Philippines elevator and escalator market observed fair growth in recent years underpinned by increased government spending on infrastructure development which increased to 5.2% in 2019 from 4.4% of GDP in 2017. However, Covid-19 in 2020 affected the upward growth trajectory of the market as lockdown was imposed in the country leading to supply chain disruptions and halt in construction activities during the pandemic causing fall in market revenues.
Rising urban population coupled with growing government initiatives would induce market growth during forecast period. For instance, Hitachi received an order for 67 units of elevators and escalators for the development of NSCR to benefit more than 200,000 daily commuters. Country’s increasing population and increased government spending under Vision 2040 would result in growing infrastructure activities across the country adding to the demand for escalators and elevators in coming years.
By product types, elevator market generated the majority revenues in Philippines elevator and escalator market on account of higher usage of elevators in commercial, industrial and residential spaces due to their low space requirements as compared to escalators. Moreover, the rising numbers of skyscrapers in the country would augment the growth of elevators revenues in the years to come.
Wide application of passenger elevators have been witnessed in residential and commercial spaces including malls, offices, metro and many more which bolstered the demand for passenger elevators in the recent past. Furthermore, the rising residential and commercial projects in the country owing to focus on modern infrastructure and smart cities would further uphold the demand for passenger elevators in the years to come.
, “Elevators garnered the majority revenue share in 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.
However, escalators also acquire a decent market share in the Philippines elevator and escalator market on account of their higher usage in commercial spaces such as shopping malls, metro, airports and many other places where people need to hop between floors without the need to wait for their turn.”
Some of the major players of the market include - Mitsubishi Electric Corporation, Hitachi Ltd., Schindler Holding Ltd., Hyundai Elevator Co.Ltd, KONE Corporation and Otis Worldwide Corporation.
The report estimates and forecasts the overall Philippines elevator and escalator market by product types, new installation vs services, applications, elevator types, and escalator types. The 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.