Boom in construction industry on the back of upcoming Olympics and Paralympics games is a major factor driving the growth of Japan elevator & escalator market.
According to TechSci Research report, “Japan Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Forecast & Opportunities, 2015- 2025”, Japan elevator & escalator market was valued USD 2.54 Billion in 2019 and is expected to be valued USD 3.19 Billion by 2025 on account of increasing development of high-rise commercial and residential buildings as well as rise in capital inflow into the real-estate sector of the country. Moreover, the upcoming 2020 Summer Olympics and 2020 Summer Paralympics games which are to be held in 2021 have led to boom in construction industry of Japan and the country is witnessing increasing installation of elevators as well as escalators in various commercial and public places. Along with that, modernization and maintenance of old buildings in the country are also leading to rise in sale of elevators and escalators.
Additionally, Japan government is investing heavily on renovation and construction of new public facilities which is another key factor supporting the growing demand for elevators and escalators in the country. Increasing urbanization, construction of high-rise technology powered buildings and growing adoption of technologically advanced elevators are some other prominent factors augmenting the growth of Japan elevator & escalator market. In recent years, the country has witnessed growing popularity of energy-efficient or green elevators and escalators which are likely to further propel the market growth in coming years.
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Japan elevator & escalator market is segmented based on type, service, elevator technology, elevator door, end user and region. Based on type, the market is segmented into elevators, escalators and moving walkways. Among them, elevators accounted for more than 88% market share in 2019 and are further expected to dominate the Japan elevator & escalator market during the forecast period. The reasons can be attributed to high installation of elevators in old as well as new residential and commercial buildings in the country, keeping in mind the convenience of increasing aging population.
Based on service, Japan elevator & escalator market can be split into maintenance & repair, new installation and modernization. Among them, the maintenance & repair and modernization segment together accounted for 67.10% market share in 2019 as the government invested heavily on improving and developing public infrastructure of the country. The segment is further expected to maintain its dominance during the forecast period and is likely to value USD 3.19 billion by 2025.
Leading market players in Japan elevator & escalator market are KONE Corporation, Hitachi Group, Otis Elevator Company (UTC), Mitsubishi Electric Corporation, Schindler Holding Ltd., Fujitec Company Limited, thyssenkrupp AG and Toshiba Elevator and Building Systems Corporation. Manufacturers are investing heavily on innovation and are introducing new technology and designs for their products. Moreover, they are also undergoing both organic and inorganic growth strategies such as mergers & acquisitions, partnerships, collaborations and new product launches in order to increase their market share in Japan elevator & escalator market.
“Japan is amongst one of the most technologically advanced countries in the world and the stabilized financial scenario of the country is leading to huge investment in infrastructural sector. Increasing number of office spaces, malls & shopping complexes and condominium & apartment complexes are creating high demand for elevator & escalators in the country. Moreover, manufacturers are required to abide by safety rules issued by regulating authority while launching any new product into the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Japan Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Japan elevator & escalator market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Japan elevator & escalator market.
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