Latin America Elevator & Escalator Market Outlook, 2026

Latin America Elevator & Escalator Market Outlook, 2026

Bonafide Research 22-03-2021 77 Pages Figures : 12 Tables : 31
Region : South America Category : Manufacturing & Industry Industrial Automation & Engineering

1. Fujitec Corporation Limited

2. Hitachi Group

3. Hyundai Elevator Corporation Limited

4. Kleemann Hellas

5. Kone Corporation


Most countries in Latin America and the Caribbean are struggling to escape what economists label 'the middle-income trap'. While much if not all the region has emerged from low-income status, neither growth nor productivity has increased sufficiently to enable Latin America to narrow the gap separating it from the world's most developed economies. This economic condition can be said to the reason the region has been restrained from crossing a share of over 5% in the global elevator & escalator market. According to the report- Latin America Elevator & Escalator Market Outlook, 2026 published by Bonafide Research, the region held a share of 3.92% in the global market, amounting to USD 2.68 Billion in the year 2015. The market is anticipated to register growth on the back of improving economic conditions in Brazil. The growing aging population, urbanization rate, and increasing installation of elevators in the residential sector in the Latin America region are expected to pose growth of over 6.5% CAGR.

A major hindrance for the modernization service segment includes environmental hazards; modernization might not be suitable for the buildings with old power supply infrastructure, unsuitable existing elevator designs, because of leakage in hydraulic elevators & design-related issues during modernization. This limited the growth of the segment to USD 0.33 Billion in the year 2015, which has been showing marginal growth ever since. Over the past few years, the Latin America elevator and escalator market registered sluggish growth in terms of a number of new installations across various countries. However, the dominance has been shifting with a hairline difference between the new installation and maintenance & repair segment. The new installation segment that was leading the market in 2015, dropped to a share of 43.44% by 2020, while the maintenance & repair segment was valued at USD 1.43 Billion.

In terms of type, the elevator segment leads the region which with a declining share is to cross a market value of USD 2.5 Billion by the end of the forecasted period. Major companies in the Latin America elevator and escalator market include Hitachi Ltd., Kone Corporation, Mitsubishi Electric, Otis Elevator, Schindler, and ThyssenKrupp. In Latin America, Elevator and Escalator market, elevators accounted for the majority of the market volume owing to high installation in residential, hospitality, and commercial verticals. The region dominates the residential end user segment that in 2015 was a USD 1.21 Billion. Projected growth in the construction market, upcoming new hotels & shopping malls coupled with growing government spending on infrastructural development projects aided the commercial end user segment to reach a market share of over 30% in 2020.

In Latin America, Brazil held a major market for Elevator and Escalator system in terms of revenues owing to increasing infrastructure development activities, especially in the commercial and residential verticals. During the forecast period, Argentina and Mexico are expected to register higher growth in the Latin America region. While the construction activities are expected to gradually recover in the coming months with Covid restrictions being eased off, output levels recorded before the pandemic are not expected to be restored soon – given the region’s structural weaknesses and longstanding issues, including fiscal constraints, social tensions, rising inequality, low productivity and general discontent with democratic institutions. Although, the Brazilian market contributes significantly to the overall market but was affected due to growing economic and political crises, depreciating currency, and recession. Additionally, with the change in U.S. trade policies, the growth of Argentina is likely to be affected during the forecast period. Other countries like Chile and Peru are expected to perform well during the forecasted period.

• Geography: Latin America
• Base year: 2020
• Historical year: 2015
• Forecasted year: 2026

• Latin America
• Canada
• Mexico

• Market Size By Value for the time period (2015-2026F)
• Market Share by Type (Elevator, Escalator & Moving Walkways)
• Market Share by Service (New Installation, Maintenance & Repair, Modernization )
• Market Share by End Users (Residential, Commercial & Others)
• Market Share by Country
• Market Share by Company

This report would help you answer the following questions:
1. What is the market size and forecast of the Latin America Elevator & Escalator Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Latin America Elevator & Escalator Market during the forecast period?
3. Which region outstands in the Latin America Elevator & Escalator Market?
4. Which are the segments to invest in over the forecast period in the Latin America Elevator & Escalator Market?
5. What is the competitive strategic window for opportunities in the Latin America Elevator & Escalator Market?
6. What are the technology trends and regulatory frameworks in the Latin America Elevator & Escalator Market?
7. What are the major company in the Latin America Elevator & Escalator Market?

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