2. Introduction
The global elevators & escalators market is expected to register a compound annual growth rate
(CAGR) of 11.75% from 2015 to 2020.
Some of the factors influencing the growth of this market are increasing government investments in
infrastructural activities, growing Public-Private Partnerships (PPPs) in the real-estate & retail
sector, urbanization, and FDI investments in emerging economies.
Leading companies in the market are emphasizing upon energy saving technologies and customized
offerings in order to cater to specific client requirements.
3. Market Overview
Drivers
Growing demand for residential and
commercial construction in emerging
as well as developed economies
Improved standard of living due to
rising disposable income
Safety requirements pertaining to the
elevator industry is driving the
modernized elevators market
Major driver for high speed elevator
technology is the increasing focus on
elevator time management
Opportunities
The demand for Green escalators &
elevators is rising at a rapid pace
(energy saving up to 52%)
Maintenance & repair service
contracts are a huge source of
revenue to companies operating in
this industry
Smarter and faster elevators are
gaining importance with the rise in
megacities and township projects
Challenges
The construction market in some
developing countries is currently
growing at a slow pace, however
future growth is expected
Besides high initial investment,
installation, and set up costs;
maintenance & repair expenditure
can also be high
Safety issues arising out of ill-
maintained equipment
4. Asia and Middle East
• China and India are projected to be the fastest growing
markets in the Asian region. The improved standard of
living as a result of growing GDP, and rapid
infrastructural development are expected to contribute
to the growth of these countries.
• The U.A.E, Saudi Arabia, and Qatar are expected to
undertake several construction projects amounting to
approximately USD 600 billion which will spur the
market for escalator and elevators in this region. Asia &
Middle
East, 70%
Americas ,
20%
Europe ,
10%
5. Key Vendors and Recent Developments
KONE Corporation
• Feb 2016: The company signed a supply contract for 32 elevators and 2 escalators with MEYER WERFT
GmbH & Co. KG. for its Norwegian Cruise Line's latest ship
Mitsubishi
• May 2015: Mitsubishi Electric Corporation announced that it will invest 3.45 billion Japanese yen to build
a factory in Bangalore, India, in order to strengthen local competitiveness and expand business in the
world's second largest market for elevators & escalators.
Otis Elevator Company
• Feb 2016: The company installed the world’s longest double-deck elevator in the Lotte World Tower,
Korea’s tallest building. The elevator runs 496 meters and can carry 54 passengers to the building
observation deck in less than one minute
6. Thyssenkrupp Elevator AG
• Feb 2016: The company installed 128 escalators and 52 elevators 15 Barcelona metro stations that
complement the over 600 escalators and elevators already installed, these innovative entrances to new
stations with intelligent elevators and escalators coordinated with the arrival and departure of trains
Schindler Holding Limited
• July 2014: The company acquired majority share in its joint venture XJ-Schindler (Xuchang) Elevator Co. Ltd
which strengthens its position in the residential and affordable-housing area of China
Key Vendors and Recent Developments
