United Kingdom Elevator Market Research Report, 2029

The UK elevator market has experienced significant evolution over the years, driven by urbanization, population growth, and advancements in technology. Historically, the market saw a steady increase in demand due to the rise of high-rise buildings and commercial complexes, particularly in metropolitan areas like Greater London, Manchester, and Birmingham. The construction boom in these regions necessitated efficient vertical transportation systems, leading to a surge in elevator installations. Currently, the UK elevator market is characterized by a diverse range of applications, including residential, commercial, and industrial sectors. Commercial applications dominate the market, accounting for the highest revenue share, as businesses require elevators for office buildings, shopping centers, and public transport facilities. The residential sector is also gaining traction, fueled by increasing housing demands and a growing population. The aging population further emphasizes the need for accessible solutions, making elevators essential in both new constructions and renovations. Recent developments in the elevator market include the integration of smart technology, which enhances operational efficiency and safety. Innovations such as IoT-enabled elevators allow for predictive maintenance, real-time monitoring, and improved user experience. Companies are increasingly adopting these technologies to streamline operations and reduce downtime, which is crucial in high-traffic environments. In terms of usage areas, elevators are predominantly found in urban residential buildings, commercial skyscrapers, and public transportation hubs. The demand for elevators in these settings is driven by the need for convenience and accessibility, particularly in densely populated areas where vertical space utilization is essential. The market is witnessing a trend towards modernization, with older buildings being retrofitted with advanced elevator systems to meet contemporary safety and efficiency standards. According to the research report "United Kingdom Elevator Market Research Report, 2029," published by Actual Market Research, the United Kingdom elevator market is anticipated to grow at more than 5.07% CAGR from 2024 to 2029. Technological advancements such as destination control systems and predictive maintenance algorithms further fuel market growth. Elevator manufacturers focus on innovation to provide smarter, safer, and more sustainable vertical transportation solutions. Changing lifestyle preferences, demographic shifts, and evolving workplace dynamics also contribute to elevator demand. The preference for convenience, accessibility, and safety underscores the vital role of elevators in modern building designs and infrastructure projects. The construction boom encompasses various sectors such as residential, commercial, and industrial, leading to a heightened demand for elevators. The urban landscape of the UK is witnessing the emergence of high-rise buildings, commercial complexes, and residential towers, necessitating elevators for vertical transportation. Renovation efforts aimed at upgrading existing buildings also contribute to the demand for elevators. With a focus on modernizing infrastructure and improving building accessibility, elevator installation and modernization projects have become integral parts of renovation initiatives. The demand for new housing, estimated at around 340,000 new homes per year in England according to research by the National Housing Federation (NHF) and Crisis from Heriot-Watt University, further drives the need for elevators in residential complexes and multi-story dwellings. The growth of the elevator market in the UK is intertwined with the construction and renovation sectors. As the construction industry flourishes, the demand for elevators is expected to continue growing steadily, reflecting a robust and expanding industry landscape. The U.K. government is working on several infrastructure projects. One Undershaft, London (estimated completion 2025) is a 73-story skyscraper that will be the second-tallest building in Western Europe upon completion. It will include office space and a public viewing gallery. The initiative intends to develop regional commercial, residential, and recreational facilities.

