East Africa Elevator And Escalator Market Size By Type (Escalators, Elevators), By Business (New Equipment, Maintenance), By End User (Residential, Commercial) And Forecast
Report ID: 291445|No. of Pages: 202
East Africa Elevator And Escalator Market Size By Type (Escalators, Elevators), By Business (New Equipment, Maintenance), By End User (Residential, Commercial) And Forecast
East Africa Elevator And Escalator Market Size And Forecast
East Africa Elevator And Escalator Market size was valued at USD 76.12 Billion in 2021 and is projected to reach USD 201.25 Billion by 2030, growing at a CAGR of 6.5% from 2023 to 2030.
East Africa Elevator And Escalator Market are gaining traction in the region due to growing demand from the commercial and residential sectors. In Africa, the expansion of infrastructure in retail, hospitality, commercial offices, healthcare, and residential apartments will continue to drive the demand for elevators and escalators in the region during the forecast period. However, the East Africa Elevator And Escalator Market witnessed a slowdown in 2020 owing to the ongoing pandemic of COVID-19 which resulted in the halt of construction projects, suspension of economic activities, and lockdowns across various countries. Although, with the gradual recovery of economic activities and relaxation in lockdown measures, the market is expected to regain its momentum during the forecast period.
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East Africa Elevator And Escalator Market Definition
An elevator is a room-type machine that can accommodate some people at one time, depending on its capacity. Escalators are moving stairs that carry people between different building levels. Elevators and escalators are primarily used in buildings to carry passengers and freight up and down across various building levels.
The main types of elevators and escalators are elevators, escalators, and moving walkways. The escalators refer to a belt, a moving staircase that carries people between floors of a building or structure. The different businesses include new equipment, maintenance, and modernization and involve several technologies, such as elevator technology, traction elevators, machine roomless traction elevators, and hydraulics. It is employed in residential, commercial, institutional, infrastructure, and other end users.
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East Africa Elevator And Escalator Market Overview
The world’s ever-growing population is pushing the rising nations to invest in better and modernized infrastructure, which is increasing the market growth of escalators and elevators. The rising demand from these commercial and residential infrastructures, such as shopping malls, museums, offices, apartments, etc., is predicted to witness significant growth in the forecast period. The change in the industry is owed to the developments in the Asia Pacific region and is continuously increasing as the nations invest more and more in infrastructure. The demand for sustainable manufacturing of escalators and elevators is also supporting the growth rate of this industry.
The commercial and residential segments are expected to grow due to increased FDI and urbanization across all major countries, which would boost the East Africa Elevator And Escalator Market revenues. Additionally, major hotel chains are expanding their presence across several countries, and large-scale government infrastructure development projects, such as airport expansions, metro expansions, and the development of other social infrastructure, are also strengthening the construction sector in the region. These factors would shortly translate into increased demand for elevators and escalators in the African area.
The commercial sector has become one of the fastest-growing sectors. It has been attributed to the growth of the escalators and elevators industry due to the high rate of adoption, which is forecasted to grow higher during the forecast period. The rising investments in commercial sectors, such as office spaces, shopping malls, retail stores, etc., are witnessing high escalators and elevators growth rate. Moreover, technological advancements making the infrastructure smoother and eco-friendly have created a rising demand for the escalators and elevators industry. The aviation sector continues to adopt moving walkways, aiding the market’s growth.
The increasing adoption of elevators and escalators in residential, commercial, and industrial spaces represents one of the major factors bolstering the development of the market. Moreover, the expanding number of modernizing and renovation activities in commercial locations, such as offices, shopping malls, airports, hospitals, and hotels, for enhanced safety and aesthetic appeal is favoring the market growth.
In addition, key players are introducing intelligent elevators and escalators that are integrated with predictive maintenance, big data analytics, the internet of things (IoT), artificial intelligence (AI), Bluetooth, Wi-Fi, and long-term evolution (LTE) technologies. They are faster and more reliable and assist in improving the operational efficiency and safety of the elevator and escalator while lowering energy costs compared to conventionally used elevators and escalators.
