Global Elevators Demand to Exceed $120 Billion in 2019

Global demand to exceed $120 billion in 2019

Global demand for elevator equipment (including elevators, escalators, moving walkways, and associated parts) and services is forecast to reach $121 billion in 2019, on advances of 5.9 percent per annum. The large Asia/Pacific market will account for more than 70 percent of the growth in demand.

China & India to be top national markets

Through 2019, the developing countries of the Asia/Pacific region will continue to exhibit the strongest demand growth. Although increases in the Chinese elevator market, the world’s largest, will de-celerate substantially after a decade of explosive growth, elevator demand will grow nearly 10 percent per annum to $42 billion. Elevator demand in India will register robust advances of 16 percent annually, driven by strong growth in the country’s urban population and rising average incomes.

The developed markets of North America and Europe will exhibit slower growth in elevator demand. While demand for new units in these regions is expected to con-tinue to recover from low 2009 levels, growth in demand for elevator parts and services is expected to be slower than the global average. This is because the mar-ket will remain concentrated in maintaining existing units and modernizing older units, not the installation of new equipment, in spite of the uptick in new unit demand.

MRL elevators will continue to gain market share

Through the forecast period, there will be an emphasis on new or improved techno-logies that conserve space or energy in new elevators, escalators, and moving walkways, driven by developers’ desires to make buildings more profitable by saving on energy spending and raising usable floor space. These include com-puterized destination dispatch systems, technologies that reduce the space con-sumed by elevator shafts in tall buildings, and elevator, escalator, and moving walk-way systems that adjust operation for high and low traffic periods. Space and energy saving machine room-less (MRL) elevators will continue to increase their penetration of the global market and will dominate the market in the ensuing years.

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Although elevator services demand has historically made up a larger share of the global market, equipment demand ex-ceeded services in 2014 and is expected to continue to do so through the forecast period due to robust new equipment de-mand in developing markets. In 2014, there were 974,000 new passenger and freight elevators installed, 3 of every 5 in-stalled in China. In 2019, new unit demand is expected to reach 1.4 million elevators.

Manufacturing activity to follow markets

Elevator equipment production was his-torically concentrated in Western Europe, but manufacturing activity in developing markets, where the majority of new equipment is installed, has posted rapid expansion in recent years. China in particular has exhibited robust growth in its elevator equipment manufacturing capacity and accounted for nearly half of global production in 2014.

Additional Information

This study analyzes the global market for elevators (including passenger and freight elevators), escalators and moving walkways, and associated parts that are sold separately, such as controls, doors, sensors, and power transmission equipment. This study also covers demand for installation services and modernization services. For the purposes of this study, general references to elevators or the elevator market include escalators and moving walkways, parts, and services, while elevators themselves, often referred to as lifts in European publications, are described as passenger and freight elevators. Products beyond the scope of this study include aerial work platforms (man lifts) and conveyor systems used for the transport of goods.

Historical data (2004, 2009, 2014) and forecasts for 2019 and 2024 are provided for elevator supply and demand by type (i.e., passenger and freight elevators, escalators and moving walkways, parts and miscellaneous equipment, installation services, modernization and repair services) and market (i.e., residential, nonresidential) for six regions and 20 major national markets. Market data are valued in US dollars, but data for passenger and freight elevators are also provided in number of units existing or installed.

Company Profiles

Profiles 40 global industry players such as Hitachi, KONE, Mitsubishi Electric, Otis Elevator, Schindler & ThyssenKrupp.

Table of Contents

Introduction XI

I. Executive Summary 1

II. Market Environment 4
General 4
World Economic Overview 5
Recent Historical Trends 5
World Economic Outlook 6
World Demographic Overview 9
Population 10
Urban Population 12
Per Capita Gross Domestic Product 13
World Building Construction Outlook 15
Residential 17
Nonresidential 19
Legal & Regulatory Overview 21
Safety Regulations 22
Other Regulations 23
Pricing Trends 25

III. Overview 28
Demand by Region 28
Relationship of Per Capita Income & Elevator Demand 30
Existing Elevator Stock 34
Demand by Product & Service 35
Equipment 37
Passenger & Freight Elevators 38
Escalators & Moving Walkways 44
Other Equipment & Parts 46
Elevator Services 48
Installation 49
Modernization & Repair 50
Demand by Market 52
Residential 54
Nonresidential 56
Shipments by Region 58
International Trade 60

