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Nigeria Elevator and Escalator Market 2023-2029 Value, Size, Outlook, Industry, Analysis, Trends, Share, Revenue, Growth, Companies, COVID-19 Impact & Forecast: Market Forecast By Types, By Services, By End-User and Competitive Landscape

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    Report

  • 70 Pages
  • January 2024
  • Region: Nigeria
  • 6W Research
  • ID: 5955191

Nigeria Elevator and Escalator Market Synopsis

The Nigeria Elevator and Escalator Market witnessed reasonable growth in the period before the pandemic. The growth could be attributed to numerous commercial and residential projects in Nigeria along with various government initiatives towards residential sectors to tackle the housing deficit in the country such as the Upgrading of Informal Settlements and the National Housing Program. However, the demand for elevators and escalators in Nigeria saw a sharp decline owing to the pandemic during the year 2020 as economic activities were suspended to curb the effect of the pandemic.

According to this research, the Nigeria Elevator And Escalator Market is projected to grow at a CAGR of 6.4% in terms of revenues during 2023-2029F. Investment in infrastructure by the Nigerian government with a budget allocation of N1.42 trillion in 2022-23 along with an increasing number of hotel chains in the pipeline in Nigeria coupled with the growing number of skyscrapers would aid the market of Elevators & escalators in coming years. Moreover, the construction of a hotel around Lagos Murtala Muhammed International Airport which is planned to be completed by 2024 would be a major driver for the Nigeria Elevator and Escalator Market growth. Moreover, supply chain also got hampered thereby, further declining the demand and the revenues of elevators and escalators in Nigeria.

Market Segmentation by Types

The elevator and escalator market in Nigeria was dominated by elevator during the year 2022. Elevator hold the maximum revenue and volume share in Nigeria, and it is expected that this trend would continue in the forecast period. The growth of elevators in Nigeria could be attributed to Nigerian government investment in housing and infrastructure projects worth N123.1 billion between the year 2022 and 2025 and this would further propel the market for elevators.

Market Segmentation by Applications

The commercial application is anticipated to garner the majority revenue share in Nigeria elevator and escalator market in the forecast period on the back of investment in infrastructure by the Nigerian government and owing to the rise in the market for passenger elevators.

Market Segmentation by Services

Nigeria elevator and escalator market is dominated by the new installation segment during 2022 on account of ongoing construction projects such as the construction of Wachakal Airport, Abuja World Trade Center Hotel Tower and many others.

Key Attractiveness of the Report

  • 11 Years of Market Numbers.
  • Historical Data Starting from 2019 to 2022.
  • Base Year: 2022
  • Forecast Data until 2029.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report

  • Nigeria Elevator & Escalator Market Overview
  • Nigeria Elevator & Escalator Market Outlook
  • Nigeria Elevator & Escalator Market Forecast
  • Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues for the Period 2019-2029F
  • Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Types, for the Period 2019-2029F
  • Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Service Type, for the Period 2019-2029F
  • Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Applications, for the Period 2019-2029F
  • Market Drivers and Restraints
  • Industry Life Cycle
  • Porter’s Five Force Analysis
  • Impact Analysis of COVID-19
  • Market Trends
  • Africa Country-wise Elevator & Escalator Market Revenue Ranking, By Companies
  • Competitive Benchmarking
  • Company Profiles
  • Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Types

