The global elevator and escalator market size reached US$ 145.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.
An elevator is a closed cabin operated by electric motors that drive traction cables, counterweight systems, and pump hydraulic fluid to raise a cylindrical piston. It is a capable vertical mobility solution that uses urban space efficiently and makes movement in buildings possible. On the other hand, an escalator is a moving staircase and conveyor transport device used for carrying people in a building from one floor to another. It comprises a motor-driven chain of individual, linked steps that move up and down on tracks to allow the step treads to remain horizontal.
Elevator and Escalator Market Trends:
The increasing adoption of elevators and escalators in residential, commercial, and industrial spaces represents one of the major factors bolstering the growth of the market around the world. Moreover, the expanding number of modernizing and renovation activities in commercial locations, such as offices, shopping malls, airports, hospitals, and hotels, for enhanced safety and aesthetic appeal is favoring the market growth. In addition, key players are introducing smart elevators and escalators that are integrated with predictive maintenance, big data analytics, the internet of things (IoT), artificial intelligence (AI), Bluetooth, Wi-Fi, and long-term evolution (LTE) technologies. They are faster and more reliable and assist in improving the operational efficiency and safety of the elevator and escalator while lowering energy costs as compared to conventionally used elevators and escalators. Apart from this, rapid urbanization, expanding global and working population, and growing investments in the development of smart cities by governments of numerous countries are creating a positive outlook for the market. Furthermore, significant improvements in existing infrastructural development and extensive research and development (R&D) activities by leading players are anticipated to strengthen the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global elevator and escalator market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, service and end use.
Breakup by Type:
- Moving Walkways
Breakup by Service:
- New Installation
- Maintenance and Repair
Breakup by End Use:
- Mixed Block
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Canny Elevator Co. Ltd., Electra Elevators., Fujitec Co. Ltd., Gulf Elevators & Escalators Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., Johnson Lifts Private Limited, Kleemann Group, KONE Corporation, Mitsubishi Electric Corporation, Otis Elevator Company (I). Ltd (Otis Worldwide Corporation), Schindler Holding Ltd., Sigma Elevator Company and Toshiba Elevator and Building Systems Corporation (Toshiba Corporation). Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
| Historical Period
||Type, Service, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Canny Elevator Co. Ltd., Electra Elevators., Fujitec Co. Ltd., Gulf Elevators & Escalators Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., Johnson Lifts Private Limited, Kleemann Group, KONE Corporation, Mitsubishi Electric Corporation, Otis Elevator Company (I). Ltd (Otis Worldwide Corporation), Schindler Holding Ltd., Sigma Elevator Company and Toshiba Elevator and Building Systems Corporation (Toshiba Corporation).
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Key Questions Answered in This Report:
- How has the global elevator and escalator market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global elevator and escalator market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the service?
- What is the breakup of the market based on the end use?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global elevator and escalator market and who are the key players?
- What is the degree of competition in the industry?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the elevator and escalator market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global elevator and escalator market.
- The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the elevator and escalator industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.