East Africa Elevator And Escalator Market Size By Type (Escalators, Elevators), By Business (New Equipment, Maintenance), By End User (Residential, Commercial) And Forecast

East Africa Elevator And Escalator Market Size And Forecast

East Africa Elevator And Escalator Market size was valued at USD 76.12 Billion in 2021 and is projected to reach USD 201.25 Billion by 2030, growing at a CAGR of 6.5% from 2023 to 2030.

The East Africa Elevator And Escalator Market is really picking up steam! We're seeing a big rise in demand from both businesses and people's homes. Across Africa, the growth of things like stores, hotels, office buildings, hospitals, and apartment buildings is really going to fuel the need for elevators and escalators in the years to come. Of course, things slowed down a bit in 2020 because of the whole COVID-19 thing – lots of construction stopped, businesses paused, and there were lockdowns everywhere. But, as things slowly get back to normal and lockdowns ease up, we expect the market to bounce back pretty strong!

East Africa Elevator And Escalator Market Definition

An elevator is a room-type machine that can accommodate some people at one time, depending on its capacity. Escalators are moving stairs that carry people between different building levels. Elevators and escalators are primarily used in buildings to carry passengers and freight up and down across various building levels.

The main types of elevators and escalators are elevators, escalators, and moving walkways. The escalators refer to a belt, a moving staircase that carries people between floors of a building or structure. The different businesses include new equipment, maintenance, and modernization and involve several technologies, such as elevator technology, traction elevators, machine roomless traction elevators, and hydraulics. It is employed in residential, commercial, institutional, infrastructure, and other end users.

East Africa Elevator And Escalator Market Overview

The world’s ever-growing population is pushing the rising nations to invest in better and modernized infrastructure, which is increasing the market growth of escalators and elevators. The rising demand from these commercial and residential infrastructures, such as shopping malls, museums, offices, apartments, etc., is predicted to witness significant growth in the forecast period. The change in the industry is owed to the developments in the Asia Pacific region and is continuously increasing as the nations invest more and more in infrastructure. The demand for sustainable manufacturing of escalators and elevators is also supporting the growth rate of this industry.

The commercial and residential segments are expected to grow due to increased FDI and urbanization across all major countries, which would boost the East Africa Elevator And Escalator Market revenues. Additionally, major hotel chains are expanding their presence across several countries, and large-scale government infrastructure development projects, such as airport expansions, metro expansions, and the development of other social infrastructure, are also strengthening the construction sector in the region. These factors would shortly translate into increased demand for elevators and escalators in the African area.

The commercial sector has become one of the fastest-growing sectors. It has been attributed to the growth of the escalators and elevators industry due to the high rate of adoption, which is forecasted to grow higher during the forecast period. The rising investments in commercial sectors, such as office spaces, shopping malls, retail stores, etc., are witnessing high escalators and elevators growth rate. Moreover, technological advancements making the infrastructure smoother and eco-friendly have created a rising demand for the escalators and elevators industry. The aviation sector continues to adopt moving walkways, aiding the market’s growth.

The increasing adoption of elevators and escalators in residential, commercial, and industrial spaces represents one of the major factors bolstering the development of the market. Moreover, the expanding number of modernizing and renovation activities in commercial locations, such as offices, shopping malls, airports, hospitals, and hotels, for enhanced safety and aesthetic appeal is favoring the market growth.

In addition, key players are introducing intelligent elevators and escalators that are integrated with predictive maintenance, big data analytics, the internet of things (IoT), artificial intelligence (AI), Bluetooth, Wi-Fi, and long-term evolution (LTE) technologies. They are faster and more reliable and assist in improving the operational efficiency and safety of the elevator and escalator while lowering energy costs compared to conventionally used elevators and escalators.

Apart from this, rapid urbanization, expanding working population, and growing investments in the development of smart cities by governments of numerous countries are creating a positive outlook for the market. Furthermore, significant improvements in existing infrastructural development and extensive research and development (R&D) activities by leading players are anticipated to strengthen the market’s growth.

East Africa Elevator And Escalator MarketSegmentation Analysis

The East Africa Elevator And Escalator Market is Segmented on the basis of Type, Business, and End User.