IV. North America 64
General 64
Supply & Demand 65
Demand by Type & Market 67
Passenger/Freight Elevator Demand 69
United States 71
Canada 78
Mexico 83

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V. Western Europe 90
General 90
Supply & Demand 91
Demand by Type & Market 93
Passenger/Freight Elevator Demand 95
Germany 97
Italy 103
Spain 110
France 116
United Kingdom 123
Switzerland 129
Netherlands 136
Other Western Europe 141

VI. Asia/Pacific 149
General 149
Supply & Demand 150
Demand by Type & Market 152
Passenger/Freight Elevator Demand 154
China 156
Japan 164
India 170
South Korea 178
Other Asia/Pacific 185

VII. Other Regions 192
Central & South America 192
General 192
Supply & Demand 193
Demand by Type & Market 195
Passenger/Freight Elevator Demand 197
Brazil 198
Argentina 204
Other Central & South America 210
Eastern Europe 216
General 216
Supply & Demand 218
Demand by Type & Market 219
Passenger/Freight Elevator Demand 221
Russia 222
Poland 229
Other Eastern Europe 234
Africa/Mideast 240
General 240
Supply & Demand 242
Demand by Type & Market 244
Passenger/Freight Elevator Demand 245
Turkey 246
Saudi Arabia 252
Other Africa/Mideast 259

VIII. Industry Structure 268
General 268
Industry Composition 269
Market Share 272
Manufacturing & Development 275
Marketing & Distribution 279
Mergers & Acquisitions 280
Cooperative Agreements 285
Company Profiles 290
AKE Asansör ve Yürüyen Merdiven San Ticaret 291
Alimak Hek Group AB 292
Apex Elevators Private Limited 295
Bucher Industries AG 297
Canny Elevator Company Limited 299
China Ningbo Xinda Group Company Limited 301
City Lifts India Limited 303
Delta Elevator Company Limited 304
Eagle Elevator India 306
Eggert Aufzüge, see ThyssenKrupp Emerson Electric Company 308
Eros Elevators Private Limited 309
Eskay Elevators Private Limited 311
ETA-Melco Elevator, see Mitsubishi Electric FARMA Srl 313
Fujitec Company Limited 315
GiantKONE Elevator, see KONE Hitachi Limited 319
Huasheng Fujitec Elevator, see Fujitec Hütter Aufzüge, see United Technologies Hyundai Elevator Company Limited 322
Imem Ascensores SL 325
Imperial Electric, see Nidec Jardine Schindler Group, see Schindler Holding Johnson Lifts Private Limited 327
Karacharovo Mechanical Factory Open Joint Stock Company 330
Kinetek, see Nidec KONE Corporation 332
Leroy-Somer, see Emerson Electric Lift & Engineering Services, see ThyssenKrupp LM Liftmaterial, see SEMATIC Italia Löher Asansör ve Yürüyen Merdiven San ve Ticaret AS 339
Manutenzione Installazione Ascensori, see KONE Mitsubishi Electric Corporation 341
Motion Control Engineering, see Nidec Nidec Corporation 346
Ningbo Hosting Elevator, see China Ningbo Xinda Omega Elevators 349
Orona S. Cooperativa 351
Otis Elevator, see United Technologies Pickerings Europe Limited 353
Schindler Holding Limited 355
SEMATIC Italia SpA 360
Shanghai Huasheng Fujitec Escalator, see Fujitec Shanghai Mitsubishi Elevator, see Mitsubishi Electric Shenyang Brilliant Elevator Company Limited 364
SIGMA Elevator, see United Technologies SMI, see FARMA SODIMAS SA 366
Supriya Elevator India Private, see United Technologies Suzhou Jiangnan Jiajie Elevator Company Limited 368
Symax Lift Holding Company Limited 369
Techlift Sp zoo, see Orona S. Cooperativa TECNO Srl 371
ThyssenKrupp AG 373
Toshiba Corporation 381
Tüv Süd AG 384
Tyler Elevator Products, see SEMATIC Italia United Technologies Corporation 385
Vestner Aufzüge GmbH & Company KG 391
WITTUR Holding GmbH 393
XJ-Schindler Xuchang Elevator, see Schindler Holding Yungtay Engineering Company Limited 395
Other Companies in the Elevator Industry 397