According to “Europe Elevator and Escalator Market - Industry Trends & Forecast Report, 2029”
Europe’s elevator and escalator market size is expected to grow at a CAGR of 5.24% during the forecast period between 2023 and 2029.
The market growth is being driven by the growing requirement for elevator modernization in Europe's aging infrastructure. The increasing aging of the baby boomer and geriatric populations, as well as the number of people with impairments, will increase demand for improved mobility solutions such as elevators.
Growth Drivers: Massive Urban Redevelopment Projects across Türkiye and Ukraine
Major companies in Europe’s elevator and escalator market are expected to gain from significant opportunities provided by the massive urban infrastructure redevelopment projects in earthquake-hit Türkiye and war-ravaged Ukraine.
On February 06, 2023, a 7.8-magnitude of earthquake hit Türkiye and Syria, killing tens and thousands of people and severely damaging infrastructure in cities and villages across its fault line. Analysts estimated that the urban redevelopment across Türkiye post the earthquake would provide huge opportunities for the construction and related industries in a total investment of more than
USD 250 billion.
In Ukraine, Russia’s war in the country has been continuing for more than a year now. Consequently, infrastructure across Ukraine has been severely damaged. In September 2022, the Ukraine government, the European Commission, and the World Bank, along with their partners estimated the cost of Ukraine’s reconstruction and recovery would be about
USD 350 billion.
As the war continues, the cost is anticipated to escalate.
Economic growth and the building industry have an impact on the elevators and escalators business. Residential and non-residential construction activities are the primary drivers of demand for these materials.
Europe elevator and escalator market covers major countries in the region: Germany, the UK, Italy, France, Spain, Netherlands, and the Rest of Europe.
The building industry is one of Europe's most important economic sectors. Large projects are in the works in countries such as Poland, Bulgaria, and Hungary, where the government intends to accelerate economic growth by emphasizing infrastructure investment as a strategic priority.
Europe accounted for the second-largest share of the elevator industry, owing to growing building demand in emerging nations such as Croatia, Georgia, Romania, and Ukraine. Demand for new buildings and infrastructure is predicted to rise in these countries. Elevator demand in this region would rise due to rising urbanization, more consumer expenditure, and government efforts.
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