East Africa Elevator And Escalator Market, By Type

• Escalators
• Elevators
• Moving Walkways
• Others

So, when we talk about the market, we break it down by Type, and that includes Escalators, Elevators (you might hear them called "lifts," especially since they're essentially containers that move people and things up and down between floors), Moving Walkways, and, of course, Others. Escalators? Think mobile staircases whisking people from one level to the next. And those moving walkways, or moving sidewalks, move you horizontally or maybe even up a slight hill! Usually, electrical motors and traction cables (or pumped hydraulic fluid) make it all happen, whether it's lifting or moving. Plus, they're a lifesaver for hauling heavy stuff and helping folks with injuries or disabilities get around. Elevators themselves are basically closed cabins powered by electric motors that work with traction cables, counterweight systems, and sometimes even hydraulic fluid to push a cylindrical piston and get you moving!

It is a capable vertical mobility solution that uses urban space efficiently and makes movement in buildings possible. On the other hand, an escalator is a moving staircase and conveyor transport device used for carrying people in a building from one floor to another. It comprises a motor-driven chain of individual, linked steps that move up and down on tracks to allow the step treads to remain horizontal.

East Africa Elevator And Escalator Market, By Business

• New Equipment
• Maintenance
• Modernization

Okay, so when we look at the elevator and escalator market from a business perspective, it basically breaks down into three areasNew Equipment, Maintenance, and Modernization. Right now, the New Equipment part is really driving growth and we expect that to continue for a while. Think about itmore cities, more people, and more buildings going up everywhere. To give you an idea, back in 2018, KONE alone installed over 166,000 new elevators and escalators! But don't count out Maintenance and Modernization, they are also expected to grow substantially. Companies are working hard to offer more than just basic service. For example, KONE has started using new tech to improve customer experience. A few years ago, in 2017, they launched their customizable KONE Care 24/7 connected services powered by IBM Watson Internet of Things (IoT) platform.

East Africa Elevator And Escalator Market, By End User

• Residential
• Commercial
• Institutional
• Others

Think about who's using elevators and escalators – it's broken down by End User into places like homes (Residential), businesses (Commercial), schools and hospitals (Institutional), and a few other spots. You'll find tons of elevators and escalators in commercial hotspots like shopping malls, retail stores, and those trendy co-working spaces. What's really driving things in the commercial world is the push for greener solutions, designs that adapt easily, and a focus on safety. Plus, with more people working for themselves, we're seeing a boom in co-working places, which means more demand. All this investment in office buildings is likely to keep the market growing. Don't forget homes! More residential construction also means more elevators and escalators. In fact, the World Resources Institute estimates that China alone will drop over USD 13 trillion on buildings by 2030. Finally, the industrial sector is important too, as there's always a need to move freight around in different industries.

Key Players

The “East Africa Elevator And Escalator Market” study report will provide valuable insight with an emphasis on the market including some of the major players such as Canny Elevator Co. Ltd., Electra Elevators., Fujitec Co. Ltd., Gulf Elevators & Escalators Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., Johnson Lifts Private Limited, Kleemann Group, KONE Corporation, Mitsubishi Electric Corporation, Otis Elevator Company (I). Ltd (Otis Worldwide Corporation), Schindler Holding Ltd., Sigma Elevator Company and Toshiba Elevator and Building Systems Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in East Africa Elevator And Escalator Market gauge the attractiveness of a certain sector, and assess investment possibilities.

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We dig into the market using both qualitative and quantitative methods, breaking it down by segments based on economic and non-economic factors. You'll get the market value in USD Billion for every segment and sub-segment. We'll point out which region and segment are predicted to grow the fastest and be the biggest overall. Plus, we'll analyze each region, focusing on how much of the product/service is used and what's impacting the market there. We'll also show you the competitive landscape, including market rankings for the big players, new product/service launches, partnerships, expansions, and acquisitions from the last five years. Expect detailed company profiles with overviews, insights, product benchmarking, and SWOT analyses for the major companies. You'll get a look at the industry's current and future outlook, including recent developments, growth opportunities, drivers, challenges, and restraints in both emerging and developed regions. We’ll provide an in-depth analysis using Porter's five forces. Gain valuable insight into the market through the Value Chain, understand market dynamics, and discover future growth opportunities. And to top it off, you’ll get 6 months of post-sales analyst support.

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