  • Elevator
  • Escalator

By Applications

  • Commercial
  • Residential
  • Industrial

By Services

  • New Installation
  • Modernisation
  • Maintenance

Table of Contents

1. Executive Summary
2. Introduction
2.1. Report Description
2.2. Key Highlights of the Report
2.3. Market Scope & Segmentation
2.4. Research Methodology
2.5. Assumptions
3. Nigeria Elevator and Escalator Market Overview
3.1. Nigeria Elevator and Escalator Market Revenues & Volume, 2019-2029F
3.2. Nigeria Elevator and Escalator Market Revenue and Volume Share, By Types
3.3. Nigeria Elevator and Escalator Market-Industry Life Cycle
3.4. Nigeria Elevator and Escalator Market-Porter’s Five Forces
4. Nigeria Elevator And Escalator Market Dynamics
4.1. Nigeria Elevator and Escalator Market Dynamics Impact Analysis
4.2. Nigeria Elevator and Escalator Market Dynamics Driver
4.3. Nigeria Elevator and Escalator Market Dynamics Driver Restraint
5. Nigeria Elevator And Escalator Market Trends
6. Nigeria Elevator Market Overview, By Type
6.1. Nigeria New Installation Elevator Market Revenue and Volume Share, By Types 2022 & 2029F
6.2. Nigeria New Installation Elevator Market Revenues and Volume, By Types. 2019-2029F
6.2.1 Nigeria New Installation Elevator Market Revenues and Volume, By Passenger, 2019-2029F
6.2.1 Nigeria New Installation Elevator Market Revenues and Volume, By Cargo, 2019-2029F
6.2.3 Nigeria New Installation Elevator Market Revenues and Volume, By Home, 2019-2029F
7. Nigeria Escalator Market Overview, By Type
7.1 Nigeria New Installation Escalator Market Revenue and Volume Share, By Types, 2022 & 2029F
7.2. Nigeria New Installation Escalator Market Revenues and Volume, By Types, 2019-2029F
7.2.1. Nigeria New Installation Escalator Market Revenues and Volume, By Moving Stairway, 2019-2029F
7.2.2. Nigeria New Installation Escalator Market Revenues and Volume, By Moving Walk away, 2019-2029F
8. Nigeria Elevator and Escalator Market Overview, By Service type
8.1. Nigeria Elevator and Escalator Market Revenue Share & Revenue, By Services 2022 & 2029F
8.1.1. Nigeria Elevator and Escalator Market Revenue, By New Installation, 2019-2029F
8.1.2. Nigeria Elevator and Escalator Market Revenue, By Maintenance, 2019-2029F
8.1.3. Nigeria Elevator and Escalator Market Revenue, By Modernisation, 2019-2029F
9. Nigeria Elevator and Escalator Market Overview, By Applications
9.1. Nigeria Elevator and Escalator Market Revenue Share & Revenue, By Application 2022 & 2029F
9.1.1. Nigeria Elevator and Escalator Market Revenue, By Commercial 2019-2029F
9.1.2. Nigeria Elevator and Escalator Market Revenue, By Residential 2019-2029F
9.1.3. Nigeria Elevator and Escalator Market Revenue, By Industrial 2019-2029F
10. Nigeria Elevator and Escalator Market Key Performance Indicators
11. Nigeria Elevator and Escalator Market- Opportunity assessment
11.2. Nigeria Elevator and Escalator Market Opportunity Assessment, By Service, 2029F
11.3. Nigeria Elevator and Escalator Market Opportunity Assessment, By Application, 2029F
12. Nigeria Elevator and Escalator Market - Competitive Landscape
12.1. Nigeria Elevator and Escalator Market Competitive Benchmarking, By Company
12.2. Nigeria Elevator and Escalator Market Competitive Benchmarking, By Technical Parameters
12.3. Nigeria Elevator and Escalator Market Competitive Benchmarking, By Operating Parameters
13. Company Profile
13.1. Otis Worldwide Corporation
13.2. Schindler Holding Ltd.
13.3. KONE Corporation
13.4. Mitsubishi Electric Corporation
13.5. TK Elevator GmbH
13.6. Hyundai Elevator Co. Ltd
13.7. FUJIHD Elevator Co.,Ltd.
13.8. Hitachi Ltd
13.9. Kleemann Hellas S.A.
13.10. Akotex Elevator Company
14. Key strategic recommendations15. Disclaimer
List of Figures
Nigeria Elevator and Escalator Market Revenues and Volume, 2019-2029F ($ Million, Units)
Nigeria Elevator and Escalator Market Revenue Share, By Types, 2022 & 2029F
Nigeria Elevator and Escalator Market Volume Share, By Types, 2022 & 2029F
Nigeria’s Anticipated Hotel Pipeline Onsite Construction Deals, 2022-2027F
Nigeria New Installation Elevator Market Revenue Share, By Types, 2022 & 2029F
Nigeria New Installation Elevator Market Volume Share, By Types, 2022 & 2029F
Nigeria New Installation Escalator Market Revenue Share, By Types, 2022 & 2029F
8: Nigeria New Installation Escalator Market Volume Share, By Types, 2022 & 2029F
Nigeria Elevator and Escalator Market Revenue Share, By Services, 2022 & 2029F
Nigeria Elevator and Escalator Market Revenue Share, By Applications, 2022 & 2029F
Number of Hotel Rooms Nigeria, 2019-2023E (In Thousand)
Nigeria Elevator and Escalator Market Opportunity Assessment, By Services, 2029F
Nigeria Elevator and Escalator Market Opportunity Assessment, By Applications, 2029F
Nigeria Elevator and Escalator Market Revenue Share, By Company, 2023
Ongoing Total Pipeline By Industry, 2023
Sector-wise Number of Projects and their Value, 2022-27
List of Tables
Hotel Chain Development Pipeline in Nigeria, 2023-2025E
Upcoming Skyscraper Projects in Nigeria, 2023-2025
Nigeria New Installation Elevator Market Revenues, By Types, 2019-2029F ($ Million)
Nigeria New Installation Elevator Market Volume, By Types, 2019-2029F (Units)
Nigeria New Installation Escalator Market Revenues, By Types, 2019-2029F ($ Million)
Nigeria New Installation Escalator Market Volume, By Types, 2019-2029F (Units)
Nigeria Elevator and Escalator Market Revenues, By Services, 2019-2029F ($ Million)
Nigeria Elevator and Escalator Market Revenues, By Applications, 2019-2029F ($ Million)
List of Planned and Under Construction Projects in Nigeria
Nigeria Ongoing Infrastructure Projects 2023-2024

Companies Mentioned

  • Otis Worldwide Corporation
  • Schindler Holding Ltd.
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • TK Elevator GmbH
  • Hyundai Elevator Co. Ltd
  • FUJIHD Elevator Co.,Ltd.
  • Hitachi Ltd
  • Kleemann Hellas S.A.
  • Akotex Elevator Company