Comprehensive historical analysis of global market for Elevators & Escalators has thoroughly analyzed in this report. It offers data and insights from 2019-2022, and provides extensive market forecasts from 2023-2032 by region/country and subsectors. It covers the price, sales volume, revenue, historical growth, gross margin, and future outlooks for the Elevators & Escalators market.
The Global Elevators & Escalators Market Size is expected to reach USD 254.2 Billion by 2032, at a CAGR of 7.3% during the forecast period 2022 to 2032.
The report includes growth prospects in the Global Elevators & Escalators Market by type, application, sub segement and region and QMI has compiled a comprehensive detailed research report to offer insights. The report details consumption in the Machinery & Equipment and other sectors. Regional coverage spans North America, Europe, and rest of the world including Asia Pacific.
The global elevators and escalators market is witnessing significant growth driven by rapid urbanization, increasing demand for high-rise buildings, and a growing focus on improving mobility and accessibility. As cities expand and populations grow, the need for efficient vertical transportation systems has never been greater. This blog explores the current trends, market drivers, challenges, and future prospects of the global elevators and escalators market.
What are Elevators and Escalators?
- Elevators: Elevators are vertical transportation systems used to move people and goods between different floors of a building. They are essential for modern high-rise buildings, commercial spaces, and residential complexes.
- Escalators: Escalators are moving staircases that transport people between floors in shopping malls, airports, transit systems, and other public places, enhancing mobility and reducing congestion.
Key Market Drivers
- Rapid Urbanization and Infrastructure Development: As urban populations grow, there is a rising demand for high-rise residential and commercial buildings, driving the need for efficient elevator and escalator systems.
- Aging Population and Accessibility Needs: An increasing aging population in many countries boosts the demand for elevators and escalators designed to provide better accessibility and mobility solutions.
- Technological Advancements: Innovations such as smart elevators, energy-efficient systems, and AI-based maintenance solutions are transforming the market, providing enhanced safety, speed, and user experience.
- Increasing Focus on Safety and Regulations: Stricter safety standards and regulations for building infrastructure are compelling developers to install modern elevators and escalators with advanced safety features.
Challenges in the Market
- High Installation and Maintenance Costs: The initial investment and ongoing maintenance costs of elevators and escalators can be significant, posing a barrier to market growth.
- Regulatory Compliance: Meeting regional safety standards and regulations can be complex, requiring continuous upgrades and compliance checks.
- Environmental Concerns: The energy consumption of elevators and escalators raises environmental concerns, prompting the need for more sustainable and energy-efficient solutions.
Leading players of Elevators & Escalators including:
- Fujitec Co. Ltd.
- Hitachi, Ltd.
- Hyundai Elevator Co., Ltd.
- Johnson Elevator Co., Ltd.
- KONE Oyj
- Mitsubishi Electric Corporation
- United Technologies
- Orona Group
- Otis Elevator Company
- Schindler Group
- ThyssenKrupp AG
- Toshiba Corporation
- Gulf Elevator & Escalator Co, Ltd
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Market split by Segement, can be divided into:
Elevators & Escalators Market, Product Type Analysis
- Elevator
- Escalator
- Moving Walkways
Elevators & Escalators Market, Technology Analysis
- Traction
- Machine Room Less Traction
- Hydraulic
Market segment by Region/Country including:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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On June 2023, Hitachi, Ltd. announced that Hitachi Elevator Engineering Company Limited, which operates in the Hong Kong Special Administrative Region, has received an order from a Hong Kong developer, Sun Hung Kai Properties Limited, for a total of 160 elevators, escalators, and moving sidewalks for the Hong Kong West Kowloon Station complex. The order includes 115 elevators, including 22 high-speed elevators with a rated speed of 300 m/min, 41 escalators, four moving sidewalks, a destination floor reservation system, and a FI-700 elevator management system for effective elevator operations. The units will be produced by Hitachi Elevator (China) Co., Ltd., a Chinese manufacturing, sales, and service company, and will be delivered in December 2024. This is the largest order in Hong Kong for Hitachi Group elevators and escalators.
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Whats covered in the report?
- 1. Overview of the Elevators & Escalators market.
- 2. The current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa) market size data for the Elevators & Escalators market, based on segement.
- 3. Elevators & Escalators Market trends.
- 4. Elevators & Escalators Market drivers.
- 5. Analysis of major company profiles.
Reasons to buy this Market Report:
1. Save time carrying out entry-level research by identifying the size, growth, and leading players in the emerging Elevators & Escalators market.
2. Use the SWOT analysis to determine the competitive intensity and therefore attractiveness of the emerging Elevators & Escalators Industry.
3. Leading company profiles reveal details of key Elevators & Escalators market players emerging five operations and financial performance.
4. Add weight to presentations and pitches by understanding the future growth prospects of the emerging Elevators & Escalators market with five year historical forecasts.
5. Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region.
6. Extensive information on factors that will amplify the growth of the Elevators & Escalators market over the upcoming seven years
7. Accurate estimation of the global Elevators & Escalators market size
8. Exact estimations of the upcoming trends and changes observed in the consumer behavior
9. Growth of the global Elevators & Escalators market across the North & South America, EMEA, Asia Pacific, and Latin America
10. Information about Elevators & Escalators market growth potential
11. In-depth analysis of the industry’s competitive landscape and detailed information vis-a-vis on various vendors
12. Furnishing of detailed information on the factors that will restrain the growth of the Elevators & Escalators market
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