Dublin, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The "France Elevator and Escalator - Market Size and Growth Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
France Elevator and Escalator market is expected to grow at a CAGR of 4% during 2022-2028
Infrastructure Projects and Ageing Population Growth are Driving Business For Elevators And Escalators
France's elevators and escalators market is witnessing moderate growth as the increased migration of people from rural to urban regions have increased the need for escalators in multi-story structures and the public transportation sector. Furthermore, rising disposable income and an aging metropolitan population have fueled the market expansion.
Various infrastructure projects such as In'li, the Action Logement Group's company, focuses on affordable housing in Ile-de-France and have set ambitious targets, with over 80,000 new housing units planned over the next ten years. The project will include 37,200 in the first five years for a total expenditure of €4.3 billion. These new buildings will primarily be in Paris and 76 surrounding communities.
The population of France is aging, with about one-fifth of the population over the age of 65. In 2016, 12,867,160 persons in France were over 65 years old. By 2020, this number rose to 13,983,659. The increasing number of the aging population has paved the path for tremendous expansion in the elevator and escalator industry.
Rapid urbanization coupled with an increasingly aging population drives demand for smart cities that put people first. In response, Schindler has created an elevator range based on a new modular approach with harmonized systems and components.
Technology adoption, such as smart elevators connected to the internet, is becoming widespread. Elevator suppliers have already begun installing them in smart buildings.
The Grand Paris Project and the 2024 Olympic Games in Paris are expected to propel the elevator market forward.
The Grand Paris concept aims to establish a united conurbation that is seven times the present size of Paris and with a population of 3.5 times that of the metropolis. The City of Paris, the three inner-suburb departments of Seine-Saint-Denis, Hauts-de-Seine, and Val-de-Marne, and several areas on the periphery will make up Greater Paris (Grand Paris).
By 2030, the Grand Paris Express will include more than 200 km of additional metro lines and 68 new stations, which will assist in boosting the escalator and elevator market growth.
Following consultations such as Reinventing Paris, Reinventing the Seine, and Inventing the Metropolis of Greater Paris, requests for creative projects have been made to shape the profile of a more open and modern Ile-de-France.
The fact that Paris will host the 2024 Olympic Games will certainly accelerate the project even more. To accommodate international delegations of athletes, fans, and the media, as many public facilities as feasible will need to be functioning.
INCREASING EXPENDITURE ON INFRASTRUCTURE PROJECTS
The French construction sector witnessed a decent inflow of investments in recent years. The significant factors that triggered the investment were the 2024 Olympics that Paris would host and the subsequent construction activities.
The country's migration between various prefectures has also stimulated the residential construction activities within the country.
Investors are interested in France's housing market, where the government is attempting to alleviate the scarcity of space through laws. For instance, Hines has purchased a 30,000-square-meter portfolio of eight prime sites in France, including Paris and significant regional cities, to create a series of Build-to-Rent residential schemes. Five great locations in Paris and three regional cities in France will give 500 units of high-quality living space.
The growing demand for urban transportation, as well as government efforts to boost tourism and expand transportation infrastructure, will propel rail and metro construction across the country.
Maintenance & Modernization
The new technological upgrades primarily drive the demand for modernization; for instance, Mitsubishi Electric announced the immediate commercial launch of its new 'u' series of escalators, which enhances passenger safety and comfort, and significant energy savings compared to previous models' implementation. In addition, modernization solutions help increase the lifespan of the equipment.
Over 50% of the elevators and escalators in Europe are older than 20 years, and elevators in Europe are among the oldest in the world. Hence the aging of elevators and escalators, especially the majority of old ones, is boosting the demand for modernization.
In the past, factors such as abrupt landings, broken elevator doors, poorly maintained machinery, speeding, doors failing to open, and many others led to elevator accidents in France. There is a growing need for elevator maintenance to reduce such fatal accidents.
KEY HIGHLIGHTS OF THE MARKET
Energy Conservation And Sustainability Are Driving The Elevators And Escalator Market
The total number of escalators and elevators is increasing as buildings become taller and people's demands for comfort rise. As a result, eco-efficient elevators, escalators, automatic doors, and modernization options, are essential.
Increasing Security Requirements
The demand for elevator security in France and other European countries is a primary driver of the elevator market. Germany, France, and Spain are the busiest and older cities in Europe, where property owners are generally eager to raise the value of their property. Safety is a significant driver of the modernization of elevators and escalators.
The European Committee for Standardization has updated its standard for new lifts, creating EN-80, the primary Safety Norm for Existing Lifts. This obligatory project across Europe, which is frequently seen as a benchmark outside of Europe, attempts to improve the safety of existing elevators. Modernization is reliant on customers who are willing to pay for it.
The key players in France's Elevator & Escalator market are KONE, Otis, Hyundai Elevator TKE, Schindler, Mitsubishi Electric, Hitachi, Toshiba, Fujitec, and Kohler.
Otis Elevator, Kone, Schindler, and TKE are the top 4 manufacturers of elevators & escalators in France.
KONE is collaborating with Louvre Hotels Group, Europe's 2nd-largest hotel group and a subsidiary of Jin Jiang International, to equip the first smart hotel in Europe with the SMART INSIDE label in Lyon, France.
Other Prominent Vendors
Cibes Lift Group
KLEEMANN Aufzuge GmbH
Key Topics Covered:
Section 1 - Introduction
Market Snapshot of Elevators
Market Snapshot of Escalators
Section 2 - France Elevators Market
2.1- France Escalators Market- by Segments
2.1.1- France Escalators Market, by Volume
220.127.116.11. France Elevators Market, by Type
18.104.22.168. France Elevators & Escalators Market by Carriage Type
22.214.171.124. France Elevators Market by Persons
126.96.36.199. France Elevators Market by End-users
Section 3 France Escalators Market
3.1- France Escalators Market- by Segments
3.1.1- France Escalators Market, by Volume
188.8.131.52 France Escalator Market by Type
184.108.40.206 France Escalator Market by End-users
Section 4 France Elevators &Escalators Market , by Service (Maintenance & Modernization)
Section 5 Geographical Analysis
Key Economic Cities in France
Section 6 Market Dynamics
Market Drivers, Opportunities, Restraints, Trends
Section 7 Technological Development
Section 8 Competitive Landscape
Company Profile of Major Vendors
Other Prominent Vendors
Section 9 Report Summary
Section 10 Appendix (Report Scope & Definition)
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