Japan Elevators and Escalators Market: Current Analysis and Forecast 2021-2027

Japan Elevators and Escalators Market was valued at US$ 2.7 billion in 2020 and is anticipated to reach US$ 3.7 billion by 2027 displaying a CAGR of 5% over the forecast period (2021-2027). Elevators and escalators are used for efficient movement of people and goods within a building's premises. Elevators and escalators are installed in commercial buildings, residential buildings, mixed-used buildings, IT parks, hotels, restaurants, retail outlets & industrial premises. They are also installed in public places to improve vehicle parking management. Japan has a high life expectancy rate, and the birth rate in the country has plummeted in the past few years. This has led to a significant rise in the country's ageing population. As older people require mobile movement therefore this will propel the demand for elevators & escalators in Japan. For instance, as per Japan Statistics Bureau, in 2015, the percentage of the population aged 65 years old and over in Japan was 26.6 percent, exceeding the U.S.A. (14.6 percent), France (18.9 percent), Sweden (19.6 percent), Germany (21.2 percent), and Italy (21.9 percent), indicating that the aging society in Japan is progressing quite rapidly as compared to the U.S.A. and European countries.
The Japan Elevators and Escalators Market is experiencing significant growth due to the increasing urbanization, increasing renovation as well as building of new public & private facilities and growing investment in real estate market, and increase in ageing population which are the key factors complementing the Elevators and Escalators market.
KONE Corporation, Hitachi Group, Otis Elevator Company, Mitsubishi Electric Corporation, Fujitec Company Limited etc. are some of the prominent players operating in the Japan Elevators and Escalators Market. Several M&As along with partnerships have been undertaken by these players to facilitate country with more innovative Elevators and Escalators applications.

Insights Presented in the Report
"Amongst type, Elevator segment holds the major share."
Based on type, the market is segmented into Elevator, Escalator, and Moving Walkways. The Elevator segment grabbed XX% market share of the Japan Elevators and Escalators Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to their high installation in old as well as new residential and commercial buildings in the country.
"Amongst service, New Installation dominated the market in 2020."
Based on service type, the market is segmented into New Installation, & Modernization and Maintenance & Repair. In 2020, the New Installation segment dominated the Elevators and Escalators Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the to the surge in urbanization, changing demographics, and rise in construction activities.
"Amongst Elevator Technology, Traction & Machine Room-Less Traction dominated the market in 2020."
Based on elevator technology, the market is segmented into Hydraulic, & Traction & Machine Room-Less Traction. In 2020, the Traction & Machine Room-Less Traction segment dominated the Elevators and Escalators Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) as it is more efficient and provides a smooth ride to its passengers.
"Amongst End User type, Commercial segment dominated the market in 2020."
Based on End user type, the market is classified into Residential, Commercial, and Industrial. The Commercial segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to increasing number of high-rise commercial buildings including shopping malls and office spaces.
"Kanto represents as the largest market in the Japan Elevators and Escalators Market."
For a better understanding of the market adoption of Elevators and Escalators, the market is analyzed based on its country presence in the Japan (Kanto, Chubu, Kansai & Rest of Japan). Kanto constitutes the largest market for the country and generated revenue of USD XX billion in 2020 on account of growing real estate investment in the region.


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- Deep dive country-level analysis of the industry

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The movement of people and freight within relatively confined areas-such as office buildings, airport terminals, and large ships-is usually accomplished by means of elevators, escalators, or moving sidewalks. Elevators, or lifts, carry passengers and freight up and down; escalators are moving staircases from one storey of a building to the next; and moving sidewalks carry people horizontally or at a slight incline.
There is a rising trend of urbanization with around 90% of the country's population residing in urban areas with a significant rise in the number of buildings in major cities like Tokyo, Yokohama, Osaka and Nagoya since 2000. On account of the strong real estate market in the country the elevator and escalator market in the country has also witnessed growth. However, some of the restraints in the market include stringent government regulations and policies for safety standards, increasing concerns about the elevators and escalators accidents, which are some factors impeding the growth of this market in Japan.
Based on type, the market is segmented into Elevator, Escalator, and Moving Walkways. The Elevator segment grabbed XX% market share of the Japan Elevators and Escalators Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to their high installation in old as well as new residential and commercial buildings in the country.
Based on service type, the market is segmented into New Installation, & Modernization and Maintenance & Repair. In 2020, the New Installation segment dominated the Elevators and Escalators Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the surge in urbanization, changing demographics, and rise in construction activities.
Based on elevator technology, the market is segmented into Hydraulic, & Traction & Machine Room-Less Traction. In 2020, the Traction & Machine Room-Less Traction segment dominated the Elevators and Escalators Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) as it is more efficient and provides a smooth ride to its passengers.
Based on End user type, the market is classified into Residential, Commercial, and Industrial. The Commercial segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to increasing number of high-rise commercial buildings including shopping malls and office spaces.
For a better understanding of the market adoption of Elevators and Escalators, the market is analyzed based on its country presence in the Japan (Kanto, Chubu, Kansai & Rest of Japan). Kanto constitutes the largest market for the country and generated revenue of USD XX billion in 2020 on account of growing real estate investment in the region.
Some of the major players operating in the market include KONE Corporation, Hitachi Group, Otis Elevator Company, Mitsubishi Electric Corporation, Fujitec Company Limited etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions of Japan.