The Global Market for Elevator and Escalator Estimated at USD 94.8 Billion In the Year 2023, is Projected to Reach A Revised Size of USD 174.29 Billion by 2032, Growing at A CAGR of 7.0% Over the Forecast Period 2024-2032.
The growth of the Elevator and Escalator industry is being fueled by fast urbanization, growing high-rise construction, and the demand for effective vertical transportation options in residential, commercial, and industrial structures. Elevators and escalators play a crucial role in improving mobility, safety, and convenience in today's infrastructure. The advancements in technology, such as smart elevators with IoT integration, energy-efficient systems, and enhanced safety features, are advantageous for the market. In addition, the increasing focus on environmentally friendly buildings and sustainability has resulted in the creation of eco-conscious elevators and escalators that lessen energy usage and carbon emissions. Maintenance and modernization services are also important for market growth because building owners want to enhance existing systems for better performance and meeting safety standards. Nevertheless, obstacles like expensive installation expenses and strict regulations may affect the market. In spite of these obstacles, the market is ready for ongoing expansion due to the enduring urbanization trends.
Global Elevator and Escalator Market Top Key Players:
United Technologies (U.S.), Schindler (Switzerland), KONE CORPORATION (Finland), Hitachi, Ltd. (Japan), HYUNDAIELEVATOR CO., LTD. (South Korea), Mitsubishi Electric Corporation (Japan), Johnson Elevator Co., Ltd. (China), FUJITEC CO., LTD (Japan), Toshiba Corporation (Japan), Schindler Management Ltd. (Switzerland), ThyssenKrup AG (Germany), Sigma elevator company (Thailand), Electra Ltd (Israel), Gulf Elevator & Escalator Co, Ltd (Japan), Otis Elevator Company (US), and Other Major Players.
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Drivers in the Elevator and Escalator Market
Rapid urbanization and the increasing need for tall residential and commercial buildings in crowded urban areas are pushing the elevator and escalator market. As cities grow upwards, the demand for effective and trustworthy vertical transportation systems goes up. Updating old infrastructure and replacing obsolete equipment also helps drive market expansion, as property owners aim to enhance safety, effectiveness, and convenience. The integration of IoT in smart elevators, along with energy-efficient systems and advanced safety features, contributes to the increasing popularity of modern elevator and escalator solutions. Moreover, the increasing emphasis on accessibility and the enforcement of rules for providing barrier-free access in public buildings boost the need.
Segmentation Analysis of The Elevator and Escalator Market
Elevator and Escalator market segments cover the Product, business, and application. By Product, the Escalators segment is anticipated to dominate the Market over the Forecast period.
By Product
- Elevators
- Escalators
- Moving Walkways
By Business
- New Equipment
- Maintenance
- Modernization
By Application
- Residential
- Commercial
- Industrial
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Opportunities in the Elevator and Escalator Market
The elevator and escalator industry presents great chances for growth and creativity, especially in the advancement of intelligent and eco-friendly systems. The combination of IoT and AI technologies allows for predictive maintenance, leading to decreased downtime and operational expenses, as well as enhanced service efficiency. The increasing popularity of green building certifications and energy efficiency offers manufacturers the chance to create and sell environmentally friendly elevators and escalators. Emerging markets, with increasing urbanization and infrastructure development, offer significant opportunities for growth. Moreover, the need for modernizing and updating current structures presents chances for businesses to offer enhancement options. Working together with smart city projects and real estate developers can expand market reach and improve competitiveness in this changing industry.
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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