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Escalators & Moving Walkways Market Share | Industry Developments, Outlook, Current Trends by 2025

Author : Rahul Varpe | Published Date : 2020-08-21 

Significant lifestyle changes brought on by rising income level of consumers, the overall escalators & moving walkways market is projected to witness a lucrative rate of growth over the coming time period. This rise in income levels is fueling the construction of commercial establishments like supermarkets and shopping malls.

Today, consumers are looking for better infrastructure, ambience, marketing focus, and convenience, along with security and safety while they are shopping. They tend to give different weightage to these venues as per each of these important factors. As a result, developers are increasingly concentrating on creating a better ambience and enhancing convenience.

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Additionally, installation of sidewalks and automated staircase has made it easy to reach different floors, thereby leading to better distribution of customers to all sides of the mall. These factors are likely to boost the market growth.

Expanding air transport of freight as well as travelers due to rise in global tourism and purchasing power parity has led to increase in product demand across airports over the past decades. As per ICAO (International Civil Aviation Organization), back in 2016, APAC represented nearly 33% of the world’s Available Seat Kilometers (ASKs), boasting of a major market share.

This is so because of the emerging economies in the region, increasing income levels, and huge population. The above factors will lead to demand for new routes to several international cities, thereby fueling the product demand across airports over the projected time period once the ongoing coronavirus situation comes under control. This in turn will lead to market growth for escalators & moving walkways in the region.

A major hindering factor for growth of escalators & moving walkways market is the high initial capital as well as investments costs associated with the product because of its better functions, and highly sustainable designs. In addition, the product needs to constant repairs and maintenance, thereby hampering the industry outlook.

With respect to revenue, the parallel escalator segment will record a valuation of nearly $9 billion by 2025 due to its growing applicability in the public transportation such as hotels, subways, sports arenas, airports, shopping malls, and transit systems among others.

Meanwhile, the moving walkways segment is likely to account for a revenue share of approximately $3.5 billion in 2025. These moving walkways are either inclined or horizontal planes that are used to cover medium or short distances with shopping trolleys or luggage. Innovative tailor-made design along with well-organized, smart operational modes as well as safety features provided by moving walkways will propel the demand in coming years.

With respect to application, the retail segment is likely to observe a substantial share of about 30% of the overall market landscape by 2025 due to the growing number of departmental stores, supermarkets, and shopping malls in developing nations, which are driven by shifting purchasing patterns, changing demographics, and growing sustainability concerns. Additionally, the airport segment is likely to represent a market share of about 20% by 2025 and will grow at a 4% CAGR over the estimated time frame.

On the geographical front, APAC is likely to hold the largest share of nearly 40% of the total escalators and moving walkways market landscape by the end of the projected timeframe. Increasing urbanization and growing demand for commercial, residential, and institutional spaces owing to a large population will fuel regional growth in coming years. Furthermore, moving walkaway market in North America is set to reach approximately $500 million by 2025 showing growth with a respectable CAGR of nearly 3% through the analysis period.

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The competitive spectrum of escalators & moving walkways market includes companies like Gulf Elevator & Escalator Company Ltd., Hyundai Elevator Company, Hitachi, Thyssenkrupp AG, Schindler, Sicher Elevator Co., Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Stein Ltd, Sigma Elevator Company, KONE Corporation, Kleemann Hellas SA, Fujitec, Stannah, and Otis Elevator Company among others.

These key players are actively engaged in R&D activities to drive product differentiation and product innovation, bringing in growth by keeping in mind the convenience and safety of the users.

 

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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