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 (Elevator, Escalator, Moving Walkways), By Services (Maintenance & Repair, New Installation, Modernization), By End-User (Residential, Commercial, Public) And Competitive Landscape

Product Code: ETC005709 Publication Date: Jan 2024 Updated Date: Jan 2024 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 16 No. of Tables: 10

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 6Wresearch, 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
Frequently Asked Questions About the Market Study (FAQs):
Nigeria Elevator and Escalator market is projected to grow at a CAGR of 6.4% in terms of revenues during 2023-2029F.
The hospitality industry would register growth in the future owing to an increase in a number of projects across the region, such as an increase in hotel room addition in Lagos, Abuja, Ibadan regions and many others would propel the demand for elevators & escalators in the country.
Elevator hold the maximum revenue and volume share in Nigeria, and it is expected that this trend would continue in the forecast period.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
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 recommendations
15. Disclaimer
List of Figures
1. Nigeria Elevator and Escalator Market Revenues and Volume, 2019-2029F ($ Million, Units)
2. Nigeria Elevator and Escalator Market Revenue Share, By Types, 2022 & 2029F
3. Nigeria Elevator and Escalator Market Volume Share, By Types, 2022 & 2029F
4. Nigeria’s Anticipated Hotel Pipeline Onsite Construction Deals, 2022-2027F
5. Nigeria New Installation Elevator Market Revenue Share, By Types, 2022 & 2029F
6. Nigeria New Installation Elevator Market Volume Share, By Types, 2022 & 2029F
7. Nigeria New Installation Escalator Market Revenue Share, By Types, 2022 & 2029F
8: Nigeria New Installation Escalator Market Volume Share, By Types, 2022 & 2029F
9. Nigeria Elevator and Escalator Market Revenue Share, By Services, 2022 & 2029F
10. Nigeria Elevator and Escalator Market Revenue Share, By Applications, 2022 & 2029F
11. Number of Hotel Rooms Nigeria, 2019-2023E (In Thousand) 
12. Nigeria Elevator and Escalator Market Opportunity Assessment, By Services, 2029F
13. Nigeria Elevator and Escalator Market Opportunity Assessment, By Applications, 2029F
14. Nigeria Elevator and Escalator Market Revenue Share, By Company, 2023
15. Ongoing Total Pipeline By Industry, 2023
16. Sector-wise Number of Projects and their Value, 2022-27
List of Tables
1. Hotel Chain Development Pipeline in Nigeria, 2023-2025E
2. Upcoming Skyscraper Projects in Nigeria, 2023-2025
3. Nigeria New Installation Elevator Market Revenues, By Types, 2019-2029F ($ Million)
4. Nigeria New Installation Elevator Market Volume, By Types, 2019-2029F (Units)
5. Nigeria New Installation Escalator Market Revenues, By Types, 2019-2029F ($ Million)
6. Nigeria New Installation Escalator Market Volume, By Types, 2019-2029F (Units)
7. Nigeria Elevator and Escalator Market Revenues, By Services, 2019-2029F ($ Million)
8. Nigeria Elevator and Escalator Market Revenues, By Applications, 2019-2029F ($ Million)
9. List of Planned and Under Construction Projects in Nigeria 
10. Nigeria Ongoing Infrastructure Projects 2023-2024 
 

Market Forecast By Types (Elevator, Escalator, Moving Walkways), By Services (Maintenance & Repair, New Installation, Modernization), By End-User (Residential, Commercial, Public) And Competitive Landscape

Product Code: ETC005709 Publication Date: Sep 2020 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 35 No. of Tables: 5

Nigeria Elevator And Escalator Market is projected to grow over the coming years. Nigeria Elevator And Escalator Market report is a part of our periodical regional publication Africa Elevator And Escalator Market outlook report. 6W tracks elevator and escalator market for over 60 countries with individual country-wise market opportunity assessment and publishes with the report titled Global Elevator And Escalator Market outlook report annually.

Nigeria Elevator and Escalator Market report comprehensively covers the market by Types, Services and End Users. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities, high growth areas, and market drivers, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Nigeria Elevator and escalator market Synopsis

Nigeria Elevator and escalator market is expected to gain momentum during the upcoming years owing to the growing residential sector. The rising development of infrastructure along with increasing number of multicomplexes and shopping malls is driving the Nigeria Elevator and escalator market growth. Moreover, the upsurge in the ageing population backed by rising penetration towards comfort beholds the development of the market. The rising disposable income coupled with improvement in the standard of living is one of the major factor contributing to the Nigeria Elevator and escalator market Revenue.

According to 6Wresearch, the Nigeria Elevator And Escalator Market size is expected to record growth during 2020-2026. The rising initiatives taken by the government to improve the infrastructure coupled with strengthening of tourism rector and building of hotels drives the growth of the market. However, the outbreak of COVID-19 led to the decline in Nigeria elevator and escalator market share due to the shutting down of multicomplexes. The nationwide lockdown also led to the disruption in supply chain.

Market Analysis by type

Based on type, the elevator segment occupied the largest share and is expected t6o lead the market during the upcoming years as well owing to the strengthening of construction sector.

Key Attractiveness of the Report

  • COVID-19 Impact on the Market.
  • 10 Years Market Numbers.
  • Historical Data Starting from 2016 to 2019.
  • Base Year: 2019
  • Forecast Data until 2026.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report:

  • Nigeria Elevator and Escalator Market Outlook
  • Market Size of Nigeria Elevator and Escalator Market, 2019
  • Forecast of Nigeria Elevator and Escalator Market, 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Revenues & Volume for the Period 2016 - 2026
  • Nigeria Elevator and Escalator Market Trend Evolution
  • Nigeria Elevator and Escalator Market Drivers and Challenges
  • Nigeria Elevator and Escalator Price Trends
  • Nigeria Elevator and Escalator Porter's Five Forces
  • Nigeria Elevator and Escalator Industry Life Cycle
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Types for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Elevator for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Escalator for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Moving Walkways for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Services for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Maintenance & Repair for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By New Installation for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Modernization for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By End-User for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Residential for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Commercial for the Period 2016 - 2026
  • Historical Data and Forecast of Nigeria Elevator and Escalator Market Revenues & Volume By Public for the Period 2016 - 2026
  • Nigeria Elevator and Escalator Import Export Trade Statistics
  • Market Opportunity Assessment By Types
  • Market Opportunity Assessment By Services
  • Market Opportunity Assessment By End-User
  • Nigeria Elevator and Escalator Top Companies Market Share
  • Nigeria Elevator and Escalator Competitive Benchmarking By Technical and Operational Parameters
  • Nigeria Elevator and Escalator Company Profiles
  • Nigeria Elevator and Escalator Key Strategic Recommendations

Market Segmentation:

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

  • By Types
    • Elevator
    • Escalator
    • Moving Walkways
  • By Services
    • Maintenance & Repair
    • New Installation
    • Modernization
  • By End-User
    • Residential
    • Commercial
    • Public

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