According to Arizton’s latest research report, the Spain elevator and escalator market is growing at a CAGR of 1.08% during 2023-2029.
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Report Summary
Market Size by New Installation (2029): 16.4 Thousand Units
Market Size by New Installation (2023): 15.4 Thousand Units
CAGR by New Installation (2023-2029): 1.08%
Market Size by Installed Base (2029): 1,139.9 Thousand Units
Market Size by Modernization (2023): USD 1.37 Billion
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
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High Investment in the Tourism Sector and Development of Public Infrastructure Projects to Witness a Hike in Elevator Demand
In 2023, despite macroeconomic challenges, Spain’s tourism sector recovered strongly. The country witnessed a significant increase in international visitors, rising 130% from 31.2 million in 2021 to 71.6 million in 2023.
In 2023, 133 hotels and 17,754 rooms were transacted, compared with 127 hotels and 19,043 rooms in 2021. Another 30 assets, such as land for hotel developments and buildings for hotel conversion, were also transacted.
In June 2024, Travelodge expanded its presence in Spain by opening five new hotels, adding 635 rooms. The new locations are Alicante Puerto, Barcelona del Valles, Madrid Alcala de Henares, Malaga Aeropuerto, and Murcia. This expansion, part of Travelodge’s strategy to grow in Spain, includes the brand’s first hotels in Alicante, Murcia, and Malaga. The growth in the hotel industry has had a significant positive impact on the Spain elevator and escalator market.
The iconic Sagrada Família in Barcelona will be completed by 2026, marking 144 years since its construction began. Recent efforts have included the completion of the Evangelists towers and ongoing work on the Chapel of the Assumption and the central tower, which will be the tallest structure in Barcelona at 172.5 meters. The project has resumed after pandemic delays, with active construction and significant funding from tourism.
Market Drivers
Spain is experiencing a hotel construction boom, with a 64.8% increase in new hotel projects and refurbishments in early 2024. Investment reached over $2,102 billion for 412 projects in the first quarter, marking a record high and continuing the growth trend from 2023. Major projects include the Villa Padierna Beach Resort in Marbella, costing $698 million, and other significant developments in Malaga. This surge aims to meet the rising tourist demand, positioning 2024 as a potentially historic year for Spain’s hotel industry.
Additionally, Sercotel Hotels is expanding in Spain with four new hotels planned for 2025 and 2026. Two new four-star hotels in Valencia, a first property in Alicante, and a third hotel in Malaga will enhance their portfolio. This expansion includes modern amenities and strategic locations, strengthening their presence in key tourist destinations. Sercotel currently manages 90 hotels in Spain and Andorra, with additional projects under development, emphasizing their commitment to growth and the tourism sector’s economic development.
Recent Technology Adoption by Major Vendors
KONE Destination Signalization has a touchscreen and user-friendly operating panels.
Gen3 elevators combine industry-leading Gen2 elevators’ established architecture with the connectivity of the Otis ONE IoT digital platform. This unique technology in Gen3 elevators monitors the health and performance of equipment in real-time, 24 hours a day and seven days a week.
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Key Vendors
Otis
KONE
Schindler
TK Elevator
Mitsubishi Electric
Fujitec
Hyundai Elevator
Hitachi
Orona Elevators
Cibes Lift Group
Wittur
Ascensores Excelsior
Ascensores Carbonell
MP Lifts
OMEGA Elevators
TRESA
Ascensores Alapont
Farré Accessibilitat
Ascensores Pascual
Ascensores Valencia Asmen-Val
Neulift S.p.A.
Duplex Elevación S.L.
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
Key Questions Answered in the Report:
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