The U.S. Elevator and Escalator Market to Reach 40.1 Thousand Units by 2029 - Otis, TK Elevator, Schindler, & KONE are the Major Stakeholders - Arizton

Arizton to publish latest research report, the U.S. elevator and escalator market is growing at a CAGR of 2.87% during the forecast period.

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The office conversion accelerator and the need for maintenance, modernization, and increasing investments in infrastructure are long-term demand drivers for the U.S. elevator and escalator market. Also, the U.S. opened 345 new hotels in the first three quarters of 2023, with New York City leading in new openings. Looking ahead, New York City will continue leading in hotel openings through 2024, followed by Atlanta in 2025; such factors further support the market growth.

Government Aid and the Increasing Elderly Population Demand for New Installations in the U.S. Elevator and Escalator Market

• On January 25th, 2024, the government announced approximately USD 5 billion in federal investments to initiate 37 significant transportation projects nationwide. This investment includes over USD 1 billion earmarked for replacing the Blatnik Bridge, a 63-year-old structure spanning the St. Louis River.
• In 2023, the elderly population in the United States, aged 65 and above, comprised 17% of the population. With this demographic shift, there's a growing demand for accessibility features like elevators, ramps, and mobility aids, particularly among those aged 85 and above. The absence of such features in buildings and older apartments can significantly impact their quality of life. With approximately 20% of American households residing in multifamily rental properties, many of which are apartments, the need for accessibility features like elevators is becoming more pronounced. Stair elevators are increasingly being utilized to address the challenge of navigating stairs for elderly individuals.

Office Conversion Accelerator Program and Building Permits of Accommodations Are Contributing to the Elevator and Escalator Market Demand

Boston Mayor announced a tax break program in summer 2023, supported by the Boston Planning and Development Agency (BPDA), aimed at converting 104,000 ft2 of office space in eight downtown Boston buildings into 170 apartments. Developers involved include Boston Pinnacle Properties, KS Partners, and Equity Residential.

In New York City, the Office Conversion Accelerator program aims to facilitate the conversion of old office buildings into residential units. Currently, 46 buildings are enrolled, four already undergoing conversion, expected to create over 2,100 housing units. The mayor's office proposes changes to streamline the conversion process, including extending eligibility to buildings constructed before 1990 and allowing non-residential buildings to convert to housing in areas where residential uses are permitted, subject to City Council approval.

In January 2024, the Pennsylvania Department of General Services announced plans to renovate the East Wing of the Pennsylvania State Capitol building. This project includes installing a grand staircase, adding an ADA-compliant group elevator, enhancing rotunda lighting, and upgrading the cafeteria's ceiling, lighting, and HVAC systems. The renovation aims to improve traffic flow and safety while offering long-term cost savings for the state. Construction is slated to commence in July, with completion anticipated by August 2025.

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Market Drivers & Opportunities

• Increasing accommodation building approvals are expected to drive the U.S. elevator and escalator market as the U.S. sees a surge in hotel openings, led by New York City and followed by Atlanta.
• The trend of office-to-residential conversions is further propelling the residential elevator segment, with cities like Houston and Boston offering incentives to convert surplus office space into housing, supported by initiatives such as NYC's Office Conversion Accelerator, to expedite the conversion process and address housing shortages.
• Growing numbers of building permits and the construction of high-rise structures are especially sought after, especially within the residential domain.
• Elevator maintenance traditionally depends on experienced technicians' ability to detect issues through trained hearing, which modern technicians may lack. Otis has introduced machine learning with Tune, analyzing elevator acoustic data to identify maintenance needs improving efficiency and accuracy.
• Prefabricated modules are becoming popular, reshaping the construction sector and addressing the rising demand for housing and the need to speed up construction.

Vendor Landscape

• The key players in the U.S. elevator and escalator market are KONE, Otis, Mitsubishi Electric, Schindler, Hyundai Elevator, TK Elevator, and Hitachi, Köhler.
• The top 4 prominent vendors, including KONE, Otis, TKE, and Schindler, account for 55% of the U.S. elevator and escalator market share.

Mergers and Acquisitions in the U.S. Elevator and Escalator Market

• Cibes Lift Group, a Swedish company, has acquired Area Access Inc., a Virginia-based distributor of vertical lifts. This acquisition expands Cibes' presence in the U.S. market and enhances its ability to provide innovative solutions to customers nationwide. It is Cibes' fourth addition in the U.S. and will be finalized by the first quarter of 2024.
• TEI Group, the largest independent vertical transportation company in the NYC metropolitan area, has announced its expansion into the U.S. Southeast by establishing a headquarters in Tampa, Florida. This move aims to extend TEI Group's reach and services into the Southeastern region.
• PAPL Corp. revealed in February 2024 the establishment of U.S. subsidiary PAPL Inc. and Singapore subsidiary SINGAPORE PTE LTD. With 17 years of operations in India and the Middle East, these new subsidiaries signal a significant move toward the company's future.
• Fort Lauderdale-based Axxiom Elevator expanded its Southwest footprint by acquiring Iron Hawk Elevator, based in Tucson, Arizona, and serving southern Arizona and western New Mexico. This acquisition, announced by financial advisors Maven Group on December 19, 2023, follows Axxiom's acquisition of Arizona Elevator Services.

Key Vendors

• Otis
• TK Elevator
• Schindler
• KONE
• Mitsubishi Electric
• Hitachi
• Hyundai Elevator
• Fujitec

Other Prominent Vendors

• MEI Total Elevator Solutions
• Wurtec
• Delaware Elevator
• Day Elevator and Lift
• Liberty Elevator
• TEI Group
• AVT Beckett
• Colley Elevator
• Champion Elevator
• Access Elevator & Lifts, Inc.
• Godwin Elevator
• Potomac Elevator Company
• Action Elevator Company
• Advanced Elevator

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

Key Questions Answered in the Report:

How big is the U.S. elevator and escalator market?

What will be the growth rate of the U.S. elevator and escalator market?

What are the key opportunities in the U.S. elevator and escalator market?

What is the number of installed bases in the U.S. elevator and escalator market in 2023?

What are the key U.S. elevator and escalator market players?

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