Urbanization drives our growth in many ways. The world’s cities are constantly growing and an estimated 200,000 people move into cities each day – the same as 140 people every minute.
Impact on the industry: Demand for new equipment, growth of installed base
Rapid technological advancements in connectivity, mobility, and computing power are changing many aspects of our lives. Technological disruption drives change and means a faster pace of business and new expectations for ways of working.
Impact on the industry: opportunities to create value for customers in new ways, new revenue streams, automation and new ways of working
Other significant trends
In addition to urbanization and technological disruption, the elevator and escalator industry’s growth is driven by demographic changes and increasing importance of safety and sustainability considerations.
Demographic change: In many parts of the world, both middle income and aging population are growing rapidly. These two factors contribute to an increasing demand for accessible housing and infrastructure.
Safety: More than half of all European elevators and escalators are over 20 years old, increasing the importance of reliability and safety worldwide as growth drivers.
Sustainability: Buildings account for some 40% of the world’s energy usage. Environmental considerations are becoming more and more important in new construction and in renovation.