The Sale of Elevator & Escalator in Turkey is Expected to Reach 25.5 thousand Units by 2028 - Arizton

Arizton Advisory and Intelligence

Turkey Elevator & Escalator market by new installations is growing at a CAGR of 4% during the forecast period. Growth in residential and office infrastructure investment to be long term demand drivers for Elevator and Escalator Market in Turkey.

Chicago, Aug. 09, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest report, Turkey elevator and escalator market to grow at a CAGR of around 4% during 2022-2028. Replacement of Aging and Installed Elevators: The introduction of smart city projects in key economic cities, including Istanbul, Ankara, Konya, Gaziantep, Izmir, Bursa, Kocaeli, Eskisehir Tepebaşı, Çanakkale, and Antalya in Turkey is boosting the long-term demand for elevators in Turkey.

Turkey Elevator and Escalator Market Report Scope

Report Attributes	Details
MARKET SIZE BY NEW INSTALLATIONS (2028)	25.5 thousand Units
MARKET SIZE BY NEW INSTALLATIONS (2021)	19.6 Thousand Units
CAGR (2021-2028)	Around 4%
MARKET SIZE BY INSTALLED BASE (2028)	677 thousand Units
MARKET SIZE BY MODERNIZATION (2028)	$651.5 Million
BASE YEAR	2021
FORECAST YEAR	2022-2028
MARKET SEGMENTATION BY CARRAIGE TYPE	Passenger and Freight
MARKET SEGMENTATION BY CAPACITY	2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
MARKET SEGMENTATION BY END-USER	Commercial, Residential, Industrial, and Others
MARKET SEGMENTATION BY TYPE	Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others

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Upcoming Skyscraper Projects expected to boost Machine Room Traction Elevators Demand

• Traction elevators are typically used in buildings with over 60 feet of travel, up to the world’s most iconic skyscrapers. Because traction elevators use a counterweight to offset the weight of the cab and occupants, the motor does not have to move as much weight. This makes traction elevators more energy efficient than hydraulic elevators in higher-rise, heavy-use applications.

• Traction elevators are energy-efficient and provide a smooth and quiet ride for passengers. In addition, most modern elevators are typically gearless traction, which is considered the most energy and space-efficient solution available, thereby driving the growth of this segment.

• Most installed base elevators are gearless traction, as it helps in energy-efficient practices and is also space efficient, which is an addition in the rise of the segment.

Key Insights

• There are 2,790 organizations that have received a service adequacy certificate (HYB) from the Turkish Standards Institute for elevator repair and service. According to the "Industry Registry Law “there are 335 component manufacturers and 2,749 elevator assembly and elevator component manufacturing businesses with industrial registration.

• The Ministry of Environment and Urbanization, which is a major authority in urban transformation, announced in 2017 that nearly half of 15 million housing units are under disaster risk. As of May 2018, a total of 188 areas at risk have been declared by the Ministry of Environment and Urbanization. So, The Ministry of Environment and Urbanization launched an ambitious action plan for an overhaul of cities. The Urban Transformation Action Plan aims to demolish risky old buildings and replace them with sustainable living spaces and improve downtown areas as well as historical sites. Under the plan, at least 300,000 units will be demolished and replaced with new ones in five years, including 100,000 in Istanbul.

• According to Shopping Centers and Investors Association (AYD) Before the Covid-19, Turkey had a total of 433 shopping malls and 13.5 million square meters of leasable space. 8 newly opened shopping malls and an additional area of 500 thousand square meters were added, and the total number of shopping malls reached 441, while the leasable area increased to around 14 million square meters in 2021. Increased demand for shopping centres will drive up demand for elevators.

• As a long-term strategy, Turkey plans to increase the number of airports from 57 in 2021 to 61 by 2053 across the country. According to Anadolu Agency (AA) as part of the “Transportation 2053 Vision” construction of several airports is going on in Çukurova, Rize Artvin, Bayburt Gumushane, and Yozgat. The growth of air travel with increase in inbound arrival of tourists in key economic cities such as Istanbul, Ankara, Izmir is responsible for construction of new airports in the country, with the aim to reduce congestion at airports, thereby expecting to drive the demand for moving walkway escalators during the forecast period.

• Periodic control of elevators is carried out by A-type inspection bodies, which have signed protocols with the relevant administrations, after being authorized by the Ministry of Industry and Technology in accordance with the Elevator Periodic Control Regulation.38 different A-type inspection bodies were authorized by the Ministry of Industry and Technology and made public. has been announced in 2020.

• The key players in Turkey Elevator & Escalator market are KONE, Otis, Hyundai Elevator TK Elevator Mitsubishi Electric, Hitachi, Schindler.

• Top 4 prominent vendors including TK elevator, Otis, Schindler and KONE account for 39% of market share in Turkey.
  

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028

• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities

• Segmentation – A detailed analysis by product end-user, and geography

• Competitive Landscape – 5 Key Company Profiles and 6 Other Prominent Vendors

Key Vendors

• Kone

• Mitsubishi Electric

• TK Elevator

• Hitachi

• Hyundai Elevator

• OTIS

• Schindler
  

Other Prominent Vendors

• KLEEMANN

• WITTUR

• ISF Elevator

• SCHMERSAL

• MERIH ELEVATOR

• AMETAL

Market Segmentation

Type

• Hydraulic and Pneumatic

• Machine Room Traction

• Machine Room Less Traction

• Others

carriage Type

• Passenger

• Freight

Person

• 2-15

• 16-24

• 25-33

• 34 and Above

End-User

• Commercial

• Residential

• Industrial

• Others

Explore our  industrial machinery profile to know more about the industry.

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