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.
The rise in construction activities, growing investment in infrastructure development, particularly in developing countries, the increasing emphasis on energy-efficiency and sustainability, the adaptation of smart technology into elevators and escalators, and the growing geriatric population represent some of the factors that are propelling the market.
Key Trends/Drivers affecting the growth of the global Elevator and Escalator Market
The escalating demand for elevator and escalator systems due to the rising construction of high-rise buildings and urban infrastructure across the globe represents one of the major factors influencing the market positively. Moreover, the increasing installation of elevators and escalators in public buildings to ensure inclusivity for individuals with disabilities is strengthening the growth of the market. Apart from this, there is a rise in the demand for efficient and reliable elevator and escalator systems among individuals. This, coupled with the growing adoption of advanced safety features in elevator and escalator systems to provide enhanced safety to people, is offering a positive market outlook. Additionally, innovations, such as smart elevators with the Internet of Things (IoT) connectivity and predictive maintenance, are bolstering the growth of the market. In line with this, the increasing development of energy-efficient elevators and escalators is impelling the market growth. Furthermore, the rising focus on sustainable building practices is propelling the market growth. In addition, the increasing replacement or upgradation of outdated elevator and escalator systems is providing lucrative growth opportunities to industry investors. Besides this, the rising need for seamless urban mobility solutions is contributing to the market growth. The increasing utilization of elevators and escalators to avoid congestion is also supporting the market growth.
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About the Elevator and Escalator Industry:
Elevators, also known as lifts, are mechanical devices used for the vertical transportation of people and goods within buildings and other structures. They comprise a car or cabin that moves along a vertical shaft or hoistway and allows individuals to travel between different floors or levels of a building with ease and convenience. They are designed with numerous safety features, including emergency brakes, sensors, and backup power sources to protect passengers and ensure their well-being. They allow passengers to select their desired floor using buttons or a control panel inside the elevator. They enhance accessibility for people with mobility challenges, including individuals with disabilities, elderly people, and those with strollers or heavy luggage. They reduce the time required to reach the destination within a building. On the other hand, escalators are inclined staircases that are motorized and continuously operate in a loop and allow individuals to step onto them and be carried upward or downward without the need for climbing. They have several safety features, such as handrails, sensors, and emergency stop buttons. They can be aesthetically pleasing and add to the overall ambiance of the interior of a building. They eliminate the need for strenuous physical exertion associated with climbing stairs, making them accessible for individuals. They take up less floor space as compared to traditional staircases and allow architects and designers to maximize the usable area within a building. They can efficiently accommodate a large number of people simultaneously and reduce congestion and wait times, especially in busy public spaces.
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Elevator and Escalator Market Report Segmentation:
The report is organized into distinct sections as follows:
Breakup by Type:
- Elevators
- Escalators
- Moving Walkways
Breakup by Service:
- New Installation
- Maintenance and Repair
- Modernization
Breakup by End Use:
- Residential
- Commercial
- Offices
- Hospitality
- Mixed Block
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Leading Companies Operating in the Elevator and Escalator Industry:
- 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).
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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