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This study analyzes the world elevator industry. It presents historical demand data for 2002, 2007 and 2012, and forecasts for 2017 and 2022 by product (e.g., passenger and freight elevators, escalators and moving walkways), service (installation, modernization and repair), market (residential, nonresidential), world region and for 16 countries. The study also considers market environment factors, details industry structure, evaluates company market share and profiles industry players.
World demand to rise nearly 6% annually through 2017
Global demand for elevator equipment (including elevators, escalators, moving walkways, and associated parts) and services was $86 billion in 2012. Demand is projected to grow almost six percent annually through 2017, a deceleration from the pace of the 2007-2012 period, when gains were fueled by explosive growth of more than 25 percent per year in China. Even though the Chinese market will cool from that breakneck pace, it will still generate nearly one-half of the increase in the world demand for elevator equipment and services between 2012 and 2017.
Other developing markets that will contribute to global advances through 2017 include India, as the country adds 50 million urban residents and per capita GDP increases faster than the global average. Central and South America is expected to see above-average increases, led by Brazil, the region’s largest elevator market. The Africa/Mideast region is also expected to experience strong growth, though much of the expansion will be confined to Turkey and high-income urban areas in the Middle East.
US market to outpace most high-income countries
Growth in the US demand for elevator services will outpace that in most highincome countries, as the market will be recovering from a very low 2012 base. Increases in Japan and Western Europe will be below the world average, but will also mark significant increases from the marginal growth in the 2007 to 2012 period.
Elevator equipment demand to outpace elevator services
In 2007, global demand for elevator services exceeded demand for equipment. Western Europe, then the world’s largest regional market, had a large installed base of elevators and stringent safety codes bolstered the modernization and repair service market. However, 2012 marked a significant change in the global market, as demand for equipment exceeded service demand for the first time, driven by strong growth in new unit installations in the developing world. That trend is expected to continue through 2017, as the many new units recently added in developing countries will not need as many costly repairs as Western Europe’s aging stock, and safety codes may be less strictly enforced.
China’s share of new unit sales to decline slightly
Passenger and freight elevator sales on a per unit basis were 914,000 units in 2012. While the Chinese elevator market made up over 30 percent of global demand by value, it was even more significant on a per unit basis, as 58 percent of the world’s new elevator units were sold in China in 2012. World new unit sales are forecast to grow 3.4 percent annually through 2017 to 1.1 million, though China’s share will decline slightly.
MRL elevators to continue gaining market share
Through 2017, the equipment market will focus on energy efficient elevators, escalators and moving walkways. Manufacturers have introduced many new technologies and improved existing ones to be more efficient. Space and energy saving machine room-less (MRL) elevators will continue to increase their penetration of the global elevator market through 2017, and will dominate the market in the ensuing years.
Profiles 41 competitors in the industry worldwide including Hitachi, KONE, Otis Elevator (United Technologies), Schindler and ThyssenKrupp
This study analyzes the global market for elevators (including passenger and freight elevators), escalators and moving walkways, and associated parts, such as controls, doors, sensors, and power transmission equipment, which are sold separately. This study also covers demand for installation services and modernization services. For purposes of this study, general references to elevators or the elevator market will include escalators and moving walkways, parts, and services while elevators themselves, often referred to as lifts in European publications, will be described as passenger and freight elevators. Products beyond the scope of this study include aerial work platforms (man lifts) and conveyor systems used for the transport of goods.
Historical data (2002, 2007, 2012) and forecasts for 2017 and 2022 are provided for elevator supply and demand by type (i.e., passenger and freight elevators, escalators and moving walkways, parts and miscellaneous equipment, installation services, modernization and repair services) and market (i.e.,residential, nonresidential) for six regions and 18 major national markets. Market data are valued in US dollars, but data for passenger and freight elevators are also provided in units.