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 Elevators and Escalators Market
US Elevators and Escalators Market
Outlook
US Elevator Demand
US Elevator Maintenance Market
US Escalators Maintenance Market
Competition US Elevators and
Escalators Industry
Major Companies US Elevators and
Escalators Market
Otis US Revenue from Elevators and
Escalators
Kone US Revenue from Elevators and
Escalators
Schindler US Revenue from Elevators
and Escalators
Mitsubishi US Revenue from
Elevators and Escalators
Fujitec US Revenue from Elevators
and Escalators
ThyssenKrupp US Revenue from
Elevators and Escalators
New Equipment Installations in US
Elevators Market
Hydraulic Elevators Demand in US
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