Apart from this, rapid urbanization, expanding working population, and growing investments in the development of smart cities by governments of numerous countries are creating a positive outlook for the market. Furthermore, significant improvements in existing infrastructural development and extensive research and development (R&D) activities by leading players are anticipated to strengthen the market’s growth.
East Africa Elevator And Escalator Market: Segmentation Analysis
The East Africa Elevator And Escalator Market is Segmented on the basis of Type, Business, and End User.
East Africa Elevator And Escalator Market, By Type
- Escalators
- Elevators
- Moving Walkways
- Others
Based on Type, the market is segmented into Escalators, Elevators, Moving Walkways, and Others. Elevators are sometimes called lifts, mainly containers used to carry passengers and freight up and down, usually between building floors. Escalators are mobile staircases installed to freight people from one story to the next. Moving walkways are moving sidewalks that carry people horizontally or on an incline. They are usually driven by electrical motors and traction cables or pump hydraulic fluid to elevate or move. These also help transport heavy objects and help injured or people with disabilities to move. An elevator is a closed cabin operated by electric motors that drive traction cables, counterweight systems, and pump hydraulic fluid to raise a cylindrical piston.
It is a capable vertical mobility solution that uses urban space efficiently and makes movement in buildings possible. On the other hand, an escalator is a moving staircase and conveyor transport device used for carrying people in a building from one floor to another. It comprises a motor-driven chain of individual, linked steps that move up and down on tracks to allow the step treads to remain horizontal.
East Africa Elevator And Escalator Market, By Business
- New Equipment
- Maintenance
- Modernization
Based on Business, the market is segmented into New Equipment, Maintenance, and Modernization. The new equipment segment has significantly contributed to the market revenue growth and is expected to remain dominant over the forecast period. This is attributed to the surge in urbanization, changing demographics, and rise in construction activities. For instance, in 2018, KONE received more than 166,000 new elevators and escalators. Furthermore, maintenance and modernization of the existing equipment are expected to showcase significant growth over time. Manufacturers are focusing on providing value-added services. For instance, KONE introduced services that utilize new technologies to create customer value. In 2017, KONE introduced its elevator maintenance offering with customizable KONE care 24/7 connected services through the IBM Watson Internet of Things (IoT) platform.
East Africa Elevator And Escalator Market, By End User
- Residential
- Commercial
- Institutional
- Others
Based on End User, the market is segmented into Residential, Commercial, Institutional, and Others. Elevators and escalators have a high penetration in commercial centers such as malls, retail centers, and co-working places. The increasing shift toward eco-efficiency, flexible design, and safety drives the commercial segment. Besides, the increase in self-employment has led to the demand for multiple co-workplaces over the past few years. Thus, evolving investments in office space is further expected to contribute to market growth. Increasing residential construction activities are further expected to propel market growth. According to the World Resources Institute, China is expected to spend more than USD 13 trillion on buildings by 2030. The industrial sector contributes to the market growth owing to the growing demand for freight transport needs across numerous verticals.
Key Players
The “East Africa Elevator And Escalator Market” study report will provide valuable insight with an emphasis on the market including some of the major players such as Canny Elevator Co. Ltd., Electra Elevators., Fujitec Co. Ltd., Gulf Elevators & Escalators Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., Johnson Lifts Private Limited, Kleemann Group, KONE Corporation, Mitsubishi Electric Corporation, Otis Elevator Company (I). Ltd (Otis Worldwide Corporation), Schindler Holding Ltd., Sigma Elevator Company and Toshiba Elevator and Building Systems Corporation.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in East Africa Elevator And Escalator Market gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Canny Elevator Co. Ltd., Electra Elevators., Fujitec Co. Ltd., Gulf Elevators & Escalators Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., Johnson Lifts Private Limited. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
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Data Collection Matrix
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Industry Analysis Matrix
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