The 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:
Related Reports by Ken Research
Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-124-4230204
