The Global Elevators And Escalators Market Size is valued at 87.27 billion in 2023 and is predicted to reach 141.52 billion by the year 2031 at a 6.44% CAGR during the forecast period for 2024-2031.
In any building, elevators are used to transport people and things between the various levels or floors. On the other hand, an escalator is a moving staircase that transports people between levels in a public structure and comprises a belt of steps that circulates. In growing nations like China and India, demand for elevators and escalators is rising dramatically.
Key Industry Insights & Findings from the Report:
- The growing demand for mass fast transportation, combined with the state's increased focus on high-rise infrastructures, is expected to drive the global lifts and escalators industry.
- With an increased emphasis on sustainability, there is a growing need for energy-efficient escalators and lifts.
- North America dominated the Market and accounted for a portion of global revenue in 2023.
- While technology developments encourage creativity, the difficulty of incorporating new technologies can be limiting.
The primary growth factors for the worldwide elevators and escalators industry are escalating urbanization, changing demographics, and rising safety concerns. Due to the rising construction sector, the market will have development possibilities during the projected period. Due to the various regional legislations governing this topic, the maintenance and modernization segment of the global elevators and escalators market is also anticipated to expand throughout the forecast period. Additionally, elevators and escalators are predicted to have a considerable increase in demand as a result of the uptick in urbanization, which is producing more and more contemporary retail establishments and metro train stations.
In the upcoming years, the elevators and escalators market may also see growth prospects due to the growing acceptance of green building rules and energy-efficient goods. The market for elevators and escalators may face more challenges in the near future due to compliance with standards and guidelines.
Recent Developments:
- In November 2022, a market leader in the Sacramento, California, region that offers maintenance, repair, modernization, and testing services, 3Phase Elevator, a top independent elevator and escalator services provider, combined with Elevator Industries.
- In June 2021, TK Elevator finalized the acquisition of Accurate Elevator to improve its position in the neighborhood market. A further five additions in a row were undertaken by TK Elevator in the North American market so far in 2021.
Competitive Landscape:
Some major key players in the elevators and escalators market are:
- Aaron Industries Ltd.
- Cibes Lift Group Ab
- Eita Elevator
- Electra Elevators
- Escon Elevators
- Expedite Technologies
- Fujitec Co., Ltd.
- Glarie Elevator Group
- Hitachi Ltd.
- Hyundai Elevator
- Hyundaielevator Co., Ltd.
- Johnson Elevator Co., Ltd.
- Kleemann
- Kone Corporation
- Leo Elevators
- Mitsubishi Electric Corporation
- Orona
- Otis Elevator
- Schindler Group
- Shenyang Yuanda Intellectual Industry Group Co., Ltd.
- Sigma Elevator Company
- Stannah Group
- Thyssenkrupp Ag,
- Toshiba Elevators And Building Systems Corporation
- Trio Elevators Co (India) Private Limited
- United Technologies
- Walton Group
Market Segmentation:
The elevators and escalators market is segmented on the type, service, elevator technology and end-use industry. Based on type, the market is segregated into elevators, escalators and moving walkways. Based on service, the market is segregated into new installation, maintenance & repair and modernization. Based on elevator technology, the elevators and escalators market is segmented into traction elevators, machine room-less traction elevator and hydraulic. Based on end-use industry, the market is segregated into residential, commercial, institutional, infrastructure and others.
Based On Type, The Escalator Segment Is Accounted As A Significant Contributor To The Elevators And Escalators Market
The escalator category seized the highest revenue share, and it is projected that it will continue to maintain that position during the anticipated time. The increased demand from commercial infrastructures, such as shopping centres, business parks, and others, is to blame for this. Additionally, the need for escalators and moving walkways is increasing as a result of the expanding aircraft infrastructure development. For instance, the $775 million redevelopment of Stansted Airport in the United Kingdom is anticipated to be finished by 2021. Furthermore, due to their widespread market penetration, the need for elevators is anticipated to expand steadily.
The Commercial Sector Witnessed Considerable Expansion
During the projected period, the commercial category is predicted to expand at a high rate. Elevators and escalators are often used in commercial buildings, including shopping malls, office buildings, and co-working spaces. The rising trend towards eco-efficiency, flexible design, and safety drives the commercial sector. Additionally, during the past several years, the demand for numerous co-working spaces has increased due to the rise in self-employment. Therefore, changing office space investments are anticipated to support market expansion.
North America Elevators And Escalators Market Holds A Significant Revenue Share In The Region
The North America elevators and escalators market is expected to record the highest market share in revenue shortly. A significant factor in the industry's growth, particularly in the United States, is the efforts made by international manufacturers to establish their presence in the local market. Through smart mergers and acquisitions of the leading domestic players, several well-established global market players are attempting to advance their operations and build a robust regional client base.
In addition, the Asia Pacific is projected to grow rapidly in the global elevators and escalators market because of a sharp increase in demand from significant economies and growing regions like India and Southeast Asia. According to the results of the regional study, China has made a substantial contribution to the rise in market revenue and currently maintains a sizable market share for elevators and escalators.
Elevators and Escalators Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 87.27 Bn |
|
Revenue forecast in 2031 |
USD 141.52 Bn |
|
Growth rate CAGR |
CAGR of 6.44% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (Thousand Units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Service, Elevator Technology And End-Use Industry |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Schindler Group (Switzerland), Otis Elevator (US), Thyssenkrupp AG (Germany), KONE Corporation (Finland), and Hitachi Ltd. (Japan), amongst others. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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