Increasing Digitalization Bolstering Transformational Growth of the Industry in the Post-Pandemic Era
After a highly challenging pandemic-filled 2020, the elevator and escalator market recovered in 2021 to register a global growth of 5.7% in revenues. While activity in the early part of 2021 were somewhat hampered by the pandemic, the later part of the year recovered well to post much higher growth than 2020. The recovery speed varied with the region, but all regions witnessed overall growth in terms of both units and revenue. Asia-Pacific led the recovery, with China as prime contributor. EMEA and Americas recovered well after a dismal 2020. Though 2021 saw significant growth, 2022 is likely to be weighed down by the property market slowdown in China. However, with assistance from the Chinese government to address the meltdown in the property space and general economy, the global E&E market will gather steam back in 2023 and continue growing at a CAGR of 3.6% between 2021 and 2026.
Some of the key drivers for this growth are fast-increasing urbanization rates especially in Asia-Pacific, growing investments in infrastructure (to boost economic development), and steady growth of the maintenance segment. This research service covers all types of elevators: machine-room (MR)/machine-room-less (MRL) and passenger, service), escalators, and moving walkways and includes revenue for elevators and escalators from new installations and service (maintenance and modernization) business segments. The report is further analyzed geographically for regions including Americas (North America and South America), Europe, Middle East and Africa (EMEA), and Asia-Pacific (APAC). The base year is 2021, and market numbers are forecast until 2026.
