Huge Demand for Elevator and Escalator in Europe, the Market Size by New Installations to Reach 210.2 Thousand Units by 2029

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14 Jun, 2023, 11:50 ET

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CHICAGO, June 14, 2023 /PRNewswire/ -- According to Arizton's latest research report, the Europe elevator and escalator market will grow at a CAGR of 4.75% during 2022-2029.

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The demand for vertical transportation equipment is set to soar as governments increase their investments in public and private infrastructure alongside energy-efficient housing renovation projects that receive support from EU funding. This surge in demand has prompted the European Lift Association (ELA) to collaborate with policymakers in establishing a suitable framework to facilitate the transition towards energy-efficient lifts. ELA is actively lobbying the European Commission (EC) to include lifts, escalators, and moving walks in the Energy Performance of Buildings Directive (EPBD), aiming to make a tangible contribution towards the EU's ambitious goals.

According to industry projections, the installed base of elevators in Europe is expected to reach a staggering 7,525.4 thousand units by 2029. The growth of the elevator and escalator industry can be attributed to factors such as migration patterns and the increasing demand for vertical cities, which aligns with the evolution of the construction sector. Additionally, Europe is taking a leading role in the decarbonization of buildings, driven by the implementation of advanced building regulations, stimulus programs, and growing customer demand.

Europe Elevator and Escalator Market Size (Volume)

Europe Elevator Market Size (Volume)

Europe Escalator Market Size by Volume

Europe Elevator and Escalator Market Report Scope

Report Attributes

Details

Market Size by New Installations (2029)

210.2 thousand units

Market Size by New Installations (2022)

151.9 thousand units

CAGR (2022-2029)

4.75 %

Market Size by Installed Base (2029)

7,708.4 thousand units

Market Size by Modernization (2029)

USD 8646.4 Million

Base Year

2022

Forecast Year

2023-2029

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Post-Purchase Benefit        

About 63% of Germany's present building was constructed before 1979, and all these buildings might require upgradation or remodeling. Since most of them are older buildings, elevators are not installed in most of the buildings. Such factors will create an opportunity for the vertical transport industry and contribute to the Europe elevator and escalator market. Installing a Microlift, also commonly known as a dumbwaiter or a kitchen lift, can make even the smallest team super-efficient, especially for food orders that need to stay warm and be delivered quickly. Staff shortages and the need to balance have created a demand for microlifts in the UK.

Moreover, USD 220.3 million loans will support KONE's research and development for more energy-efficient elevators, escalators, auto walks, automatic doors, intelligent technologies, and solutions for people flow. The project will increase the European Union industry's technology leadership and competitiveness. The USD 220.3 million loans signed today between the EIB and Finland Based KONE Corporation will support research and development in innovation. This will improve the safety and functional performance of KONE's product range while at the same time reducing the carbon footprint of KONE's solutions by improving the energy efficiency of the products and services and, consequently, of the buildings where they will be used. In cooperation with ELA, the European Telecommunications Standards Institute (ETSI) has developed a smart lift IoT system standard coupled to the one Machine-to-Machine (M2M)platform. Still, the drawback is that this platform is currently not commonly compatible with popular BMS interfaces and does not yet address the variety of lift functionality. To overcome these drawbacks, telecom experts must become more aware of the requirements of the lift and escalator world, in the same way, that the lift experts must become more aware of modern telecom and interoperability methodologies.

Adoption of BIM methods in Public buildings has been mandated in the United Kingdom and the Netherlands According to the European directive 2014/24/EU. The UK government is intensely supportive of BIM technologies.

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Vendor Insights

KONE is collaborating with Louvre Hotels Group, the second-largest hotel group in Europe and a subsidiary of Jin Jiang International, to equip the first smart hotel in Europe with the Smart Inside label in Lyon, France.

In October 2022, TKE launched EOX, a new energy-saving and digital elevator platform. EOX features low-consumption belt traction technology, optimized energy-saving features such as an eco-mode that learns and adjusts to traffic patterns, and a regenerative drive that feeds energy back into the building. Its lighter weight contributes toward a lower carbon footprint, and less fuel required for transport to client sites will result in an over 10% reduction in CO2 emissions on average. In addition, it will require up to 28% less energy to move the elevator in the shaft. EOX is also manufactured at TK Elevator's European factories that run on 100% renewable electricity and will have a Class A energy efficiency rating. A dashboard in the customer portal provides complete transparency about the elevator's energy consumption and savings daily, monthly, and yearly.

Otis, TKE, Schindler, and KONE are the top 4 major OEMs in the Europe elevator and escalator market, with a share of 54%.

Otis invested USD 22 million in the San Sebastian factory dedicated to quality manufacturing and continued support of the skilled workforce in Spain.

Key Vendors

Elevator Market Segmentation by

Machine Type

Carriage Type

Capacity

End-User

Escalator Market Segmentation by

Product Type

End-User

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Check the detailed table of contents of the report @ https://www.arizton.com/market-reports/europe-elevator-and-escalator-market?details=tableOfContents

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SOURCE Arizton Advisory & Intelligence