South Africa Elevators and Escalators Market Size Expands at Significant CAGR of 8.64%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa Elevators and Escalators Market size at USD 0.63 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the South Africa Elevators and Escalators Market size to expand at a CAGR of 8.64% reaching a value of USD 1.04 billion by 2030.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa Elevators and Escalators Market size at USD 0.63 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the South Africa Elevators and Escalators Market size to expand at a CAGR of 8.64% reaching a value of USD 1.04 billion by 2030. South Africa Elevators and Escalators Market is propelled by the increasing demand for maintenance, repair, and after-sales services, coupled with a significant requirement for new installations. The geriatric population's preference for alternatives to stairs significantly contributes to market acceleration. Urbanization resulting from industrialization and infrastructure development in South Africa further propels the market. Beyond traditional solutions, innovative options like horizontal moving walkways cater to modern commuting needs. The market's expansion extends beyond South Africa, with substantial infrastructure investments across Africa and notable projects in Egypt and Kenya indicating significant demand for vertical transportation solutions. Residential sector expansion, including projects like "Cornubia Housing Project" and the Kenyan government's "Affordable Housing Project," acts as a catalyst, promising sustained and dynamic industry growth in the continent.
Impact of COVID-19 on South Africa Elevators and Escalators Market
COVID-19 pandemic adversely affected the South Africa Elevators and Escalators Market. The pandemic impeded the growth of the construction industry, leading to delays attributed to disruptions in supply chains. Elevator and escalator manufacturers, along with the broader construction sector, confronted challenges stemming from incomplete or delayed commercial projects, caused by issues such as disrupted supply chains, financial constraints, workforce shortages, and production stoppages. However, with the gradual lifting of lockdowns in South Africa, there was an expected resurgence in demand for elevators and escalators. As the global construction sector resumed operations, a corresponding increase in the demand for vertical transportation solutions boosted the market growth.
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South Africa Elevators and Escalators Market
Segmental Information
South Africa Elevators and Escalators Market – By Type
Based on type, South Africa Elevators and Escalators Market is divided into Elevator, Escalator, and Moving Walkways segments. The elevator segment holds the highest share in the South Africa Elevators and Escalators Market by type. It is primarily due to their widespread utilization in commercial, residential, and industrial settings. Elevators, characterized by their space efficiency compared to escalators, contribute further to their expanding market presence. Also, the growth of the elevator market is expected to be propelled by the rising number of hotel projects, exemplified by developments such as the Premier Hotel Building in South Africa.
Competitive Landscape
Major players operating in South Africa Elevators and Escalators Market include Otis, Schindler, Mitsubishi Electric, Hitachi, Hyundai, ThyssenKrupp, Toshiba, and Fujitec. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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