Europe Elevator and Escalator Market Size to Grow at Steady CAGR of 5.2% During 2023–2029

Published | 18 February 2023

Europe elevator and escalator market is flourishing because of rapidly aging population and a growing emphasis on the construction of high-rise buildings driven by continuing migration of large population to cities.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Europe elevator and escalator market size to grow at a CAGR of 5.24% during the forecast period between 2023 and 2029. Major growth drivers for Europe elevator and escalator market include growing emphasis on high-rise building development, growing need for reduce energy consumption in buildings and increasing migration of a large population. Vertical transportation systems, such as elevators, have become a regular component of modern buildings across Europe due to their capacity to improve access to all regions of the structure. Efficient elevator systems are becoming increasingly important for safer and more comfortable access to various floors of buildings, especially as Europe's population ages. The market growth is being driven by the increasing requirement for elevator modernization in Europe's aging infrastructure. Rapidly aging baby boomers and growing geriatric population, as well as the increasing number of people with impairments, will increase demand for improved mobility solutions such as elevators.

In Europe, the government has suggested that national methods be used to ensure that all floors of existing and under-construction buildings remain accessible to people with disabilities, such as ensuring that there is one elevator in each new building for wheelchair-bound individuals. Also, increasing environmental concerns have raised demand for eco-friendly solutions. Consumer expectations for value-added products for elevators, escalators, and moving walkways are progressively evolving towards premium green building materials. The adoption of green building materials can greatly reduce emissions. These materials aid in energy conservation. Achieve sustainability, lower emissions, and protect the environment. However, uncertainty and risk regarding economy is anticipated to restrain the Europe elevator and escalator market during the forecast period.

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Europe Elevator and Escalator Market – Overview

The primary goal of using elevators and escalators is to increase vertical transit efficiency. A closed cabin powered by electric motors that either drive traction wires, counterweight systems, or pump hydraulic fluid to lift a cylindrical piston is what an elevator is. Elevators are practical vertical transportation solutions since they can utilize urban space efficiently and allow everyone to move around in buildings. The two main types of elevators discussed in this paper are passenger elevators and freight elevators. An escalator is a moving stairway or a conveyor transit system that transports people between levels of a building. Traditionally, the device is made consisting of a motor-driven chain of individual, linked steps that move up and down on rails, allowing the step treads to remain horizontal.

Opportunity: Urban Redevelopment Projects across Türkiye and Ukraine

Major companies in Europe elevator and escalator market are expected to gain from significant opportunities provided by the massive infrastructure redevelopment projects in earthquake-hit Türkiye and war-ravaged Ukraine.

On February 06, 2023, a 7.8-magnitude of earthquake hit Türkiye and Syria, killing tens and thousands of people and severely damaging infrastructure in cities and villages across its fault line. The President of Türkiye announced that the government would engage in a comprehensive construction program to rebuild cities with safety and sustainability. Analysts estimated that the urban redevelopment across Türkiye post the earthquake would provide huge opportunities for the construction and related industries in total investment of more than USD 250 billion.

In Ukraine, Russia’s war in the country has been continuing for more than a year now. Consequently, infrastructure across Ukraine has been severely damaged. In September 2022, Ukraine government, the European Commission, and the World Bank, along with their partners estimated the cost of Ukraine’s reconstruction and recovery would be about USD 350 billion. As the war continues, the cost is anticipated to escalate.

Massive urban redevelopment and recovery projects across Türkiye and Ukraine are expected to provide lucrative growth opportunities for construction and supplementary industries. It, in turn, is projected to aid the growth of Europe elevator and escalator market during the forecast period between 2023 and 2029 and beyond.

Impact of COVID-19 on Europe Elevator and Escalator Market

COVID-19 had a detrimental impact on the Europe elevator and escalator market. Several businesses across Europe faced substantial setbacks as a result of the commencement of the novel corona-virus pandemic in early 2020, including the elevator industry, which was harmed by the region's large disruptions to construction activity. According to a Kone research, average elevator journeys in the top ten European cities fell by nearly 80% between February and April 2020. Despite a modest reduction in return to office buildings in October 2021, the Europe elevator market could see a potential recovery in the coming years as the usage of office elevators rises steadily in major cities, such as Milan, Paris, Stockholm, Brussels, Helsinki, Munich, and Berlin.

Europe Elevator and Escalator Market – By Technology

Based on technology, Europe elevator and escalator market is segmented into Tractor Elevator, Machine Room-less (MRL) Traction Elevator, and Hydraulic. The MRL traction elevator segment held the highest share in Europe elevator and escalator market in 2022 and is expected to grow at the fastest rate during the forecast period. MRL elevators are gaining popularity, as they have a smaller footprint than standard elevators, requiring less space to install. They are also more energy-efficient and have a better weight carrying capability, making them appropriate for high-rise buildings. MRL elevators can also be put in existing structures, making them an affordable option for modernization projects. The tractor elevator and hydraulic segments will continue to have a significant market share, as they are more suited to a specific type of structure or application.

Competitive Landscape

Major players operating in Europe elevator and escalator market include KONE Corporation, Sigma Elevator Company, Otis Elevator Company, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd, and Hyundai Elevator Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in Europe Elevator and Escalator Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Elevator and Escalator Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Elevator and Escalator Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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