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Hydraulic elevators are widely used in the UK, particularly in low-rise buildings, typically up to six stories. They operate using a piston driven by hydraulic fluid, making them suitable for buildings where space for machinery is limited. Their installation costs are generally lower than those of traction elevators, and they require less maintenance due to fewer moving parts. Hydraulic elevators are commonly found in residential buildings, shopping centers, and public facilities, appreciated for their reliability and ability to carry heavy loads efficiently. Traction elevators are favored for taller buildings, as they can travel greater heights and offer faster speeds compared to hydraulic systems. They use a pulley system with ropes or belts to lift the elevator cab, making them more energy-efficient in high-rise applications. In the UK, traction elevators are often installed in commercial skyscrapers and office buildings, where their smooth ride quality and speed are essential for high traffic volumes. Machine room-less traction elevators are gaining popularity in the UK due to their space-saving design. They house the machinery within the elevator shaft, eliminating the need for a separate machine room. This type is suitable for buildings with limited space and is often used in modern residential complexes and office buildings, where maximizing usable floor area is crucial. MRL elevators provide a quiet and efficient operation, making them an attractive option for urban settings. Other elevator types include specialized lifts such as service lifts, dumbwaiters, and freight elevators. These are designed for specific functions, such as transporting goods or catering to unique building requirements. They are commonly found in warehouses, hospitals, and industrial settings across the UK, where their specialized design meets particular operational needs. The new equipment segment encompasses the installation of elevators in various settings, including residential, commercial, and industrial buildings. In the UK, this segment is particularly strong in urban areas, where high-rise buildings and new developments are prevalent. Cities like London, Manchester, and Birmingham see significant demand for new elevator installations due to ongoing construction projects and the need for modern vertical transportation solutions. Compared to other countries, the UK benefits from a highly regulated environment, ensuring that new installations meet stringent safety and performance standards. Maintenance services are vital for ensuring the longevity and reliability of elevator systems. In the UK, companies like Schindler and TK Elevator provide comprehensive maintenance contracts that cater to various brands and models. This segment is robust due to legal requirements for regular servicing, which is mandated to enhance safety and performance. The UK market stands out for its emphasis on proactive maintenance strategies, utilizing advanced technologies for predictive maintenance, which helps reduce downtime and improve service efficiency. This focus on quality maintenance is often more rigorous than in some other European countries, reflecting the UK's commitment to safety and reliability. The others segment includes specialized services such as modernization and repair of existing systems. This segment is increasingly important in the UK, where older buildings require upgrades to meet modern standards. The demand for modernization is particularly high in historic cities, where preserving architectural integrity while enhancing functionality is crucial. Compared to other countries, the UK excels in providing tailored modernization solutions that comply with heritage regulations, ensuring that older elevators are updated without compromising their historical value. The residential segment is a significant driver of elevator demand in the United Kingdom. As the population grows and urbanization continues, there is an increasing need for elevators in multi-story apartment buildings and high-rise residential complexes. Hydraulic and traction elevators are commonly used in residential applications due to their reliability and smooth operation. Hydraulic elevators are particularly suited for low-rise residential buildings, while traction elevators are preferred for mid-rise and high-rise structures. The growing trend of luxury apartments and penthouses in major UK cities like London has also contributed to the demand for elevators equipped with advanced features such as intelligent controls and energy-efficient technologies. The commercial segment is another major contributor to the UK elevator market. Elevators are essential in office buildings, shopping malls, hotels, and other commercial establishments to ensure efficient vertical transportation for employees, customers, and visitors. Traction elevators, both conventional and machine room-less, are widely used in commercial applications due to their speed, capacity, and energy efficiency. High-rise office buildings in London and other major cities rely on advanced elevator systems to handle heavy traffic during peak hours. Additionally, the increasing focus on sustainability has led to the adoption of green elevator technologies, such as regenerative braking and LED lighting, in commercial projects. The industrial segment, while not as dominant as residential and commercial, also plays a role in the UK elevator market. Freight elevators and service elevators are commonly used in warehouses, factories, and other industrial facilities to transport goods, materials, and personnel between floors. These elevators are designed to handle heavy loads and withstand frequent use. The growth of the industrial sector, particularly in areas like manufacturing and logistics, contributes to the demand for specialized elevator solutions tailored to industrial needs.

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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 United Kingdom 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 United Kingdom 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: United Kingdom • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • United Kingdom 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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By Type: • Hydraulic • Traction • Machine Room-Less Traction • Others By Business: • New Equipment • Maintenance • Others (Modernization) By Application: • Residential • Commercial • Industrial 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.