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Global demand to exceed $120 billion in 2019
Global demand for elevator equipment (including elevators, escalators, moving walkways, and associated parts) and services is forecast to reach $121 billion in 2019, on advances of 5.9 percent per annum. The large Asia/Pacific market will account for more than 70 percent of the growth in demand.
China & India to be top national markets
Through 2019, the developing countries of the Asia/Pacific region will continue to exhibit the strongest demand growth. Although increases in the Chinese eleva-tor market, the world’s largest, will de-celerate substantially after a decade of explosive growth, elevator demand will grow nearly 10 percent per annum to $42 billion. Elevator demand in India will register robust advances of 16 percent annually, driven by strong growth in the country’s urban population and rising average incomes.
The developed markets of North America and Europe will exhibit slower growth in elevator demand. While demand for new units in these regions is expected to con-tinue to recover from low 2009 levels, growth in demand for elevator parts and services is expected to be slower than the global average. This is because the mar-ket will remain concentrated in maintaining existing units and modernizing older units, not the installation of new equipment, in spite of the uptick in new unit demand.
MRL elevators will continue to gain market share
Through the forecast period, there will be an emphasis on new or improved techno-logies that conserve space or energy in new elevators, escalators, and moving walkways, driven by developers’ desires to make buildings more profitable by saving on energy spending and raising usable floor space. These include com-puterized destination dispatch systems, technologies that reduce the space con-sumed by elevator shafts in tall buildings, and elevator, escalator, and moving walk-way systems that adjust operation for high and low traffic periods. Space and energy saving machine room-less (MRL) elevators will continue to increase their penetration of the global market and will dominate the market in the ensuing years.
Although elevator services demand has historically made up a larger share of the global market, equipment demand ex-ceeded services in 2014 and is expected to continue to do so through the forecast period due to robust new equipment de-mand in developing markets. In 2014, there were 974,000 new passenger and freight elevators installed, 3 of every 5 in-stalled in China. In 2019, new unit demand is expected to reach 1.4 million elevators.
Manufacturing activity to follow markets
Elevator equipment production was his-torically concentrated in Western Europe, but manufacturing activity in developing markets, where the majority of new equipment is installed, has posted rapid expansion in recent years. China in particular has exhibited robust growth in its elevator equipment manufacturing capacity and accounted for nearly half of global production in 2014.
Company Profiles
Profiles 40 global industry players such as Hitachi, KONE, Mitsubishi Electric, Otis Elevator, Schindler & ThyssenKrupp
Additional Information
This study analyzes the global market for elevators (including passenger and freight elevators), escalators and moving walkways, and associated parts that are sold separately, such as controls, doors, sensors, and power transmission equipment. This study also covers demand for installation services and modernization services. For the purposes of this study, general references to elevators or the elevator market include escalators and moving walkways, parts, and services, while elevators themselves, often referred to as lifts in European publications, are 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 (2004, 2009, 2014) and forecasts for 2019 and 2024 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 20 major national markets. Market data are valued in US dollars, but data for passenger and freight elevators are also provided in number of units existing or installed.