The “Germany Elevators & Escalators Market – Size & Growth Forecast 2024-2029” report, now available from ResearchAndMarkets.com, estimates that the market, which was at 23,284 units in 2023, will reach 28,324 units by 2029, growing at a CAGR of 3.32%.
Key Factors Driving Market Growth
- EIB Investments and Aging Population:
- The European Investment Bank (EIB), in collaboration with NRW.BANK, is financing housing projects for refugees in North Rhine-Westphalia with a €200 million loan. This investment is likely to spur demand for new elevators and escalators in the region.
- Germany’s aging population, expected to rise from 21.8% in 2020 to 28.0% by 2050, will drive demand for hospitals and elderly care facilities, boosting the elevator and escalator market.
- Historical Construction Trends:
- Post-WWII, Germany’s housing construction surged but has seen declines in recent years. Current construction trends are critical for urban planners to address future housing needs.
- Digitization and Energy Efficiency:
- The rise in cybersecurity concerns, driven by frequent hacker attacks, has led to recommendations for regular inspections of elevator systems.
- AI-powered systems are transforming the market, enabling predictive maintenance and optimizing elevator traffic management.
- A trend toward energy-efficient practices is evident, as elevators contribute significantly to building emissions. Ongoing modernization efforts aim to reduce this environmental footprint.
Key Market Highlights
- Construction Decline: In early 2023, new construction in Germany dropped by 47%, with home building down 54%, reflecting the challenges in the real estate sector.
- Market Recovery: Post-COVID-19, the German elevator market is showing signs of recovery, particularly in urban areas.
- Safety Concerns: TUV Rheinland reported significant safety issues in German elevators, with thousands shut down due to dangerous defects.
Market Challenges
- Construction Sector Woes: The German construction sector is grappling with rising costs, labor shortages, and geopolitical tensions, which could hinder market growth for elevators and escalators.
Key Players
The market is dominated by major players like KONE, Otis, Mitsubishi Electric, Schindler, and TK Elevator, which together hold 49% of the market share.
Opportunities and Outlook
- Digitization and AI: The integration of AI and digitization in elevator systems presents growth opportunities, although cybersecurity remains a concern.
- Energy Efficiency: Government initiatives focusing on emission reduction highlight the need for sustainable elevator technologies.
This comprehensive report covers various aspects of the market, including market segmentation, technological developments, and the competitive landscape. It is essential reading for stakeholders in the German elevator and escalator industry.
