Global demand to increase
4% annually through 2013
The worldwide market for elevator and
escalator products and services is forecast
to increase four percent per annum
through 2013 to $73 billion. The fastest
gains will come from the Asia/Pacific
region, which is expected to account for
the majority of new revenue generated
over the forecast period. Advances will
be driven largely by robust construction
activity in China and the more widespread
construction of modern high-rise
buildings in India. China is the world’s
largest market for passenger and freight
elevators in unit terms, and India is projected
to become the second largest by
2013.
Other regional markets expected to grow
faster than average include the Africa/
Mideast region and Latin America,
although these markets are relatively
small. Both of these markets doubled in
size between 2003 and 2008, driven by
strong nonresidential construction
activity and rising incomes. Demand for
services is projected to grow especially
fast, benefiting from a rapidly rising stock
of installed elevators in these regions.
Western Europe boasts the most elevators
in use of any region by a large margin.
Due to the vast service requirements
associated with maintaining these
elevators, Western Europe is the largest
market for elevator services, accounting
for one-half of global demand in 2008.
Demand for services in Western Europe
also benefits from efforts to modernize
the aging stock of elevators, driven by
such initiatives as the European Safety
Norms for Existing Lifts (SNEL).
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Additional Information
Escalators, moving walkways
among fastest growing
product segments
Among different products, the escalators
and moving walkways segment will have
particularly fast growth. Demand for
these products is forecast to increase four
percent annually to $4 billion in 2013.
Gains will be driven by demand in
emerging markets, benefiting from
construction of retail facilities and
increased investment in transportation
infrastructure. China was the largest
market for escalators and moving
walkways in 2008, having tripled in size
over the past decade.
Study coverage
This new Freedonia industry study, World
Elevators, is priced at $5800. It presents
historical demand data (1998, 2003 and
2008) plus forecasts for 2013 and 2018
for non-mobile machinery used to transport
people or goods. Region and country
estimates present dollar-valued demand
in terms of market (residential, nonresidential)
and type (equipment, services),
as well as the installed base of passenger
and freight elevators in each market (in
units). The study also considers market
environment factors, assesses industry
structure, evaluates company market
share and profiles industry competitors
worldwide.
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