Latest news with #elevators
Yahoo
3 days ago
- Business
- Yahoo
UK Elevators & Escalators Market Forecast Report 2025: Market Set to Reach 9,874 Units by 2030, with 3.11% CAGR During 2024-2030
The UK Elevators & Escalators Market, sized at 8,218 units in 2024, is projected to reach 9,874 units by 2030, with a CAGR of 3.11%. Notable developments include Otis's installation of 26 VT units at One Exchange Square and KONE's modernization of Liverpool's rail network escalators. Trade tensions due to US tariffs impact costs, potentially boosting demand for locally manufactured products. Segments like machine roomless traction dominate due to space efficiency, while urbanization and AI integration provide growth opportunities. Major players include Otis, KONE, TK Elevator, and Schindler, navigating challenges such as construction cost hikes and skilled labor shortages. UK Elevators & Escalators Market Dublin, June 26, 2025 (GLOBE NEWSWIRE) -- The "UK Elevators & Escalators Market - Size & Growth Forecast 2025-2030" report has been added to UK Elevators & Escalators Market was sized at 8,218 Units in 2024, and is projected to reach 9,874 Units by 2030, rising at a CAGR of 3.11%. SEGMENTATION INSIGHTS The U.K. elevator market by the installed base is expected to reach 393 thousand units by 2030. The machine roomless traction segment accounted for the largest market share due to its space-saving design, energy efficiency, and ability to support green building initiatives. The U.K. installed base escalators market is expected to reach 14 thousand units by 2030. Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing retail projects in the pipeline. The parallel escalators segment accounted for the largest market share in 2024 due to the high construction of commercial buildings. The modernization market in the U.K. elevator and escalator market is expected to reach USD 344.18 million by 2030. Elevator and Escalator Market News In June 2024, Otis installed 26 vertical transportation (VT) units at One Exchange Square, a 13-story office building at London's Broadgate Campus. The units included four LinkTM escalators, seven platform lifts, and fifteen Gen2 lifts. The elevator has facilities such as Compass 360 destination-dispatch system, EMS PanoramaTM 2.0 elevator-management system, and Internet of Things connectivity with Otis ONETM. KONE won the order to modernize escalators along Liverpool's commuter rail network in 2024. The order comprises the complete replacement of fourteen escalators with KONE EcoMod 140, which is energy-efficient and can transport 7,300 passengers per hour. The modernization project is expected to be completed in Q4 2026. IMPACT OF TARIFF The U.S. administration implemented a high baseline tariff, introducing 10% on goods from all countries, which was effective from April 5, 2025. Additionally, higher reciprocal tariffs were imposed on specific trading partners, including the European Union and the U.K., which was effective from April 9, 2025. The U.S. government announced a temporary pause in tariff hikes, but the situation remains uncertain after 90 days, with a 10% minimum tariff in effect. This trade tension significantly impacts the manufacturer of the U.K. elevator and escalator market, which significantly imports motor parts, lumber, and other raw materials from different countries. The U.K. imports significant amounts of aluminum, copper, and other raw materials from China and other countries such as Canada & Mexico. These added costs are likely to be passed on to U.K. consumers, causing a notable increase in the prices of elevators & escalators. As a result, demand for locally manufactured elevators & escalators is expected to grow. Major elevator & escalator companies such as Otis, KONE, Schindler & others are importing raw materials & motor parts from China and the Japanese market. The surge in tariff rates is expected to increase the prices of elevators & escalators manufactured by them. However, in May 2025, the U.K. decided not to impose tariffs on imported copper, lumber, and aluminum from the U.S. UK ELEVATOR AND ESCALATOR MARKET OPPORTUNITIES & DRIVERS Integration of Artificial Intelligence (AI) in the U.K. Elevator and Escalator Market is Expected to Create Opportunities in the Market The integration of AI in the U.K. elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems. AI Monitors real-time data from IoT-enabled sensors attached to escalators and elevators to anticipate and stop problems before they happen. This improves equipment reliability and drastically cuts downtime. AI-based predictive maintenance systems have been implemented in several U.K. commercial and residential buildings by multinational corporations with significant operations in the U.K., including KONE and Otis. Urbanization and Population Growth in the U.K. Rapid urbanization and rising population are key drivers of the construction market. By 2024, the population is expected to reach approximately 36 million people, with 84.4% living in urban areas. This urbanization requires extensive development in housing, infrastructure, and utilities, thereby supporting the U.K. elevator and escalator market growth. In addition, the U.K. government is investing to support population growth, focusing on housing, healthcare, education, and infrastructure. In 2024-2025, over 6.64 billion has been allocated for Affordable housing to address the growing demand. It is also investing in healthcare, and millions of dollars are expected to be allocated in the market. Growing Investments in the U.K.'s Housing