US Elevator and Escalator Market Outlook to 2022: Ken Research
by Ashish Kumar Market ResearcherThe
report titled “US Elevators
and Escalators Market by New Equipment Installation & Maintenance &
Modernization, by Elevator (by End Usage, by Type of Machinery, by Door Types
and by Sector) and by Escalator (by End Usage and by Escalators and Moving
Walkways) - Outlook to 2022”
provides a comprehensive analysis of elevators and escalators market in US. The
report covers US elevators and escalators market size, market segmentations by
new equipment installation & maintenance & modernization, by elevator
(by end usage (passenger elevator market and material handling market), by type
of machinery (traction (gear & gearless) & hydraulic (conventional
hydraulic & roped) and MR & MRL), by door types and by sector
(commercial complexes and residential complexes)) and by escalator (by end usage
and by escalators & moving walkways). The report also covers market in
different aspects such as trends and developments, issues and challenges,
Porter Five Force analysis, contract for installation and maintenance of an
elevator or escalator, safety rules issued by regulating authority, market
share of major companies, company profiles of major players (Kone, Otis,
FujiTec, Schindler, Mitsubishi and ThyssenKrupp) in elevators and escalators
market. The report provides detailed overview on future outlook &
projections with analyst recommendations for the industry.
Industry Overview
The
US economy has financially stabilized since the crises and it appears as the
worst of the recession is over. The economy is gradually expanding and is
likely to continue the trend in the future. The unemployment levels are the
lowest since 2000 and the fiscal policy has stimulated growth in investment and
consumption. Many large cities in the country, such as New York, Los Angeles
and Miami are showing tremendous growth in high-rise/commercial construction
industry. The elevators and escalators market has also grown substantially in
the country. The market has witnessed growth at a rate of ~% during 2012-2017.
The overall market grew from USD ~ million in 2012 to USD ~ million in 2017. In
the wake of the economic crises, companies operating in the elevators and
escalators market are beginning to land with new contracts. The increased
spending on hotels, office buildings, warehouses and data centers for
maintenance and modernization have supported the growth in the industry. The
demand for skilled workers for maintenance and up-keeping has increased in the
past few years. The American Society of Mechanical Engineers (ASME) code that
regulates the safety standard for elevators and escalators is frequently
revised for ensuring safety of the users. The companies regularly modernize
their installed equipment to comply with the regulation. With the revival of
the economy the construction industry is also booming and so is the market for
elevators and escalators in the country.
Market Segmentation of US Elevators
and Escalators Market
US Elevators and Escalators Market: The US market for elevators and escalators
has been bifurcated into two segments; new equipment installation and maintenance
& modernization. In 2017, the revenue contributed by installation of new
equipment was ~% (USD ~ million) of the total elevators and escalators market
in US. While the rest ~% (USD ~ million) of share in the market was contributed
by maintenance and modernization of already installed equipments.
US Elevators Market Segmentation: The elevators market in the US has been
further segmented by sector, by types of machinery, door types and by end
usage. On the basis of sector, the elevator market can further be bifurcated
into elevators used in commercial complexes (retail spaces, office complexes,
schools & colleges, hospitals, hotels and public infrastructure (airports,
railways etc.)) which contributed ~% (USD ~ million) of the overall elevator
market in 2017, while the rest ~% (USD ~ million) was contributed by elevators
used in residential complexes. By type of machinery used, the elevator market
was bifurcated into traction machinery which contributed ~% (USD ~ million) and
the rest ~% (USD ~ million) was contributed by hydraulic machinery. The
elevator market can also be bifurcated into Machine Room (MR) which contributed
~% (USD ~ million) and Machine Room Less (MRL) which contributed ~% (USD ~
million) of the overall elevator market in 2017. The elevator market has also
been bifurcated on the different types of doors used in an elevator. On the
basis of end usage the elevator market has been segmented into passenger
elevator market and material handling elevator market. The passenger elevator
market contributed a share of ~% (USD ~ million) to the overall elevator market
in 2017, while the rest ~% (USD ~ million) was contributed by material handling
elevator market.
