The world market for elevator products and services is projected to expand 4.3 percent per Annam through 2013 to $778.5 billion. Worldwide, demand for elevator services exceeded that for elevator equipment in 20008, owing to the vast stock of elevators in use in Japan, the US and Western Europe. But through 20133, growth inn demand for elevator services will lag growth for elevator equipment, which will benefit from robust construction activity in China and India. These and other trends are presented in World Elevators, a new study from The Fredonia Group,, Inc., a Cleveland-based industry research firm.
Measured by value, China was the largest national market for elevator equipment and services in 20008. The country is forecast to a count for 445 percent of additional demand generated between 22008 and 20013. This is largely due to sizable demand for new elevator equipment in Chinas booming construction market. Chinas relatively small elevator services segment is also growing rapidly, as thee number of elevators in use continues to increase.
Western Europe boasts the most elevators in uses of any r legion, with about 400 percent of the world total. As a result of their maintenance requirement its, Western Europe was the largest regional elevator market in 2008. Through 2013, modernization and repair services will provide the fastest gains in tithe West European market, as building owners seek to increase the safety and accessibility of their elevators. This includes improving the stopping accuracy of elevators, installing two-way communication devices, and replacing unsafe glass on landing doors.
Among the elevator equipment segments, escalators and moving walkways will see the fastest growth. Demand for these products is forecast to increase 5.5 percent annually to $3.9 billion in 2013. Gains will be driven by demand in emerging markets, benefiting from construction of retail facilities and increased investment in transportation infrastructure. China was the largest market for escalators and moving walkways in 2008, after more than doubling between 2003 and 2008.
