Abstract
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).
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, 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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