US Escalators Market Segmentation: The escalators market in US has been further
segmented by sector and by escalators & moving walkways. On the basis of
sector, the escalators market can further be segmented into different types of
commercial complexes (retail spaces, office complexes, schools & colleges,
hospitals, hotels and public infrastructure (airports, railways etc.)). The
market has also been segmented into stair escalators which contributed ~% (USD
~ million) and moving walkways which contributed the rest ~% (USD ~ million) to
the overall escalators market in US in 2017.
Competitive Scenario in US Elevators
and Escalators Market
The
elevators and escalators market is highly concentrated and comprises of all the
global players of the industry. The competition in the market is high as
companies follow globally accepted standards. The entry of a new player is
extremely difficult as the investment capital is very high. Companies have
their own sales office and team in different parts of the country. The major
players in the US elevator and escalator market are; Kone, Otis, FujiTec, Schindler,
Mitsubishi and ThyssenKrupp.
Kone
is one of the leading manufacturers of elevators and escalators in the world.
The company was founded in 1910 and has its headquarters in Espoo near
Helsinki, Finland. Apart from manufacturing of elevators and escalators the
company provides maintenance and modernization services. The company was also
the pioneer in machine room less elevator system. The company accounted for a
share of ~% in the overall elevator and escalator market in US during 2017.
Otis is the world’s largest manufacturer of vertical transport systems. The
company is a pioneer of safety elevator in the industry. The company has its
headquarters in Farmington, Connecticut, US and employees around 66,000 people
worldwide in more than 200 countries. The company accounted for a share of ~%
in the overall elevator and escalator market in US during 2017. Fujitec is a
Japanese company founded in 1948 in Osaka, Japan. The company also has its
operational headquarters in Americas, South Asia, East Asia and Europe. The
company has its sales and services office at different locations in the
country. The company accounted for a share of ~% in the overall elevator and
escalator market in US during 2017. Schindler is a Swiss company founded in
1874 and has its headquarters in Ebikon, Switzerland. The company employs more
than 5,000 people in over 250 locations across North America. The company
accounted for a share of ~% in the overall elevator and escalator market in US
during 2017. Mitsubishi Electric was founded in 1921 in Japan. The company
started manufacturing elevators and escalators in 1931 and started its elevator
business in the US in 1985. The company has its offices at multiple locations
throughout the country. The company accounted for a share of ~% in the overall
elevator and escalator market in US during 2017. ThyssenKrupp is a
multinational conglomerate based in Duisberg and Essen, Germany. The company is
one of the leading manufacturers of elevators and escalators in the world. The
company accounted for a share of ~% in the overall elevator and escalator
market in US during 2017.
Future Potential of US Elevators and
Escalators Market
The
revenue from the US elevators and escalators industry is projected to register
modest growth over the period 2018-2022. It is projected to grow by CAGR of ~%
over the period 2018-2022 and is expected to reach USD ~ million in 2022 as
compared to USD ~ million in 2018. The country is reviving from the recession
and the future prospects of the growth in the economy look robust. The
country’s real estate sector is witnessing growth and is expected to receive
more investments in the future. The urban population in US has been on the
rise, and with growing opportunities more people are expected to migrate
towards cities. This will further create the demand for urban infrastructure
and thus will be a key driver of growth in the elevator and escalator market in
the US. With the stabilizing economy the investment for building commercial
high rise buildings, public infrastructure requirements and residential
complexes is expected to grow substantially. All these factors collectively
will foster growth in the market.
Key Topics Covered in the Report
US
Elevator and Escalator Market Growth
US
Elevator and Escalator Market Revenue
US
Elevator and Escalator Market Share
US
Elevator and Escalator Market Major Players
US
Elevator and Escalator Market Trends
US
Elevator and Escalator Market Analysis
US
Elevator and Escalator Market Segmentation
For more information on the research
report, refer to below link:
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