The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Elevator and Escalator Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Elevator and Escalator Industry (2024-2030):
According to the latest report, The Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 is estimated to grow at a CAGR of around 7.8% during the forecast period, i.e., 2024-30. The report demonstrates the prominent factors propelling the exponential growth of the Elevator and Escalator industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-30
- CAGR (2024-2030): 7.8%
- Market Value (2023): USD 125.5 Billion
What are the major Driver the Elevator and Escalator industry?
Increasing Investment in Construction Projects – The global elevator and escalator market is set to grow due to the rising construction of new residential and commercial properties in both developing and developed economies. Infrastructure-related projects are being invested in by over 40 developing countries, as per the UNCTAD Trade report. Additionally, numerous government initiatives from these nations aim to boost demand for elevators and escalators further during the forecast period. For instance,
India is planning to invest USD 1.4 trillion in residential and commercial infrastructure by 2025.
Furthermore, developing smart cities is also expected to augment the size volume of the Global Elevator and Escalator Market. For instance,
The source of the Policy Forum stated that the Chinese government's investment in the smart city was USD 30.5 billion in 2019, and investment is expected to reach USD 60.2 billion by 2028.
In addition, the increasing construction of high-rise buildings in developed and developing countries drives the growth expansion of the market.
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Elevator and Escalator Market Segmentation
The Elevator and Escalator Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type
- Elevator
- Traction- Market Size Forecast 2019-2030, (Thousand Units)
- Hydraulic- Market Size Forecast 2019-2030, (Thousand Units)
- Machine Room Less- Market Size Forecast 2019-2030, (Thousand Units)
- Escalator
- Moving Walkway- Market Size Forecast 2019-2030, (Thousand Units)
- Moving Stairs- Market Size Forecast 2019-2030, (Thousand Units)
- By Service
- New Installation- Market Size Forecast 2019-2030, (Thousand Units)
- Modernization- Market Size Forecast 2019-2030, (USD Million)
- Maintenance- Market Size Forecast 2019-2030, (USD Million)
- By Application
- Residential- Market Size Forecast 2019-2030, (Thousand Units)
- Commercial- Market Size Forecast 2019-2030, (Thousand Units)
- Industrial- Market Size Forecast 2019-2030, (Thousand Units)
- By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific
As per the regional aspect, the Elevator and Escalator Market is expected to be dominated by North America by capturing the potential market share.
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Top Companies in the Elevator and Escalator Market
Fujitec Co. Ltd., Hitachi Elevator Engineering Company, KONE, Canny Elevator Company Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, ORONA, Otis Worldwide Corporation, Schindler Holding Ltd., ThyssenKrupp Elevator AG, SJEC Corp., Sigma Elevators, Walton group, Electra Elevators and others
Elevator and Escalator Industry Recent Development:
In 2023: Fujitec Singapore Corp. Ltd., a subsidiary of Fujitec Co. Ltd., finished revamping 19 elevators in Singapore's One Raffles Place (previously known as OUB Center). The updated elevators come with cutting-edge features such as faster speed and innovative systems that reduce travel time, providing enhanced comfort and stability to the passengers.
In 2023: Hitachi Elevator Engineering Company, a Hitachi Ltd. subsidiary, successfully acquired its biggest deal in Hong Kong, which involves 160 elevators, escalators, and moving walks for Sun Hung Kai Properties Limited's Hong Kong West Kowloon Station complex. These products are being produced by Hitachi Elevator (China) Co., Ltd., consisting of 115 out of a total of 22 high-speed elevators that will be delivered by December 2024.
In 2023: the Finnish multinational elevator and escalator corporation, KONE, declared the introduction of its latest lift innovation, the KONE MonoSpace 600. This state-of-the-art technology is intended to be more economical and environmentally friendly.
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