant Lifts Australia, E Lift, Easy Living Home Elevators Pty Ltd., Forte Lift Service, GOINGUP ELEVATORS PTY LTD, Grant Elevators, Hitachi Ltd., IFE Elevators and Escalators Australia, Kleeman Hellas S.A., KONE Corp., Mitsubishi Electric Corp., Octagon Lifts Pty Ltd., Otis Worldwide Corp., Savaria Corp., Schindler Holding Ltd., Shotton Group, Southern Lifts Pty Ltd., TK Elevator GmbH, and WITTUR HOLDING GmbH |
Market dynamics |
Parent market growth analysis, Market Forecasting, 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 market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Service
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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