Sector The housing sector in the U.K. is experiencing strong and stable growth, supporting high demand for new homes and active government initiatives to make housing more affordable. Urban regeneration projects and a growing focus on sustainable construction are creating modern, eco-friendly communities across cities and towns. The sector is appealing to significant domestic and international investment, which leads to innovation and developed building standards. Furthermore, the U.K. government revealed a USD 2.66 billion investment to build 18,000 new affordable homes, with construction expected to begin in March 2027 and be finished by June 2029. This investment is part of the high demand for affordable housing programs. Moreover, they also planned to allocate more funds for 2026-27 and the coming years, ensuring constant support is available for the construction of affordable housing. Expansion and Development of the Growing Airport Industry The U.K. is actively developing its transport industry to improve global connectivity, supporting the rising passenger demand as well as economic growth. Major airports in the country are undergoing large-scale upgrades, including runway expansion, terminal enhancements, and digital infrastructure improvements. These developments aim to strengthen the U.K.'s position as a leading international aviation hub while also creating new jobs and boosting the economy. It is taking steps to address airport capacity issues by investing in airport expansion projects at Heathrow, Gatwick, and Luton airports in 2025. Such steps are projected to support the U.K. elevator and escalator market growth. Meanwhile, London City Airport has been approved for an expansion that will accommodate up to 9 million passengers every year by 2031. In addition, London Stansted is also investing USD 1.47 billion in terminal expansions and improvements to passenger services. In addition, the UK has the third-largest aviation network in the world, behind China and the United States, and London's airports serve more routes than any other European city. INDUSTRY RESTRAINTS High Construction Cost in the United Kingdom In the U.K., the cost of construction has risen in recent years. Industry reports advise that construction costs have risen by around 15-20% since 2020, mainly due to the rising prices of resources such as steel, timber, and cement. These price increases have been intensified by supply chain disruptions affected by the pandemic, as well as ongoing geopolitical tensions affecting global trade. In 2024, the U.K.'s construction industry recorded a real term of 0.7% primarily due to high price increases, rising construction material costs and energy prices, and a significant weakness in the residential construction sector. Furthermore, the rise in construction costs is also impacting U.K. housing prices. It's making it more expensive to buy a new home, as developers are passing on the increased costs to buyers. Moreover, they are facing a challenging era, as they try to balance the need to build new homes and commercial properties with rising costs. Skilled Labor Shortage and Regulatory Challenge The U.K.'s ambitious Vision 2030 focuses on infrastructure development, which is facing significant challenges due to a severe shortage of skilled labor, particularly in the installation and maintenance of elevators and escalators, and can subsequently hamper the U.K. elevator and escalator market growth. Additionally, the U.K. construction sector is facing a general skills shortage, with 62% of organizations reporting difficulty finding workers with the right skills. This is particularly important in the construction industry, which needs at least 225,000 additional workers by 2027. The construction, manufacturing, and industrial sectors are now facing a shortage of skilled employees with the right qualifications or experience. The construction market is experiencing insistent labor shortages, particularly among bricklayers, carpenters, electricians, and plumbers. These shortages have led to project delays and increased costs. UK ELEVATOR AND ESCALATOR MARKET VENDOR LANDSCAPE Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Stannah elevators Fujitec Other Prominent Vendors Toshiba Elevator and Building Systems Corporation Delfar Elevator Co., Ltd. Orona KLEEMANN Cibes Lift Aritco Key Attributes: Report Attribute Details No. of Pages 120 Forecast Period 2024 - 2030 Estimated Market Value in 2024 8218 Units Forecasted Market Value by 2030 9874 Units Compound Annual Growth Rate 3.1% Regions Covered United Kingdom Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment UK Elevators & Escalators Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Q1 Earnings Outperformers: Otis (NYSE:OTIS) And The Rest Of The General Industrial Machinery Stocks
