Australia elevator and Escalator Market Research Report, 2029

Elevators and escalators are in high demand in Australia due to its expanding urban infrastructure and tall structures. In addition to office and residential buildings, airports, train stations, shopping centres, hospitals, and other public venues also require these vertical transit networks. Several key players operate in the Australian elevator and escalator market, including international manufacturers, local suppliers, and service providers. These companies offer a wide range of products, such as passenger elevators, freight elevators, residential elevators, and various types of escalators. The market also includes maintenance and modernization services, as elevators and escalators require regular upkeep and occasional upgrades to ensure smooth operation and compliance with safety standards. Service providers play a crucial role in maintaining the reliability and longevity of these vertical transportation systems. The Australian elevator and escalator market is influenced by factors such as technological advancements, regulatory standards, safety regulations, and sustainability initiatives. Manufacturers and service providers continuously strive to develop more energy-efficient systems, integrate smart technologies, enhance passenger comfort, and improve overall system performance. According to the research report, "Australia Elevators and Escalators Market Research Report, 2029," published by Actual Market Research, the Australia elevators and escalators market is anticipated to add to more than USD 250 Million by 2024–29. The construction of high-rise residential buildings has been on the rise in major Australian cities like Sydney, Melbourne, and Brisbane. This surge in vertical living has created a substantial demand for elevators and escalators in the residential sector. Australia has stringent safety regulations and standards for elevators and escalators. These standards ensure the highest level of safety for users and require regular inspections and maintenance to comply with safety guidelines. The elevator and escalator industry in Australia is actively working towards eco-friendly solutions. Manufacturers are developing energy-efficient systems that reduce power consumption, and service providers focus on optimizing energy usage and implementing sustainable practices. The industry is witnessing advancements in technology, including smart elevators and escalators. These systems incorporate features like destination control, touchless operation, and real-time monitoring, enhancing efficiency, convenience, and safety. Maintenance and modernization services are crucial in the elevator and escalator market. Australia places great importance on accessibility for people with disabilities. Elevator and escalator manufacturers and service providers work to ensure compliance with accessibility guidelines and develop solutions that cater to the needs of all users. The Australian elevator and escalator market is highly competitive, with both local and international companies vying for market share. This competition drives innovation, quality improvements, and customer-centric solutions.

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By types, Elevators in Australia are categorized into passenger, freight, and specialized types such as hospital elevators. Recent developments include the rise of smart elevators that integrate IoT and AI technologies for improved efficiency and user experience. These elevators can anticipate passenger demand, optimize traffic flow, and reduce energy consumption, aligning with sustainability goals. The increasing focus on energy-efficient designs has led to the popularity of machine-room-less traction elevators and hydraulic systems, which are particularly favored in residential and commercial applications. Escalators and moving walkways are integral to public transit and commercial sectors, facilitating movement in high-traffic areas like shopping centers and airports. The market for escalators is evolving with designs that prioritize aesthetics and functionality, incorporating features such as digital displays and modern lighting to enhance the shopping experience. The demand for escalators is also influenced by the growth of high-rise buildings, which necessitate effective vertical transportation solutions. Sustainability is a key driver in the Australian elevator and escalator market. Companies are increasingly adopting eco-friendly technologies, such as regenerative drives and energy-efficient systems, to meet the growing demand for green building practices. The elevator and escalator market in Australia encompasses three primary service types: new installations, maintenance and repair, and modernization. New installations are vital for accommodating the growing demand for vertical transportation, particularly in urban centers like Sydney and Melbourne, where high-rise buildings are increasingly common. Major projects, such as the USD 2.5 billion twin-tower commercial space in Sydney, highlight the need for efficient elevator and escalator systems to facilitate movement within these structures. Maintenance and repair services are essential for ensuring operational reliability and safety. With a significant installed base of elevators and escalators, ongoing maintenance is crucial to prevent breakdowns and extend equipment lifespan. The Australian market has seen an uptick in demand for these services due to aging equipment and environmental factors, including heavy rain and floods, which have resulted in increased faults and stoppages. Regular servicing is mandated by safety regulations, with commercial lifts typically requiring biannual checks and residential lifts needing annual inspections to comply with Australian standards. Modernization services focus on upgrading existing systems to meet contemporary safety and efficiency standards. Modernization efforts often include the installation of energy-efficient systems, touchless controls, and real-time monitoring capabilities, which are increasingly demanded in the wake of the COVID-19 pandemic. The end users includes residential, commercial, and industrial sectors. The demand for elevators is primarily driven by the increasing construction of multi-story apartments and homes, particularly in urban areas where space is limited. With a growing aging population, there is also a rising need for accessibility solutions, such as home elevators and pneumatic lifts, which cater to individuals with mobility challenges. The trend towards smart homes has further influenced this market, as homeowners seek energy-efficient and technologically advanced systems that enhance convenience and safety. The commercial segment is a significant contributor to the elevator and escalator market, encompassing office buildings, shopping centers, hotels, and hospitals. The rapid urbanization and the construction of high-rise buildings in cities like Sydney and Melbourne have led to a surge in demand for efficient vertical transportation solutions. Smart elevators, equipped with advanced features like touchless controls and destination dispatch systems, are increasingly being adopted to optimize traffic flow and reduce wait times. The industrial and infrastructure sectors also play a crucial role in the Australian elevator and escalator market. In industrial settings, freight elevators are essential for transporting goods between different levels of warehouses and manufacturing facilities. The infrastructure segment includes transportation hubs such as airports and metro stations, where escalators and moving walkways are vital for facilitating passenger movement. Government investments in infrastructure projects, such as the Melbourne Metro and WestConnex, are expected to drive further growth in this sector, as these developments require modern and reliable vertical transportation systems.

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Nikita Jabrela

Business Development Manager

COVID-19 impacts: The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in Australia due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of Australia prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years. Considered in this report • Geography: Australia • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Australia Elevator & Escalator Market with its value and forecast along with its segments • Application wise tire industry distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Based on By Types: • Elevator • Escalators • Moving Walkways Based on By Services: • New installation • Maintenance and repair • Modernization Based on by End use types: • Residential • Commercial • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & escalator industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.