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Every year, the European Union installs 150000 new elevators! Yet, an anticipated CAGR is less than 6%. - Actual Market Research.
Aug, 17
2022

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Every year, the European Union installs 150000 new elevators! Yet, an anticipated CAGR is less than 6%. - Actual Market Research.

 

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According to LIFT Journal, the European elevator market comprises 5.95 million elevators, 150000 new elevators each year, and 155000 persons working every day. The regions have increasingly developed smart solutions in energy, mobility, and governance. With many countries witnessing the development of smart cities, the market in 2021 was at USD 19 Billion. The aging population has a dual effect on the market. The first is the need to bring new concepts to the market to give accessibility to houses lacking elevators. The second is a challenge when many technicians go into a well-deserved pension.

The report titled 'Europe Elevator & Escalator Market Research Report, 2027' by Actual Market Research covers the market by type, service, end users, and countries. The provides an unbiased and detailed analysis of the ongoing Eastern Europe elevator and escalator market trends, opportunities/high growth areas, market drivers, which would help the stakeholders to decide and align their market strategies according to the current and future market dynamics. The leading manufacturers of Escalators & Moving Walkways are currently implementing technologically advanced production processes to increase production efficacy and optimize product offerings. Major construction projects transform the lives of thousands of people - whether they are creating new homes, enabling better transport, or providing power to the surrounding area. As the construction industry begins to head back to work following the latest government advice, the elevator and escalator market is expected to expand owing to the biggest projects across the UK and Europe. As the construction industry begins to head back to work following the latest government advice, the elevator and escalator market is expected to expand owing to the projects across the region.

Major construction projects transform the lives of thousands of people - whether they are creating new homes, enabling better transport, or providing power to the surrounding area. The residential end user segment accounted larger market share in 2021. An interesting element of infrastructure is driven by public demand as long-term investments across the region. In this field, European resources and coordination are in order to develop multi-national infrastructure programs such as those under the Connecting Europe Facility. The industrial & infrastructural end user of elevator & escalator is expected to contribute over a share of 25% by the end of the forecast period.

Smart and innovative building solutions are taking the forefront in the regional market as the country looks to innovatively accommodate its population. Growth would be aided primarily because of government regulation mandating the use of elevators to cater to the need of the aging population. With the government mandating the use of cargo elevators to cater to medical emergencies, the cargo elevator segment is likely to witness a significant increase in its revenue share. The leading manufacturers of moving walkways are currently implementing technologically advanced production processes to increase production efficacy and optimize product offerings.

The region has witnessed few major renovations and maintenance projects along with mergers and acquisitions among the top players. The Platform Lift Co., headquartered in Andover, U.K., with offices in London, Manchester, and Glasgow, Scotland, has partnered with Swedish platform lift manufacturer Motala Hissar AB, part of KONE. The first Small Business Standards (SBS) Expert Meeting of 2020 was held in Brussels in February. The European Federation for Elevator Small and Medium-Sized Enterprises (EFESME) met with other professionals to discuss SBS activity in a variety of technical groups covering a range of sectors. Nearly half of Monaco's public vertical transportation will be "modernized and improved" by 2025. Sixty-five of the 80 lifts, 37 escalators, 8 moving walks, and 8 wheelchair platform lifts in the microstate's Department of Urban Amenities need attention. ThyssenKrupp agreed to sell its elevator division to a consortium of Advent, Cinven, and RAG AG (Germany’s largest coal-mining corporation, also based in Essen).