The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let's take a look at how Otis (NYSE:OTIS) and the rest of the general industrial machinery stocks fared in Q1. Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies' offerings. The 15 general industrial machinery stocks we track reported a mixed Q1. As a group, revenues missed analysts' consensus estimates by 2.1% while next quarter's revenue guidance was 1.5% below. In light of this news, share prices of the companies have held steady as they are up 4% on average since the latest earnings results. Credited with inventing the first hydraulic passenger elevator, Otis Worldwide (NYSE:OTIS) is an elevator and escalator manufacturing, installation and service company. Otis reported revenues of $3.35 billion, down 2.5% year on year. This print was in line with analysts' expectations, but overall, it was a slower quarter for the company with a miss of analysts' organic revenue and EBITDA estimates. The stock is down 4.8% since reporting and currently trades at $94.09. Read our full report on Otis here, it's free. With its magnesium alloys used in the construction of the famous Spirit of St. Louis aircraft, Luxfer (NYSE:LXFR) offers specialized materials, components, and gas containment devices to various industries. Luxfer reported revenues of $97 million, up 8.5% year on year, outperforming analysts' expectations by 11.9%. The business had an incredible quarter with an impressive beat of analysts' EPS estimates and a solid beat of analysts' EBITDA estimates. Luxfer delivered the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 13.2% since reporting. It currently trades at $11.31. Is now the time to buy Luxfer? Access our full analysis of the earnings results here, it's free. Founded in 1987, Icahn Enterprises (NASDAQ: IEP) is a diversified holding company primarily engaged in investment and asset management across various sectors. Icahn Enterprises reported revenues of $1.87 billion, down 24.6% year on year, falling short of analysts' expectations by 29%. It was a disappointing quarter as it posted a significant miss of analysts' EPS estimates. Icahn Enterprises delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 4.7% since the results and currently trades at $8.32. Read our full analysis of Icahn Enterprises's results here. One of the original 12 companies on the Dow Jones Industrial Average, General Electric (NYSE:GE) is a multinational conglomerate providing technologies for various sectors including aviation, power, renewable energy, and healthcare. GE Aerospace reported revenues of $9.00 billion, up 11.5% year on year. This result lagged analysts' expectations by 7.9%. Taking a step back, it was a satisfactory quarter as it also recorded an impressive beat of analysts' EBITDA estimates but full-year EPS guidance missing analysts' expectations. The stock is up 34.4% since reporting and currently trades at $239.59. Read our full, actionable report on GE Aerospace here, it's free. Originally founded in 1906 as a thermostat company, Honeywell (NASDAQ:HON) is a multinational conglomerate known for its aerospace systems, building technologies, performance materials, and safety and productivity solutions. Honeywell reported revenues of $9.82 billion, up 7.9% year on year. This print surpassed analysts' expectations by 2.5%. It was a very strong quarter as it also put up a solid beat of analysts' EBITDA estimates. The stock is up 10.8% since reporting and currently trades at $222.25. Read our full, actionable report on Honeywell here, it's free. Thanks to the Fed's series of rate hikes in 2022 and 2023, inflation has cooled significantly from its post-pandemic highs, drawing closer to the 2% goal. This disinflation has occurred without severely impacting economic growth, suggesting the success of a soft landing. The stock market thrived in 2024, spurred by recent rate cuts (0.5% in September and 0.25% in November), and a notable surge followed Donald Trump's presidential election win in November, propelling indices to historic highs. Nonetheless, the outlook for 2025 remains clouded by potential trade policy changes and corporate tax discussions, which could impact business confidence and growth. The path forward holds both optimism and caution as new policies take shape. Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
Yahoo
16-06-2025
- Business
- Yahoo
Otis to Power Mobility in The Westin Residences, Tallest Residential Tower in Penang, Malaysia
KUALA LUMPUR, Malaysia, June 16, 2025 /PRNewswire/ -- Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, will install cutting edge technologies and smart, connected solutions that power vertical mobility for the Westin Residence and Hotel by Macrovest Sdn. Bhd. (VST Group), a leading developer in Malaysia. Otis will provide 19 high speed SkyRise® (travelling at up to 6 meters per second), four Gen3™ and ten Otis Arise™ elevator systems, as well as a car elevator. "With Malaysia experiencing significant urbanization and related infrastructure development, the demand for efficient and reliable vertical transportation solutions is on the rise," said Pradeep Nair, Managing Director, Otis Malaysia. "We are honored to collaborate with our long-term customer Macrovest Sdn. Bhd to provide safe, comfortable, and fast elevator systems that will enhance the passenger experience for all future visitors." Soaring 69 stories above Penang's vibrant cityscape and the sea-facing promenade of Gurney Drive, the Westin Residences will house 498 units and will become the tallest landmark in the city. Accompanying it, a 28-story hotel with specialty restaurants will offer visitors an exceptional standard of style and quality. About Otis Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo. View original content to download multimedia: SOURCE Otis Elevator Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
15-06-2025
- Business
- CBC
Saanich calls for building code changes in B.C. to allow smaller, cheaper elevators
A B.C. municipality is calling for changes to the province's building code to allow smaller and more affordable elevators. The District of Saanich says it's a key step toward improving accessibility for those dealing with mobility challenges. As Sohrab Sandhu reports, the move is being welcomed by industry experts and accessibility advocates.
