Rapid urbanization and increasing infrastructural activities are some key factors driving the growth of China elevator & escalator market.
According to TechSci Research report, “China 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”, China elevator & escalator market was valued USD 26.25 Billion by 2019 and is expected to be valued USD 33.38 Billion by 2025. Major factors propelling the growth of China elevator & escalator market are rapid urbanization, growing infrastructural & construction activities and increasing capital inflow into the real-estate sector. Moreover, development of high-rise commercial and residential buildings is leading to high demand for elevators & escalators in China. The government of China has introduced new regulations as a part of the Law on Safety of Special Equipment which came into effect on January 1, 2014. This law holds property managers responsible for monitoring and fixing elevator problems as the country witnessed horrific accidents for a long time due to the lack of proper safety measures in elevator & escalator. This further push escalator & elevator manufacturers to ensure high safety in their product. Apart from that, China escalator & elevators market is witnessing increasing adoption of technologically advanced elevators which is another key factor contributing to the market growth.
Additionally, the demand for cost-effective elevators is increasing in China which is compelling manufacturers to introduce advanced low-cost products in the market. The country has approximately 4.67 million installed elevators and escalators which is about 23% of the global total. Moreover, by 2020, China is likely to be home to 40% of the world’s installed escalator & elevator base.
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China elevator & escalator market is segmented based on type, service, elevator technology, elevator door, end user and region. On the basis of type, the market is segmented into elevators, escalators and moving walkways. Among them, elevators accounted for 89.70% market share in 2019 owing to their wide usage in both commercial as well as residential sectors. Moreover, the segment is further expected to dominate the market and hold a market share of around 90% by 2025. Based on service, the China Elevator & Escalator market can be split into maintenance & repair, new installation and modernization. Among them, the new installation segment is expected to hold a dominant position in the market with 71.23% market share during the forecast period. The reasons can be attributed to inclining mall culture in the country which is leading to construction of new malls at a faster pace.
Leading market players in China Elevator & Escalator market are KONE Corporation, Hitachi Group, Otis Elevator Company (UTC), Mitsubishi Electric Corporation, Schindler Holding Ltd., Shanghai Mechanical & Electrical Group, thyssenkrupp AG and Canny Elevator Co., Ltd. Moreover, key growth strategies being adopted by escalator & elevator manufacturers are new product launches, mergers & acquisitions, collaborations and partnerships. They are also increasingly focusing on long-term maintenance and repair contracts.
“China elevator & escalator market is expected to continue growing on the back of fast-growing urban rail transit and increasing installation of elevators in old buildings. Along with that, increasing installation of elevators & escalators are also contributing to the growth in elevator maintenance business.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“China 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 China 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 China Elevator & Escalator market.
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