Germany Elevator & Escalator Market to be Valued over USD 7 Billion by 2026
Increasing construction of high-rise buildings and demand for energy-efficient products are some major factors driving the growth of Germany elevator & escalator market.
According to TechSci Research report, “Germany Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Forecast & Opportunities, 2016- 2026”, Germany elevator & escalator market was valued USD 5.94 Billion in 2019 and is expected to grow at impressive rate through 2026. Increasing construction of high-rise buildings, growing adoption of energy-efficient or green elevators & escalators and increasing investment by government on infrastructural development are some major factors driving the growth of Germany elevator & escalator market. Furthermore, the country is witnessing construction of high-rise technology powered buildings is also segmenting the elevator & escalator market growth. Apart from that, growing adoption of technologically advanced elevators and increasing research and development activities by manufactures are also likely to propel the Germany elevator & escalator market growth during the forecast period.
Furthermore, Germany is looking out for smart and innovative building solutions due to large presence of ageing population and to innovatively accommodate its growing population and influx of refugees in the country. This is acting as a key growth driver for elevator & escalator market. In addition to this, booming construction sector and increasing capital inflow in real-estate sector are expected to be propel the Germany elevator & escalator market growth in next five years.
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Germany elevator & escalator market is segmented based on type, service, elevator technology, elevator door, end user and region. Based on type, the market is segmented into elevators, escalators and moving walkways. Among them, in 2019, elevators accounted for 92.05% market share in terms of value and is further expected to dominate the Germany elevator & escalator market during the forecast period. The reasons can be attributed to increasing installation of technologically advanced elevators in old as well as new residential and commercial buildings in the country.
Based on service, Germany elevator & escalator market can be split into maintenance & repair, new installation and modernization. Among them, in 2019, the maintenance & repair and modernization segment together accounted for 77.45% market share, in terms of value owing to the increasing replacement of old elevators & escalators with energy-efficient advanced ones. The segment is further expected to maintain its dominance during the forecast period and is likely to hold 78.34% market share by 2026.
Leading market players in Germany elevator & escalator market are KONE Corporation, Schmitt + Sohn, Otis Elevator Company (UTC), Schindler Holding Ltd., Fujitec Company Limited and thyssenkrupp AG. Manufacturers are focusing on introducing advanced material for ropes used in elevators that will help in less energy consumption. Moreover, they are also investing on new product launches and compact designs which can fit in really small places. Market players are also undergoing inorganic growth strategies such as mergers & acquisitions of domestic players or small companies, partnerships and collaborations.
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“Germany is one of the largest economies in Euro zone and the majority of population have high-standard of living. Regulations pertaining to the maintenance of old vertical transportation in Germany coupled with construction of high speed rail network connecting major cities are contributing to the surging market share of elevator and escalator market. ,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Germany Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Forecast & Opportunities, 2016- 2026” has analyzed the potential of Germany elevator & escalator market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Germany elevator & escalator market.
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