New York (US), April 10, 2023 (GLOBE NEWSWIRE) -- Escalator Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Escalator Market Information by Type, by Application, and Region - Forecast till 2030", By 2030, the escalator market should reach USD 20,864.40 million while developing at a rate of 4.70% between 2022 and 2030.
Market Synopsis
People can go from one floor to the next in a building or other structure using escalators, which are essentially moving staircases. The majority of the time, they are powered by an electric motor and constructed of interlocking steps. The system of chains and gears in an escalator makes it simple to move the steps. All of the equipment is housed within a network of trusses that span the floors. Residential, industrial, and commercial constructions are among the many verticals where they are frequently encountered. They are put in place in housing complexes, train stations, metro stations, hospitals, office buildings, shopping centers, and educational institutions. As the construction industry gains pace, escalators in high-rise and mid-rise buildings have become essential.
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Market Competitive Landscape:
The affluent vendors in the escalator industry are
- Schindler (Switzerland)
- ThyssenKrupp AG (Germany)
- KONE Corporation (Finland)
- United Technologies (US)
- Hitachi Ltd. (Japan)
- Toshiba Corporation (Japan)
- Mitsubishi Electric Corporation Electra Ltd. (Israel)
- FUJITA (Japan)
- Hyundai Elevator Co. Ltd.
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 20,864.40 million |
| CAGR | 4.70% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increased urbanization is increasing the number of modern retail and metro train stations. |
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Market USP Covered:
Market Drivers:
Because metropolitan areas provide more economic and educational possibilities, the pace of urbanization has increased significantly over the world. The need for institutional and commercial buildings has been spurred by the growth of the urban population. Because more people need to be accommodated, commercial buildings have become larger in terms of square footage. The significance of vertical transportation systems for the efficient operation of buildings has risen as a result. Because escalators allow for a continuous flow of people from one floor to another, these considerations have had a favorable impact on the escalator market. Also, many governments throughout the world are concentrating on the building of effective metro rail systems to address problems with traffic congestion, which is driving up demand for the industry.
Also, there are now many more shopping malls due to the growing spending power of the populace in emerging nations. Escalators are less noisy and vibrational than stairs and may be put in the same area. These technological benefits help escalators become more popular.
Opportunities
The heavy surge in the urban population worldwide will lead to a desire for more business space, which will fuel the escalator market's expansion. Also, emerging nations worldwide have expanded their investments in metro and subway construction. For instance, as of 2020, India will have a metro rail network of more than 1000 kilometers, while China will have a network of over 6000 km of subways. Moreover, India is building 21 Greenfield airports as part of the UDAN program. As escalators allow for continuous people movement, the development of such public transportation projects considerably boosts the need for them.
Market Restraints:
The increasing number of accidents is a worry with modern escalators. When fixing and maintaining them, several accidents have happened. Numerous workers have suffered serious injuries when they have been trapped in the middle of these moving pieces. The incidents during repair are expected to diminish as occupational safety regulations and training standards tighten.
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COVID 19 Analysis
Every industry has been impacted by the COVID-19 pandemic, including those in the following sectors: aerospace & defense, banking, financial services & insurance, ICT, agriculture, food & beverage, automotive & transportation, chemical & material, consumer goods, retail & eCommerce, energy & power, pharmaceutical & healthcare, packaging.
The entire world is suffering due to the coronavirus outbreak. Almost all nations have implemented strong social segregation policies, including lockdowns. Supply networks have been disrupted as a result. The epidemic has altered global social structures.
Market Segmentation
By Type
The escalator market segmentation, depending on the type, is parallel, multi-parallel, walkway, crisscross, and spiral type. The escalator market growth was prominently high under the parallel segment in 2021 due to increased demand from commercial buildings.
Compared to conventional escalators, the parallel escalator provides many benefits. Since it contains twice as many steps, which are broader than those on a straight up-and-down escalator, it can move more passengers per unit of time than a straight escalator.
By Application
Commercial and residential escalators are divided into market segments based on application. In addition to the expected higher CAGR growth, the residential sector was the market's largest contributor in 2021. The global housing industry is being driven by improving economic living standards. As more people move to cities in search of employment, emerging countries like India, China, the Middle East, and North Africa are seeing unprecedented urban boom. This has led to a surge in the significance of high-height building development, which is almost always accompanied by intelligent elevators. In addition, there is a major uptick in investment in public transit projects like metro lines and airports, as well as rising demand for commercial space, which is driving the industry.
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Regional Insights
In terms of revenue, North America dominated the escalator industry in 2021. This is due to the presence of nations like Mexico, Canada, and the United States. Strong urbanization rates in these nations are anticipated, which will increase demand in the area. The growth of significant companies is another factor influencing market demand. Since numerous established market players try to increase their performance and client base in the area by fusing their tactics and acquiring significant local businesses, the US will have the greatest revenue share in the market in 2021.
Throughout the projection period, Asia-Pacific will see the highest growth rate. India, China, and other Asia-Pacific nations with high population densities, as well as Japan, make a contribution and act as the main market drivers. A significant boom in the construction industry is also anticipated in Asia-Pacific as a result of an increase in public and private infrastructure development projects. A conducive environment for commercial expansion has also been created through the cooperation between domestic and foreign businesses.
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