Japan Elevators and Escalators Market is expected to foresee significant growth. Kanto to lead the growth!
- Vikas Kumar
- October 6, 2021
- ENERGY & POWER, NEWS
- Japan Elevators and Escalators Market, Japan Elevators and Escalators Market Growth, Japan Elevators and Escalators Market Share, Japan Elevators and Escalators Market Size, Japan Elevators and Escalators Market Trend
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Japan Elevators and Escalators Market was valued at US$ 2.7 billion in 2020 and is anticipated to reach US$ 3.7 billion by 2027 displaying a CAGR of 5% over the forecast period (2021-2027).Elevators and escalators are used for efficient movement of people and goods within a building’s premises. Elevators and escalators are installed in commercial buildings, residential buildings, mixed-used buildings, IT parks, hotels, restaurants, retail outlets & industrial premises. They are also installed in public places to improve vehicle parking management. Japan has a high life expectancy rate, and the birth rate in the country has plummeted in the past few years. This has led to a significant rise in the country’s ageing population. As older people require mobile movement therefore this will propel the demand for elevators & escalators in Japan. For instance, as per Japan Statistics Bureau, in 2015, the percentage of the population aged 65 years old and over in Japan was 26.6 percent, exceeding the U.S.A. (14.6 percent), France (18.9 percent), Sweden (19.6 percent), Germany (21.2 percent), and Italy (21.9 percent), indicating that the aging society in Japan is progressing quite rapidly as compared to the U.S.A. and European countries.
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The Japan Elevators and Escalators Market is experiencing significant growth due to the increasing urbanization, increasing renovation as well as building of new public & private facilities and growing investment in real estate market, and increase in ageing population which are the key factors complementing the Elevators and Escalators market.
There is a rising trend of urbanization with around 90% of the country’s population residing in urban areas with a significant rise in the number of buildings in major cities like Tokyo, Yokohama, Osaka, and Nagoya since 2000. On account of the strong real estate market in the country the elevator and escalator market in the country has also witnessed growth.
Based on type, the market is segmented into Elevator, Escalator, and Moving Walkways. The Elevator segment grabbed XX% market share of the Japan Elevators and Escalators Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to their high installation in old as well as new residential and commercial buildings in the country.
Based on service type, the market is segmented into New Installation, & Modernization and Maintenance & Repair. In 2020, the New Installation segment dominated the Elevators and Escalators Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the to the surge in urbanization, changing demographics, and rise in construction activities.
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Based on End user type, the market is classified into Residential, Commercial, and Industrial. The Commercial segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to increasing number of high-rise commercial buildings including shopping malls and office spaces.
The impact of the COVID-19 pandemic is being felt & has negatively impacted the global manufacturing industry and has led to the shutdown of industrial production units in a number of industries in the last few months. The demand curve for industrial equipment has taken a new shape, mainly in countries where the impact of COVID-19 is high.
In Japan, the state of emergency declaration over 7 prefectures on 8th April pleaded with residents to be self-restraint. The Tokyo Metropolitan Government asked a wide range of businesses, including universities, pet shops, rental shops, cinemas, athletics facilities, assembly hall, and pachinko parlors to close. Hotel which supplied for 2020 Tokyo Olympic saw a sharp decline in the transactions due to the low occupancy rate with the decreasing number of guests including international arrivals.
The above factors impacted the Elevators and Escalators market, as adverse real estate slowdown specifically in commercial activities pushed the demand to the low levels along with the huge decline in construction activity.
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Additionally, the report provides detailed initiatives that are being taken in the field of Elevators and Escalators market. The market is classified into distinct regions including Kanto, Chubu, Kansai & Rest of Japan. Kanto dominated the Japan Elevators and Escalators Market, accounting for nearly xx% share in 2020 on account of growing real estate investment in the region.
Japan Elevators and Escalators Market Segmentation
Market Insight, by Type
- Moving Walkways
Market Insight, by Service
- New Installation
- Modernization and Maintenance & Repair
Market Insight, by Elevator Technology
- Traction & Machine Room-Less Traction
Market Insight, by End User
Market Insight, by Country
- Rest of Japan
Top Company Profiles
- KONE Corporation
- Hitachi Group
- Otis Elevator Company
- Mitsubishi Electric Corporation
- Schindler Holding Ltd.
- Fujitec Company Limited
- Thyssenkrupp AG
- Toshiba Elevator and Building Systems Corporation
- Orona Group
- Hyundai Elevator Co., Ltd.