The growth in the elevator and escalator industry of Italy can be attributed to the demand of new installation from the residential real estate market and maintenance and modernization of the already existing equipments.
Italy’s economy suffered a major setback during the global financial crises. However, the country has been back on the path of growth since 2014. There has been positive growth in the GDP and new investments are being done into various projects across the country. Owing to the changes in economic and institutional policies by the government there has been a revival of the real estate sector. The country is gradually becoming an important market for foreign investors. Italy is one of the largest markets for elevators and escalators in Europe. The elevator and escalator industry has flourished on the back of the residential real estate market. A major portion of the revenue of the elevator and escalator market is also generated by the installation and maintenance of equipments in public infrastructure facilities and various public offices, schools and municipalities. In terms of technology, traction lifts dominate the market, however the demand for hydraulic lifts is growing. With around 69% of the country’s population living in urban areas which is continuously increasing, the demand for new installations has kept the industry afloat during the financial crises. Growth in the Tourism sector has led to building up of new hotels and retail spaces across the country, which has further supported the elevator and escalator market.
The elevator and escalator market in the country is dominated by the presence of the global leaders like Otis, Schindler, ThyssenKrupp and Kone. Major share of the market is captured essentially by these players. However, there are a number of smaller players also present that are also making growth. These players specially focus on the residential real estate market and providing design and manufacturing services for private elevators. The demand for customized designs and installation has grown over the years and has introduces a healthy competition in the market.
The report titled “Italy Elevators and Escalators Market by New Equipment Installation & Maintenance & Modernization, by Elevator (by End Usage, by Type of Machinery, by Door Types and by Sector) and by Escalator (by End Usage and by Escalators and Moving Walkways) – Outlook to 2022” by Ken Research suggested a growth at a positive CAGR in revenues in Italy elevator and escalator market in the next 5 years till 2022, owing to the growth of residential real estate sector, rise in urban population and technological innovations in the industry.
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications