Australia - Elevator and Escalator Market by Product and Service - Forecast and Analysis 2023-2027

Australia - Elevator and Escalator Market 2023-2027

The Australia - Elevator and Escalator Market size is estimated to grow at a CAGR of 4.25% between 2022 and 2027. The market size is forecast to increase by USD 507.45 million. The growth of the market depends on several factors, such as the increasing demand for smart elevators, increased urbanization, and the growing demand for eco-friendly elevators and escalators. This report extensively covers market segmentation by product (elevator and escalator) and service (new installations, maintenance, and modernization). It also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the size of the Australia Elevator And Escalator Market During the Forecast Period?

Australia Elevator and Escalator Market Forecast 2023-2027

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Australia Elevator and Escalator Market Dynamics

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.    

Driver - Growing demand for eco-friendly elevators and escalators

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.

Trends - Use of regenerative drives in elevators and escalators

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.

Challenge - High cost of repair and maintenance of elevators and escalators

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.

Australia Elevator and Escalator Market Segmentation by Product and Service

Product Segment Analysis: 

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 1,608.89 million in 2017. 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.

Service Segment Analysis: 

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.

Who are the Major Australia Elevator and Escalator Market Companies?

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.  

Segment Overview

The Australia 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. 

• Product Outlook (USD Million, 2017 - 2027)
  • Elevator
  • Escalator
• Service Outlook (USD Million, 2017 - 2027)
  • New installations
  • Maintenance
  • Modernization

Australia Elevator And Escalator Market Scope
Report Coverage	Details
Page number	132
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 4.25%
Market growth 2023-2027	USD 507.45 million
Market structure	Fragmented
YoY growth 2022-2023(%)	4.03
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 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.

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What are the Key Data Covered in this Australia Elevator And Escalator Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Australia elevator and escalator market between 2023 and 2027
• Precise estimation of the elevator and escalator market size in Australia and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Australia
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Australia elevator and escalator market companies

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