Globe and Mail
19-05-2025
- Business
- Globe and Mail
TV Program One Step Forward Ignites Public Discussion on Elevator Upgrades, Highlighting Funding Patches for a Happier Community
As one of the pioneers of urbanization in China, Beijing was among the first cities to install elevators in residential buildings. As of the end of November 2024, the city had approximately 155,000 residential elevators, with about 45,000 of them in service for over 15 years. Nearly 30% of the city's elevators are aging, raising safety concerns as breakdowns become increasingly frequent. Guangqu Jiayuan, a residential compound in Dongcheng District, is a typical example of this problem. In search of solutions, Deputy District Mayor Su Hao conducted field visits to residents, and the TV program One Step Forward hosted a dialogue to explore the challenges of elevator renewal, focusing on government subsidies, blended financing model, and community governance. A Close Look at Aging Elevators Elevator issues in Guangqu Jiayuan are deeply entangled with poor property management, which has led to a deep distrust among residents toward the management company. Technicians from the Beijing Construction Engineering Quality No. 5 Testing & Inspection Institute presented detailed reports on six elevators in Unit 1 of Building 23 and Unit 1 of Building 11. The reports identified significant wear and aging in several components and recommended that the elevators be replaced. Breaking the Deadlock with Policy Support During the discussion on elevator renewal in Guangqu Jiayuan, representatives from the Dongcheng District Administration of State Land, Resources and Housing explained the national subsidy policy in detail: for residential elevators that have been in use for over 15 years and meet specific criteria, each unit may receive up to RMB 150,000 in state subsidies. This sparked a deeper conversation on the practical aspects of policy implementation. Residents asked questions about the funding structure and cost-sharing logic—why additional self-raised funds are still needed even with the national subsidy in place. They also explored how funding solutions should be tailored to the realities of each community, which reflects a strong desire to ensure accurate policy execution. Residents also engaged in thorough discussions on the roles that developers and property management companies should play in the elevator renewal process, approaching the issue from a shared-responsibility perspective. All parties, guided by the goal of problem-solving, worked together to explore how to coordinate resources effectively and clarify the boundaries of responsibility within the framework of existing policies. Their aim was to identify a balanced and widely accepted distribution of responsibilities, build consensus, and pool collective efforts to ensure the smooth progress of the elevator renewal project. Diverse Stakeholders, Including an International Observer, Join Forces Guests on the program repeatedly emphasized that the subsidy program is time-limited and urged residents to act promptly. Community members offered practical suggestions based on their lived experience. Some proposed that developers with partial property rights or companies running homestays in the buildings should assume their fair share of responsibility based on elevator usage. An international observer even volunteered to serve as an independent property service monitor, contributing professional oversight to the effort. Local government staff outlined the elevator renewal process in detail, helping residents understand each step clearly. The open and pragmatic exchanges between stakeholders are gradually building consensus and momentum for renewal. Together, they are sketching out a clear road map for replacing outdated elevators in Guangqu Jiayuan. The five-hour discussion at Guangqu Jiayuan brought one of urban renewal's core dilemmas into focus: striking a balance between strict policy enforcement and flexible benefit distribution. As Deputy Mayor Su Hao noted, 'Elevator renewal is not just an engineering issue. It's a matter of governance.' Through this platform for open dialogue, participants moved from policy clarification to responsibility allocation and plan refinement, gradually forming consensus. The process offers a valuable example of collaborative problem-solving in urban management and provides a replicable model for other communities facing similar challenges. Media Contact Company Name: Beijing Radio & Television Station Contact Person: Xiaohui Wang Email: Send Email Country: China Website:
