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Freedonia Market Research Freedonia Group Global Elevators

Global Elevators

Industry Reports, Global

Report Overview

8th Edition

Featuring 145 tables and 80 figures – now available in Excel and Powerpoint! Learn More

Elevators

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.

 

Table of Contents

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Study Overview

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), chair lifts, and conveyor systems used for the transport of goods.

 

Global elevator equipment and services demand is projected to advance 4.6% annually through 2024 to $155.7 billion. Ongoing global trends such as urbanization and accessibility for aging populations will be the primary drivers of growth for the elevator market going forward. The Asia/Pacific and Africa/Mideast regions will continue to represent strong growth opportunities, although demand is expected to continue shifting from new installations to spending on parts and repair services as the installed base grows.

Internet of Things Will Bolster Service Offerings

The Internet of Things (IoT) will make a significant difference for elevator manufacturers and their facilities maintenance customers alike. IoT and cloud-based data storage systems allow elevator OEMs to monitor units remotely and gather data on their performance, which helps predict component failure before it occurs. These functions can also be incorporated into service packages for customers, leading to enhanced product reliability for the customer and an enhanced, predictable revenue stream for elevator suppliers.

Downgraded Construction Forecasts to Boost Parts Demand & Modernization Services

The COVID-19 pandemic is expected to negatively impact construction activity over the next several years. Its effect is not expected to be seen immediately in the elevator industry, as most ongoing construction projects will be completed. In the long term, however, businesses may delay construction of new buildings and significant upgrades to existing facilities, which is expected to hamper elevator sales. Spending will instead shift to elevator parts and modernization and repair services, as the aging global stock of elevators will continue to need maintenance going forward.

Replacement of Older Units Is a Key Driver of Unit Sales in High-Income Countries

Economic uncertainty stemming from the global pandemic may cause many building owners to defer replacement of elevator equipment until they are on more stable financial footing. However, those with units that have long outlived their service lives will be unable to wait before making purchases. Countries where the average elevator unit is several decades old – like Spain, Italy, and Russia – will record particularly strong gains over the long term even though they had significant COVID-19 outbreaks. Replacement will also be common in countries with high maintenance standards – such as Germany, Japan, and the US – where units must be regularly updated so they remain current with building codes.

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