Philippines Elevator and Escalator Market (2022-2028) | Trends, Value, Revenue, Outlook, Forecast, Size, Analysis, Growth, Industry, Share, Segmentation & COVID-19 IMPACT

The Philippines elevator and escalator market report thoroughly covers market by product types, new installation vs services, applications, elevator types, and escalator types. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Philippines Elevator and Escalator Market Synopsis

Philippines elevator and escalator market witnessed a decent growth during the period 2017-2019 underpinned by rapid growth in infrastructure development and rising urbanization in the country.

However, the Covid-19 pandemic brought a decline in market revenues during the year 2020 as the movement restrictions imposed during the pandemic period disrupted the supply chain and halted the construction activities leading to fall in market demand and hence the market revenues.

According to 6Wresearch, the Philippines Elevator and Escalator market is projected to grow at a CAGR of 6.5% in terms of revenues during 2021-2027F. The primary reason for growth of Philippines elevator and escalator market can be attributed to the rising commercial and hospitality sector in addition to growing population which would attract higher investments in the residential sector. Furthermore, growing demand for elevator and escalator maintenance, repair and service would also stimulate the market growth in the years to come. Favorable government efforts for Philippines’s vision 2040 vision towards development of the country would also act as a major driver for growing number of infrastructure activities across the country which would augment the demand for elevators and escalators in the coming years.

Market by Product Types Analysis 

In terms of product  types, the elevator segment has captured above 85% of the market revenues in 2020.  Elevators garnered the majority revenue share in the Philippines elevator and escalator market owing to their traditional usage in commercial, residential and industrial spaces, in addition to its lower space requirement, higher load capacity and faster transportation of goods and people across multiple floors.

Market by Application Analysis 

In Philippines Elevator & Escalator market, commercial applications have led the overall market revenues accounting more than 70% of the market revenues in 2020. Commercial sector garnered the majority revenue share in the Philippines elevator and escalator market owing to the growing commercial sector of the country as 12,418 commercial constructions were approved by Approved Building Permits in 2020 hence boosting the demand for new installation of elevators and escalators along with their maintenance.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2017 to 2020.
• Base Year: 2020
• Forecast Data until 2027.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Philippines Elevator and Escalator Market Overview
• Philippines Elevator and Escalator Market Outlook
• Philippines Elevator and Escalator Market Forecast
• Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues and Volume, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By Product Types, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By New Installation Vs Services, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Elevator and Escalator Market Revenues, By Applications, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Elevator Market Revenues and Volume, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Elevator Market Revenues, By New Installation Vs Services, for the Period 2017-2027F
• Historical Data and Forecast of Philippines New Installation Elevator Market Revenues and Volume, By Elevator Types, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Elevator Service Market Revenues, By Service Types, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Escalator Market Revenues and Volume, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Escalator Market Revenues, By New Installation Vs Services, for the Period 2017-2027F
• Historical Data and Forecast of Philippines New Installation Escalator Market Revenues and Volume, By Escalator Types, for the Period 2017-2027F
• Historical Data and Forecast of Philippines Escalator Service Market Revenues, By Service Types, for the Period 2017-2027F
• Philippines Elevator and Escalator Market Revenue Share, By Market Players
• Philippines Elevator and Escalator Market Value Chain and Ecosystem
• Covid-19 Impact on Philippines Elevator and Escalator Market
• Philippines Elevator and Escalator Market Drivers and Restraints
• Philippines Elevator and Escalator Market Trends
• Philippines Elevator and Escalator Porters Five Forces
• Philippines Elevator and Escalator Opportunity Assessment, By Product Types, 2027F
• Philippines Elevator and Escalator Opportunity Assessment, By New Installation Vs Services, 2027F
• Philippines Elevator and Escalator Opportunity Assessment, By Applications, 2027F

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

• By Product Types
  
  
  • Elevator
    • Passenger Elevator
    • Home Elevator
    • Cargo Elevator
  • Escalator
    • Moving Stairway
    • Moving Walkway
• By Types
  
  
  • New Installations
  • Services
• By Service Types
  
  
  • Maintenance
  • Modernization
• By Applications
  
  
  • Residential
  • Commercial
  • Industrial

Frequently Asked Questions About the Market Study:

• Does the report consider COVID-19 impact?
  The report not only has considered COVID-19 impact but also current market dynamics, trends and KPIs into consideration.

• How much growth is expected in the Philippines Elevator and Escalator Market over the coming years?
  The Philippines Elevator and Escalator Market revenue is anticipated to record a CAGR of 6.5% during 2021-27.

• Which segment has captured key share of the market?
  The segment, elevator has dominated the market revenues led by usage across commercial, residential and industrial segments.

• Which segment is exhibited to gain traction over the forecast period?
  Passenger elevators would record key growth throughout the forecast period 2021-27.

• Who are key the key players of the market?
  The key players of the market include- Mitsubishi Electric Corporation, Hitachi Ltd., Schindler Holding Ltd., Hyundai Elevator Co.Ltd, KONE Corporation and Otis Worldwide Corporation etc.

• Is customization available in the market study?
  Yes, we can do customization as per your requirements. Please feel free to write to us sales@6wresearch.com for any customized or any other requirements

• We also want to have market reports for other countries/regions.
  6Wresearch has the database of more than 60 countries globally, which can make us your first choice of all your research needs.

Other Key Reports Available:

• Global Elevator and Escalator Market (2021-2027)
• Southeast Asia Elevator and Escalator Market (2021-2027)
• Middle East Elevator and Escalator Equipment Market (2021-2027)