The Elevator and Escalator Market, valued at USD 85.2 billion in 2022, is poised for significant growth, with projections indicating an increase to USD 144.21 billion by 2030. This trajectory reflects a robust Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period from 2023 to 2030.
Elevators, escalators, and moving walkways play integral roles in various settings, including industrial, residential, and commercial infrastructures. In residential structures, elevators and escalators are commonly employed in buildings with guest rooms, apartments, and affordable housing units. The market offers a diverse range of lifts, such as hydraulic lifts, cable lifts, wheelchair lifts, pneumatic lifts, and glass lifts, catering to different needs and preferences.
Beyond residential use, elevators and escalators find applications in industrial settings, shipyards, and areas like pulp & paper, facilitating the movement of freight and cargo. In the industrial sector, these systems play a crucial role in transporting items, concrete, and inventories from one floor to another, streamlining logistics and enhancing operational efficiency.
The expansion of the Elevator and Escalator Market is underpinned by increased investments in residential and commercial building projects. Developed and developing nations, including India, China, the United States, and others, are witnessing rising investments in construction, driving the demand for vertical transportation solutions. As urbanization and infrastructure development continue to surge globally, the market for elevators and escalators is expected to witness sustained growth.
The forecasted CAGR underscores the industry's anticipation of continued demand for vertical transportation solutions, aligning with the evolving needs of modern structures and urban landscapes. The period from 2023 to 2030 holds promise for the Elevator and Escalator Market as it continues to be a critical component in enhancing accessibility, convenience, and efficiency in diverse built environments.
Key Players
The major key players are, ThyssenKrupp AG (Cinven, Advent, and RAG Foundation), CT Elevator Pte Ltd, Schindler, KONE CORPORATION, Hitachi, Ltd., HYUNDAI ELEVATOR CO. LTD., Mitsubishi Electric Corporation, Otis Worldwide Corporation, FUJITEC CO., LTD, Toshiba Corporation and others.
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KEY MARKET SEGMENTATION
- Product
- Elevators
- Escalators
- Moving Walkway
- Business
- New Equipment
- Maintenance
- Modernization
- Application
- Residential
- Commercial
- Industrial
DRIVERS
1. The escalating demand for accessible infrastructure, particularly elevators and escalators, is fueled by the aging global population and the imperative to accommodate those with mobility impairments.
2. Rising energy prices and environmental apprehensions are driving manufacturers to engineer more energy-efficient elevator and escalator systems, aligning with the growing emphasis on eco-friendly technologies.
3. The integration of cutting-edge technology, including IoT (Internet of Things), predictive maintenance, and smart controls, is enhancing the performance, safety, and convenience of these systems.
OPPORTUNITY
1. Businesses venturing into the development of eco-friendly and energy-efficient technologies find lucrative opportunities within the growing demand for inclusive infrastructure.
2. Service providers stand to benefit from a steady income stream as the continuous need for maintaining and improving current elevator and escalator systems becomes a consistent market demand.
3. The implementation of touchless controls and predictive maintenance in smart elevators and escalators opens up new market niches, presenting innovative avenues for those at the forefront of technological advancements.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
....
4. Impact Analysis
4.1 Impact of the Ukraine- Russia War
4.2 Impact of Ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Elevator and Escalator Market, By Product
.... Continued
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