CHICAGO, April 17, 2024 /PRNewswire/ -- Arizton publishes the latest research reports on the Australia elevators and escalators market and the Southeast Asia elevator and escalator market.
The report considers the present market scenario and market dynamics from 2024 to 2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value of sales with a segment analysis of the elevator & escalator market across Australia & Southeast Asia.
Australia & Southeast Asia Elevator and Escalator Market
Report Attributes | Details |
Australia Elevator & Escalators Market Size by New Installations (2029) | 6.7 Thousand Units |
CAGR (2023-2029) | 5.30 % |
Southeast Asia Elevator & Escalators Market Size by New Installations (2029) | 40.3 Thousand Units |
CAGR (2023-2029) | 4.05 % |
Historic Year | 2019-2022 |
Base Year | 2023 |
Forecast Year | 2024-2029 |
The Australia Elevator and Escalator Market by New Installations to Reach 6.7 Thousand Units by 2029
The Australian government's Smart Cities Plan delineates its urban vision and a strategy to unlock cities' full potential. In support of this vision, the government has earmarked USD 50 million to facilitate the planning, executing, and developing large-scale infrastructure transformation initiatives. Moreover, the surge in residential and commercial infrastructure investments, particularly in tall building constructions, is expected to fuel sustained demand for elevators and escalators in the Australian market over the long term.
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Future Cities Planning to Create Long-Term Demand for Elevators and Escalators
- Australia expects a temporary surge in net overseas migration, peaking at 400,000 in 2022-23 for post-pandemic recovery, followed by a decline to 260,000 in 2024-25. Factors include a robust labor market and a surplus of visitor arrivals. The 2023-24 Migration Program aims to address skills shortages, enhance resilience, boost productivity, and support transitioning to net-zero emissions. In addition, migration is considered a strategy to mitigate the challenges an aging population poses by lowering the average age and slowing the aging process.
- By 2050, Australia may require approximately 6.9 million houses, 3,300 schools, 1,400 cinema screens and supermarkets. The 2021-22 tourism investment pipeline encompasses 244 projects valued at $44.3 billion, reflecting a $1.5 billion increase (3.6%) compared with the 2020-21 pipeline of $42.8 billion (225 projects), as Tourism Research Australia reported.
- Urban renewal initiatives aim to revitalize existing areas, repurposing remaining land and abandoned buildings for residential or commercial construction. Melbourne is anticipated to surpass Sydney's population, becoming Australia's largest city in the future.
The Increasing Mixed-Use Building Constructions Drive Demand for Hydraulic and Pneumatic Elevators
Pneumatic and hydraulic elevators are typically favored for residential structures, particularly those of moderate height. However, they are less suitable for towering skyscrapers.
One notable example is the forthcoming development at 28 Montague Street in Melbourne. This multi-tower complex will encompass 700 residential and hotel units, 24 affordable housing options, and substantial commercial and retail space, representing an investment of approximately $1 million.
In another significant project, CPB Contractors secured a contract from the New South Wales Government for the Stage 3 Redevelopment of the Wagga Wagga Health Service (WWHS). This $107 million endeavor, slated for completion in the latter half of 2023, aims to enhance healthcare accessibility for communities across the broader Murrumbidgee Local Health District.
Given the escalating demand for real estate and affordable housing solutions in Australia, pneumatic elevators are anticipated to witness increased adoption in the coming years.
Escalators Reaching their Average Life Expectancy Mainly in Rail Transit to Create Demand for the Maintenance of Elevators in Australia
Between 2021 and 2023, approximately 4,151 escalators experienced faults, resulting in an average of 29 stoppages per escalator. This incurred a total cost of USD 3.8 million for maintenance and repairs. The aging of equipment, compounded by adverse weather conditions such as heavy rain and floods, has been a significant contributing factor driving demand within the service sector of the Australian elevator and escalator market.
Furthermore, the modernization sector in Australia is poised for long-term growth, propelled by adopting a digital economy framework. This approach integrates emerging technologies such as artificial intelligence and cybersecurity, facilitating the digitization of small and medium-sized enterprises (SMEs).
Vendors
Key Vendors: KONE, Mitsubishi Electric, Schindler, TK Elevator, Hitachi, Otis
Other Prominent Vendors: Toshiba Elevator and Building Systems Corporation, Kleemann, Wittur, Stannah Lifts Holdings Ltd, LML Lift Consultants Pty Ltd, Easy Living Home Elevators, Innovative Lift Consulting Pty Ltd, Direct Lifts, Jade Elevator, Simplex Elevators, and Nibav Lifts
Key Questions Asked in the Report:
How big is the Australia elevator and escalator market?
