The South America Elevators and Escalators market is expected to grow by over USD 1.7 billion from 2024 to 2029, fueled by rising urbanization and infrastructure investments.
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Rapid urbanization, with about 85% of the population residing in urban areas and various socio-economic development projects in the pipeline, entails the creation of more opportunities for the elevator and escalator market in South America. The elevator and escalator market in South America has considerable growth prospects in the future. Rise in construction activities, increasing rate of urbanization, increase in government spending on infrastructure development, and surge in foreign investment are some of the major factors driving the elevator and escalator market in South America. "Green and Yellow House" is a program initiated to build 12 million housing units, out of which 384,000 units were given to a socially vulnerable population of around 1.5 million. The smart cities trend has been considerably growing over the years. The Connected Smart Cities platform accelerates the development of intelligent cities in Brazil. Belo Horizonte, Sao Paulo, Curitiba, Vitoria, and Rio de Janeiro are considered the top 5 smart cities by the connected intelligent city platform, considering various factors. About 15% of the Brazilian population lives in rural areas. To provide the rural population access to all sections of society, the National Regional Development Policy (NRDP) and the National Urban Development Policy (NUDP) have taken a combined initiative named the Brazilian Charter Community for Smart Cities. Further, lack of government initiatives towards improvement of society remains one of the biggest hurdles that hinder the growth of the elevator and escalator market in the South American region. Most countries in South America and the Caribbean are struggling to escape what economists label "the middle-income trap." While much if not all of the region has emerged from low-income status, neither growth nor productivity has increased sufficiently to enable South America to narrow the gap separating it from the world's most developed economies.
According to the research report, "South America Elevators and Escalators Market Outlook, 2029," published by Bonafide Research, the South America Elevators and Escalators market is projected to add more than USD 1700 Million from 2024 to 2029. The market is anticipated to register growth on the back of improving economic conditions in Brazil. The growing ageing population, urbanization rate, and increasing installation of elevators in the residential sector in the South America region are expected to drive growth of over 6.5% CAGR. An increasing focus on infrastructural development and technological advancements has led to a surge in the demand for elevators and escalators in the region. Also, several government policies raise concerns regarding the up-gradation of old buildings to ensure the safety of the public. These factors have resulted in high demand for elevators and escalators in the South America region. In addition, some of the key players in the elevator and escalator market in the South American region are Thyssenkrupp, Hitachi Ltd., Mitsubishi, Otis Elevator, and Schindler. Moreover, the demand for elevators and escalators depends majorly on the construction of high-rise commercial as well as residential buildings, along with industrialization. As a part of green economic recovery and to create green economic opportunities, mitigating the effects of urbanization on society and the environment, Brazil is a potential market for green buildings with prominent market growth by 2029. Some of the restraints that slow down the growth of the elevator and escalator markets are unavailability of raw materials, lack of funding, absence of skilled labor, and fear of accidents among the elderly population. This economic condition can be said to be the reason the region has been restrained from crossing a share of over 5% in the global elevator and escalator market.
The elevator and escalator market in South America is experiencing significant growth due to rapid urbanization, increasing construction activities, and government initiatives aimed at infrastructure development. The market is segmented into various types of elevators, including passenger, freight, hydraulic, and machine room-less elevators. Passenger elevators dominate the market, primarily due to their extensive use in residential and commercial buildings. Freight elevators are also significant, especially in industrial settings. Recent developments include the integration of smart technologies, such as touchless controls and predictive maintenance systems, enhancing safety and efficiency. In Brazil, the elevator market is particularly robust, with expectations to grow from 13.6 thousand units in 2023 to 18.5 thousand units by 2029, driven by new construction and modernization projects. The focus on sustainable building practices has led to increased demand for green elevators, which are energy-efficient and environmentally friendly. Escalators and moving walkways are also gaining traction, especially in public transit and commercial sectors. The demand for escalators is fueled by the construction of shopping malls, airports, and other public spaces, where they facilitate the movement of large crowds. The market is seeing innovations such as multi-parallel escalators and advanced safety features, which cater to the growing need for efficient vertical transportation in densely populated areas.
New installations are driven by the rapid urbanization and construction boom in South America, particularly in countries like Brazil and Argentina. This surge is largely attributed to the increasing demand for high-rise buildings and commercial spaces, necessitating advanced vertical transportation systems to accommodate growing urban populations. Maintenance and repair services are essential for ensuring the operational reliability of elevators and escalators. These services involve routine inspections, lubrication, and repairs to prevent malfunctions and ensure compliance with safety standards. In South America, the maintenance market is expanding, driven by stringent regulatory requirements and the need for safety in high-traffic environments. Companies are increasingly adopting predictive maintenance technologies, utilizing data analytics to anticipate issues before they escalate, thereby minimizing downtime and repair costs. Modernization services focus on upgrading existing systems to enhance performance, safety, and energy efficiency. As buildings age, there is a growing need to retrofit older elevators and escalators with modern technologies, including smart controls and energy-efficient components. This trend is particularly pronounced in urban centers where older infrastructure must meet contemporary safety and efficiency standards. The modernization market is expected to grow significantly as building owners seek to improve their systems to comply with evolving regulations and enhance user experience.
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