Ken Research - Italy Elevators and Escalators Industry Analysis

Italy Elevator and Escalator Market Will be Led by Increase in Investment Into the
Country, Growth of Residential Real Estate Sector and Introduction of New Technology:
Ken Research
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.