Europe Elevator Equipment & Service Market 2020-2027

Vertical transportation systems like elevators are becoming a standard component of modern buildings, given their ability to increase access to all areas of the structure. Efficient elevator systems are becoming critical for safer and more comfortable access to various floors of buildings, particularly due to the growth of aging populations across Europe. Europe elevator equipment & service market was valued at $29.7 billion in 2020 and will grow by 3.8% annually over 2020-2027 owing to the rising urbanization, upswing in digitalization, increasing geriatric population, growing construction and maintenance/upgrade activities. Elevators will be more in demand as a result of the baby boomer generation's rapid ageing, which will also result in an increase in the elderly population and the number of persons with impairments. In Europe, the government has advised the implementation of national measures to guarantee that all floors of finished as well as still-under-construction buildings are accessible to people with disabilities. For example, each new building should have at least one elevator for people in wheelchairs. One of the major driving forces behind the market expansion is the burgeoning focus towards development of high-rise constructions. The improvement and renovation of great-rise buildings can also deliver the new growth choices for the market around this region. Therefore, in the near years, it is predicted that the market of elevator equipment and & service will augment more proficiently over the near future. Driven by rapid urbanization and a steady rise in the urban population across Europe, a significant increase has been observed in the construction of high-rise buildings and skyscrapers over the years. Furthermore, these foremost key players in Europe region are probable to be implementing countless strategies to endure their market position in the elevators market and further, by going for mergers, and acquisitions, collaborating, establishing a partnership, setting up a new joint venture, improving the new product line. Europe is predicted to progress with the modest growth rate over the review duration due to the growing improvement of advanced products by the Europe-reliant producers and their growing implementation around regions likewise Germany. Costs associated with elevator installation & maintenance will be a major factor hindering industry statistics. However, maintenance costs may range from USD 120 to USD 2,000 for a single run of repairs, depending on the type of elevator. Regularly scheduled maintenance, which may cost between USD 220 to USD 320 a year for semi-annual to annual maintenance, can help in keeping the elevator from having major issues. Installation costs are also significantly high in the elevator industry. Elevators need timely repair & maintenance for their regular operations. The cost of such maintenance activities can be several times the initial purchasing cost.

The MRL (machine room-less) traction elevators segment is set to register an appreciable growth rate during the forecast period, given the high demand from industrial facilities and the ability to provide energy efficiency in industrial facilities. MRL elevators use nearly 80% less energy than their hydraulic counterparts, which curbs their environmental impact and allows them to reduce space requirement and maintenance costs while increasing efficiency and reliability. The residential sub-segment of building and construction segment will gain significant momentum through 2027, on account of the rapid rise in construction of private homes, mid-and high-rise buildings, and apartments across Europe to accommodate the rapid shift of populations to urban areas. Spain is likely to emerge as a major revenue pocket for the Europe industry in the coming years, credited to the gradual recovery of construction output in the region and the subsequent surge in industrial development. Other than this, countries including Germany, UK, France, Italy and Russia have reported an unprecedented growth in skyscraper construction throughout past few years. This can be accredited to urbanization, a growth in income level, and increasing construction expenditure of such countries. This in turn will create demand for the elevator equipment and service with coming times 

Impact of COVID-19 on Europe Market

Several industries across the European region suffered significant setbacks due to the onset of the novel coronavirus pandemic in early 2020, including the elevator industry, which took a hit due to the massive disruptions to construction activity in the region. According to a report from Kone, in the 10 topmost European cities in Europe, average elevators journeys decreased by almost 80% between February to April 2020.However, the Europe elevator market could witness a potential recovery in the coming years, as the use of office elevators rises gradually in major cities like Milan, Paris, Stockholm, Brussels, Helsinki, Munich, and Berlin, among others, despite a slight decline in return to office buildings in October 2021.

Highlighted with 37 tables and 56 figures, this 111-page report “Europe Elevator Equipment & Service Market 2020-2027 by Offering (Equipment, Service), Product Type (Elevators, Escalators, Moving Walkways), Technology (Hydraulic, Traction, Climbing, Pneumatic), End Use (Residential, Commercial, Industrial), and Country: Trend Outlook and Growth Opportunity” is based on a comprehensive research of the entire Europe elevator equipment & service market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. 

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Manmayi Raval

Research Consultant

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure 
• Growth Drivers 
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces

The trend and outlook of Europe market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify Europe elevator equipment & service market in every aspect of the classification from perspectives of Offering, Product Type, Technology, End Use, and Country. 

By Offering
     • Elevator Equipment
          •    Passenger & Freight Elevators
          •    Escalators & Moving Walkways
          •     Parts & Accessories
     • Elevator Service
          •     Installation Service
          •     Maintenance & Repair Service
          •     Modernization & Upgrade Service 

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By Product Type
     • Elevators
     • Escalators
     • Moving Walkways

By Technology
     • Hydraulic Elevators
          •    Conventional Hydraulic Elevators
          •     Hole-less Hydraulic Elevators
          •     Roped Hydraulic Elevators
     • Traction Elevators
          •    Geared Traction Elevators
          •    Gear-less Traction Elevators
          •    Machine Room-Less Elevators
     • Climbing Elevators
     • Pneumatic/Vacuum Elevators

By End Use
     • Residential Use
     • Commercial Use
     • Industrial Use
     • Other End Uses

By Geography
     • Germany
     • UK
     • France
     • Spain
     • Italy
     • Russia
     • Rest of Europe (further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)

For each key country, detailed analysis and data for annual revenue ($ bn) are available for 2017-2027. The breakdown of key national markets by Offering, Product Type, and End Use over the forecast years is also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

Key Players (this may not be a complete list and extra companies can be added upon request): 
Fujitec Corporation Limited, Hitachi, Ltd., Hyundai Elevator Co., Ltd., Kleemann Hellas S.A., Kone Corporation, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Group, Sigma Elevator Company Limited, ThyssenKrupp AG, Toshiba Elevator and Building Systems Corporation,

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)