What will the growth rate be in the Australia elevator and escalator market?
What is the number of installed bases in the Australia elevator and escalator market in 2023?
What are the key opportunities in the Australia elevator and escalator market?
What are the key Australia elevator and escalator market players?
The Southeast Asia Elevator and Escalator Market by New Installations to Reach 40.3 Thousand Units by 2029
Rapid urbanization in Southeast Asian countries is leading to higher population densities, resulting in a surge in the construction of high-rise residential and commercial buildings. This trend is a significant catalyst for the Southeast Asia elevator and escalator market, as the growing urban landscape necessitates efficient vertical transportation solutions.
Furthermore, the escalating urbanization trend drives demand within the region's elevator and escalator market. To capitalize on this demand and foster innovation, numerous international events in the vertical transportation industry are being organized across East Asian and Pacific nations. These events serve as platforms for companies, manufacturers, and construction enterprises to explore cutting-edge technological and engineering advancements in the field.
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Increased Tourist Footfall is Leading to the Construction of Various Hotels to Raise the Demand for 25-33 Persons Elevators Segment
The projected rise in international tourism is poised to boost demand within the hospitality sector, consequently driving the need for elevators capable of accommodating 25 to 33 individuals. As the travel and hospitality industries demonstrate robust recovery and growth, stakeholders, including owners and investors, exhibit optimistic perspectives for the sector's future trajectory. In a significant development, Waldorf Astoria Hotels & Resorts, a brand under Hilton, is slated to unveil its inaugural property in Malaysia by 2024. Managed by Hilton, the construction and refurbishment efforts commenced in 2022. Meanwhile, the Gebeng Kuantan International Airport, with an estimated development cost of $0.45 billion, is scheduled to commence construction in 2024, targeting completion by 2026. Situated within the Gebeng industrial precinct and in proximity to the Kuantan Port and the East Coast Rail Link Project (ECRL), the airport project is strategically positioned to serve as an economic hub, attracting potential investors. The escalating tourist influx driving the necessity for hotel constructions across Southeast Asian nations is expected to further stimulate elevator installations in the region in the upcoming years.
Vendors
Key Vendors: Otis, KONE, Schindler, Hitachi, TK Elevator, Mitsubishi Electric, Fujitec, and Hyundai Elevator
Other Prominent Vendors: Sigma Elevators, Toshiba Elevator and Building Systems Corporation, EITA Elevator, Stannah Lifts Holdings Ltd, Nippon Elevator, Dover Elevators, Kalea Elevators, Gylet Elevator, CA M&E Elevator, MASHIBA - Elevators & Escalators, Cibes Lift, iTEK ELEVATOR
Key Questions Asked in the Report:
How big is the Southeast Asia elevator and escalator market?
What will the growth rate be in the Southeast Asia elevator and escalator market?
What is the number of installed bases in the Southeast Asia elevator and escalator market in 2023?
What are the key opportunities in the Southeast Asia elevator and escalator market?
What are the key Southeast Asia elevator and escalator market players?
Australia & Southeast Asia
Elevator Market Segmentation by
Machine Type
- Hydraulic and Pneumatic
- Machine Room Traction
- Machine Room Less Traction
- Others
- Climbing
- Elevators
- Industrial Elevators
Carriage Type
- Passenger
- Freight
Capacity
- 2-15 Persons
- 16-24 Persons
- 25-33 Persons
- 34 Persons and Above
End-User
- Commercial
- Residential
- Industrial
- Others
- Public Transit
- Institutional
- Infrastructural
Escalator Market Segmentation by
Product Type
- Parallel
- Multi Parallel
- Walkway
- Crisscross
End-User
- Public Transit
- Commercial
- Others
- Institutional Sector
- Infrastructure
- Industrial
Why Should You Buy This Research?
- Impact of COVID-19
- CAGR for the forecast period 2023-2029
- All types of tracked escalators and elevators.
- Elevators are used in commercial, residential, industrial, and other industries.
- Other Industries for elevators include oil & gas, mining, marine, and manufacturing.
- Escalators are used in applications such as commercial, public transit, and other industries.
- Moving walkways are considered under escalators by type segment.
- Volume within the country is based on demand and supply.
- Elevators and escalators new equipment's are exported to other countries.
- All the currency conversion is in US$, unless specifically stated.
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