The UK Elevators & Escalators Market by New Installation to Reach 9.2 Thousand Units by 2029 - Exclusive Research Report by Arizton

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Industry Size, Sales, and Growth Forecast for 2024-2029.
According to Arizton's latest research report, the UK elevators and escalators market [https://www.arizton.com/market-reports/uk-elevator-and-escalator-market] is growing at a CAGR of 2.25% during 2023-2029.

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Report Summary

Market Size by New Installations (2029): 9.2 Thousand Units

Market Size by New Installations (2023): 8.0 Thousand Units

CAGR - New Installations (2023-2029): 2.25%

Market Size by Installed Base (2029): 362.2 Thousand Units

Market Size by Modernization (2023): USD 118 Million

Historic Year: 2020-2022

Base Year: 2023

Forecast Year: 2024-2029

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Increased Demand for Housing Units to Boost the Sales of Passenger Elevators in the Forecast Period

The demand for passenger elevators continues to rise, driven by their efficiency, comfort, and suitability for various building types. These elevators, including machine room and machine room-less designs, offer smooth rides with minimal noise and vibrations, appealing for their ability to transport heavy loads effectively. In England, the housing sector saw growth, with 212,570 new homes completed in 2022-23, including a notable increase in developments under permitted development rights. England's housing stock reached 25.2 million dwellings, reflecting a modest annual growth rate. Tower Hamlets in London experienced significant growth in dwelling density from 2011 to 2023, highlighting local trends in urban development and housing expansion.

2-15 Persons Elevators Segment to Boom

Residential and commercial sectors primarily drive the demand for 2-15 passenger elevators in the UK. Factors such as excellent transportation infrastructure, strategic location, and a robust domestic market have historically attracted investors and expatriates, stimulating growth in real estate until 2022. However, the UK real estate market slowed in 2023, impacting the demand for these elevators.

The rise of high-rise office buildings in major urban centers like London, Manchester, and Birmingham is another significant driver. As these cities expand and attract more residents, there is an increasing need for tall commercial structures equipped with efficient elevators to facilitate vertical transportation.

Leading elevator manufacturers like KONE, Mitsubishi Electric, TK Elevator, Otis, and FUJITEC offer a range of elevators catering to 2-15 passengers. Innovations such as KONE's MonoSpace 600 lift focus on economic and environmentally friendly designs. Otis's GeN2 Flex+ is notable for its flexibility in installation and customization, accommodating varying hoist way configurations and capacities from three to eight persons (225/630 kg).

Overall, while the UK's real estate market faced challenges in 2023, the ongoing urbanization and modernization efforts continue to drive demand for efficient and versatile passenger elevators across residential and commercial developments.

The UKis Expanding Metro Lines and High-Speed Projects to Meet the Rising Demand for Parallel Escalators

The demand for parallel escalators in the UK is poised to increase due to expansions in metro lines and high-speed rail projects. High Speed 2 (HS2), a new high-speed rail line connecting London with major cities in the North and Midlands at speeds up to 224 mph (360 km/h), aims to reduce travel times, including to Scotland significantly. Old Oak Common Station, a key part of the HS2 project in London, will be the largest railway station built in the city in a century. Serving three airports and eight of Britain's largest cities, it will feature rapid connections with HS2, crossrail services, intercity networks, and the metro's Central Line. This development underscores the necessity for escalators to efficiently accommodate passenger movement. Parallel escalators, valued for their impressive appearance, are commonly installed in high-traffic public spaces such as malls, stations, and hotels.

The U.K.Elevator and Escalator MarketDynamics

Drivers

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Infrastructure projects are rising in the UK, contributing to the growing demand for vertical transportation solutions bolstered by initiatives and investment plans to boost investments in the vertical transportation market.

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Increasing foreign investment in the UK drives demand for elevators further, while elevator manufacturers are reintroducing assistance programs to support elevator renovation efforts.

Opportunities

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The aging population's increased demand for elevators and escalators in buildings underscores the necessity for housing renovation to facilitate the modernization of vertical transportation systems.

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The need for digitization and cybersecurity in elevators.

Restraints

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Rising maintenance costs result in customers being overcharged, while labor shortages and skills mismatches pose challenges to the construction industry, leading to lengthy repair times and shortages of experienced workers and components.

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Anticipated rapid declines in the real estate market in the UK in 2023 amid economic shifts highlight the need for strategic planning and adaptation within the vertical transportation industry.

Key Vendors

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KONE

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Mitsubishi Electric

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TK Elevator

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Otis

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Hitachi

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Fujitec

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Schindler

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Hyundai Elevator

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Stannah Lifts Holdings Ltd

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Cibes Lift Group

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Toshiba Elevator and Building Systems Corporation

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KLEEMANN

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Drieux-Combaluzier

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Orona Elevators

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SODIMAS

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Pickerings Lifts

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Aritco

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WeMaintain

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Ascier

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Morris Vermaport Limited

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NOVA Elevators

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Bradford Lifts Ltd.

Elevator Market Segmentation by

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Machine Type

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Hydraulic and Pneumatic

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Machine Room Traction

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Machine Room Less Traction

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Others

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Climbing

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Elevators

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Industrial Elevators

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Carriage Type

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Passenger

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Freight

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Capacity

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2-15 Persons

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16-24 Persons

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25-33 Persons

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34 Persons and Above

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End-User

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Commercial

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Residential

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Industrial

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Others

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Public Transit

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Institutional

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Infrastructural

Escalator Market Segmentation by

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Product Type

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Parallel

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Multi Parallel

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Walkway

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Crisscross

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End-User

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Public Transit

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Commercial

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Others

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Institutional Sector

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Infrastructure

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Industrial

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Key Questions Answered in the Report:

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What are the key opportunities in the U.K. elevator and escalator market?

What are the key U.K. elevator and escalator market players?

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