Elevators and escalators include vertically running elevators, inclined running escalators, and inclined or horizontal running moving walks. An elevator is a vertical transportation device that efficiently moves people or goods between floors (floors, decks) of a building or other structure. An escalator is a moving staircase that transports passengers up and down the floors of a building. Moving walks are motorized continuously moving horizontal or low-slope surfaces that transport people over short to medium distances. In 2020, the market shares of various types are 60.32%, 25.38% and 14.30% respectively.
Elevators and escalators are widely used in commercial buildings such as shopping malls, department stores, and office buildings, as well as in government applications such as airports and subway stations, so that pedestrians can go up and down the stairs. It is also used in industrial areas to help move heavy machinery, vehicles or other items in steel mills and factories. In addition, elevators are also installed in residential areas, which often simpler and less expensive than full commercial elevators. But they may have unique design features suitable for home decor, and may be small enough to accommodate only one person, while some may be large enough to accommodate a dozen. In 2020, the market shares of commercial, industrial, residential, and government elevators and escalators are 24.52%, 10.18%, 36.38%, and 12.27%, respectively.
As the means of transportation for many scenarios, elevators and escalators have been in development for over 160 years. With the acceleration of the pace of life, more and more people choose elevators and escalators. With the increase of high-rise buildings, requirements of people for a faster and more convenient way of life are getting higher and higher, so elevators and escalators are becoming more and more irreplaceable.
With a Huge Consumer Base, Asia-Pacific Region Has an Absolute Advantage in Elevators and Escalators
In 2020, in the elevator and escalator market, North America, Europe, Asia Pacific, South America, the Middle East and Africa accounted for 4.97%, 18.17%, 71.70%, 2.88%, and 2.28% of the market share respectively. It can be seen that the Asia-Pacific region is the largest revenue market for the elevator and escalator industry. In 2015, the Asia-Pacific region accounted for 70.49% of the market, and it has grown by 1.21% in 2020, making it the fastest growing region.
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Specifically, China has a huge population and rapid economic development in recent years, which has become a major market for elevators and escalators. Elevators and escalators are closely related to the development of the real estate industry. Since 2016, Chinese new real estate market has been sluggish due to stricter control policies and increased market restrictions on purchases and lending, but investment has remained stable. Since 2020, due to the impact of the epidemic, investment has fallen sharply, and the real estate industry has suffered from sluggish sales, material shortages, labor shortages, inability to start projects, and delays in start-up time. With the improvement of the COVID-19 epidemic in China and the accelerated resumption of work and production, the elevator and escalator market rebounded slightly and maintained stable growth.
Urbanization and Aging Drive Elevator and Escalator Demand Growth
Residential and commercial elevators accounted for more than half of the total elevator and escalator demand. Elevator and escalator sales of rail transit, affordable housing and the renovation of old elevators all showed positive demand trends. The global intercity high-speed railway and urban rail transit are still in the stage of continuous expansion. As of 2018, the global high-speed rail operating mileage is about 38,000 kilometers, of which China high-speed rail operating mileage is 25,000 kilometers, accounting for 66.3% of the world total high-speed rail, much higher than other countries in the world. In 2019, the newly added mileage of China high-speed rail exceeded 4,000 kilometers, which still maintained a rapid growth rate. With the continuous development of the global economy, the strengthening of regional economic links, and the expansion of urban agglomerations, the rail transit industry will face long-term demand, which also means that the market demand for elevators and escalators will continue.
The global elevator and escalator market size was valued at USD 61636.7 million in 2015 and increased to USD 67912.7 million in 2020. As the level of urbanization increases, the demand for elevators and escalators will continue to grow. In addition, the intensifying trend of population aging in developed countries will create widespread demand for elevators and escalators in new buildings and public infrastructure, and the need to install elevators in older buildings will also increase. Therefore, according to forecast data, the global elevator and escalator market size will reach USD 89,291.7 million in 2025.
Today, energy saving, environmental protection and intelligence have become the main development trends of elevator and escalator products. Energy saving refers to the use of permanent magnet synchronization, energy feedback and other technologies to reduce the power consumption per unit time of elevator products; environmental protection refers to the use of technologies such as small machine room, machine room-less and harmonics to reduce the vibration, noise, electromagnetic waves and other effects of elevator operation; Intelligence means that based on powerful computer software and hardware resources and elevator group control technologies, the elevator not only has the advantages of traditional artificial intelligence, but also has the advantages of dynamic and intelligent power consumption, and can handle various problems randomly.
The elevator and escalator market is increasingly competitive, and some companies often offer very low maintenance prices. Behind the low price, it is often shoddy in the maintenance process, and elevator safety accidents occur frequently, which seriously threatens the life and property safety of elevator users. With the upgrading of technology, the safety of elevators and escalators is still the primary issue that enterprises need to consider in competition.
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