How Escalators & Moving Walkways Market Growing Rapidly…? Top Manufacturers are KONE Corporation, Otis Elevator Co., Schindler Elevator Corporation (U.S.), thyssenkrupp, Hitachi
Escalators & Moving Walkways Market in Asia Pacific will hold the maximum share of around 40% in the escalators and moving walkways market by the end of forecast period. Rapid urbanization and rising demand for residential, institutional and commercial spaces due to large population will drive the regional market in the coming years. North America moving walkway market will reach close to USD 500 million in 2025 exhibiting growth with a CAGR of close to 3 %.
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Increasing air transport of freight and passengers owing to purchasing power parity and rise of global tourism has led to escalated airports demand since the last few decades. According to International Civil Aviation Organization (ICAO), Asia Pacific region, accounted for close to 33% of the world's ASKs (Available Seat Kilometers) in 2016 and is said to enjoy the largest market share. This is due to developing economies in this region, huge population, and increasing consumer income levels. These factors generate demand for new routes to various international cities, which in turn is said to fuel the airports demand in the coming years. These factors will foster the escalators & moving walkways market in this region.
Escalators & Moving Walkways Market, By Product
• Moving Walkways
Based on revenue, parallel escalator segment will hold approximately USD 9 billion in 2025 of the overall escalators & moving walkways market share owing to its increasing applicability in the public transportation like airports, subways, transit systems, shopping malls, hotels, arenas etc. The moving walkways segment is said to account for a revenue share of over USD 3.5 billion in 2025. They are either horizontal or inclined planes used to cover short to medium distances with luggage or shopping trolleys. Unique tailor-made design with efficient smart operational modes and standard safety features offered by moving walkways will spur the demand in near future.
Escalators & Moving Walkways Market, By Application
• Public transit
The retail application segment will capture a significant share of over 30% of the global escalators & moving walkways market in 2025 owing to increasing number of shopping malls, supermarkets, departmental stores etc. in emerging countries driven by changing demographics, sustainability concerns, and shift in purchasing pattern. The airport segment revenue will capture a market share of over 20% by the end of 2025 and will grow with a CAGR of over to 4% during the forecast spell.
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Increasing income level of consumers and dynamic lifestyle changes in various economies is leading to elevated shopping malls and supermarkets demand round the globe. Consumers now look for better ambience, convenience, marketing focus, infrastructure, as well as the safety and security during their shopping experience. They allocate different weightage according to each of these significant factors. Hence, mall developers are now focusing more on improving convenience and creating a better ambience.
High initial capital and investment costs of the product owing to superior functions, and sustainable designs is said to be a growth hindering factor for the global escalators and moving walkways market in the coming days. Moreover, the product also needs continuous repairs and maintenance, which in turn hinders the industry growth. Installation of automatic staircases and sidewalks leads to easy accessibility to different floors leading to better distribution of customers to all corners of the mall. These factors are said to drive the escalators & moving walkways market in the coming years.
The escalators & moving walkways market competitive landscape includes key players such as
• Toshiba corporation
• KONE corporation
• Thyssenkrupp AG
• Otis Elevator Company
• Mitsubishi electric corporation
• Hyundai Elevator company
• Sigma elevator company
• Gulf Elevator & Escalator Co. Ltd.
• Sicher Elevator Co. Ltd.
• Kleemann Hellas SA
• Stein Ltd.
In order to dominate the global market, these players are engaged in research and development activities to bring innovation and product differentiation, keeping in mind user convenience and safety.
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