Japan Elevators and Escalators Market: Current Analysis and Forecast (2021-2027)

Report Description

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.

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.

KONE Corporation, Hitachi Group, Otis Elevator Company, Mitsubishi Electric Corporation, Fujitec Company Limited etc. are some of the prominent players operating in the Japan Elevators and Escalators Market. Several M&As along with partnerships have been undertaken by these players to facilitate country with more innovative Elevators and Escalators applications.

Insights Presented in the Report

“Amongst type, Elevator segment holds the major share.”

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.

“Amongst service, New Installation dominated the market in 2020.”

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.

“Amongst Elevator Technology, Traction & Machine Room-Less Traction dominated the market in 2020.”

Based on elevator technology, the market is segmented into Hydraulic, & Traction & Machine Room-Less Traction. In 2020, the Traction & Machine Room-Less Traction 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) as it is more efficient and provides a smooth ride to its passengers.

“Amongst End User type, Commercial segment dominated the market in 2020.”

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.

“Kanto represents as the largest market in the Japan Elevators and Escalators Market.”

For a better understanding of the market adoption of Elevators and Escalators, the market is analyzed based on its country presence in the Japan (Kanto, Chubu, Kansai & Rest of Japan). Kanto constitutes the largest market for the country and generated revenue of USD XX billion in 2020 on account of growing real estate investment in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Japan Elevators and Escalators were the three major steps undertaken to create and analyze the adoption of Elevators and Escalators across various segments in Japan. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Elevators and Escalators sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Elevators and Escalators through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Elevators and Escalators Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for Japan. Major segments included in the report are as type, service, elevator technology, and end user. Further country-level analyses were conducted to evaluate the overall adoption of the Elevators and Escalators in the Japan context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Elevators and Escalators. Further, we conducted factor analysis using dependent and independent variables like rise in commercial & industrial establishments and the need for movable technologies like Elevators and Escalators. Historical trends and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Japan Elevators and Escalators Market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions in Japan. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Elevators and Escalators across the Japan
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Elevators and Escalators Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across Asia Pacific. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Japan Elevators and Escalators Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, service, elevator technology, and end user verticals.

The main objective of the Elevators and Escalators Market Study

The current & future market trends of Elevators and Escalators were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Elevators and Escalators in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, service, elevator technology, and end user verticals
• Defined analysis of the regulatory framework for the Japan Elevators and Escalators industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Elevators and Escalators for Japan
• Major country studied in the report include Japan (Kanto, Chubu, Kansai & Rest of Japan)
• Company profiles of the Elevators and Escalators Market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive country level analysis of the industry