Pune, India, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global elevator and escalator market size was valued at USD 83.86 billion in 2022. The market is anticipated to expand from USD 88.59 billion in 2023 to USD 142.52 billion by 2030, exhibiting a CAGR of 7.0% over the estimated period. The expansion is propelled by the increasing investment in residential and commercial infrastructural projects in developed and developing economies. Fortune Business Insights™ provides this information in its research report, titled “Elevator and Escalator Market, 2023-2030”.
The global elevator and escalator market report 2023 provides comprehensive information on elevator and escalator market size, share and growth analysis with latest trends and regional outlook. The valuable historic and forecast market data analyzed in this report, make this report very helpful for organizations to make timely decisions and stay ahead of competition.
KEY INDUSTRY DEVELOPMENTS:
February 2023 – Hyundai Elevator introduced a new AI prediction technology, rolling out 1,100 elevators. The technology deploys vertical transportation, decreasing the time and number of stoppages by 43%.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.0% |
| 2030 Value Projection | USD 142.52 billion |
| Base Year | 2022 |
| Elevator and Escalator Market Share in 2022 | USD 83.86 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 168 |
| Segments covered | By Product, By Application, By Business and By Region |
| Elevator and Escalator Market Growth Drivers | Increasing Shift toward Environment-friendly Products to Increase the Adoption of Green Labeled Products |
| Rising Preference for Energy-efficient Elevator and Escalator to Promote Market Growth |
COVID-19 Impacts:
Market Expansion Affected Due to Abrupt Shutdown of Manufacturing Facilities
The COVID-19 pandemic led to the shutdown of manufacturing processes, leading to a reduction in modernization and new construction activities. This affected the product sales to a considerable extent. The market expansion was further impacted by the uncertainty in public investments and decreased cash liquidity.
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Drivers and Restraints:
Market Value to Rise Impelled by Growing Investments in Infrastructure
One of the major factors propelling the elevator and escalator market growth is the escalating spending on infrastructure by developing economies. The industry expansion is further propelled by the growing construction of high-rise buildings and increasing demand for high-speed lifts.
However, the market growth may be restrained due to rising concerns of casualties associated with elevator accidents.
Report Coverage:
The report provides a comprehensive analysis of the key trends touted to drive the global business scenario over the forthcoming years. It further gives an account of the major factors boosting the industry landscape throughout the projected period. Some of the additional components include an overview of the vital strategies adopted by key market players for strengthening their industry positions.
Market Segmentation:
Escalators Segment to Gain Notable Traction Impelled by Soaring Demand from Evolving Infrastructure
On the basis of product, the market is classified into escalators, elevators, and moving walkways. The escalators segment is estimated to have the fastest growth and is expected to register appreciable growth over the study period. The rise is propelled by the increasing demand from shopping malls, commercial parks, and others.
Maintenance to Dominate Impelled by Growing Product Launch and Product Development Initiatives
By business, the market for elevator and escalator is subdivided into maintenance, new equipment, and modernization. The maintenance segment dominates the market, owing to major manufacturers’ product launch and product development initiatives as key developmental strategies.
Residential Segment to Depict Lucrative Expansion Driven by Escalating Product Adoption
By application, the market is categorized into industrial, commercial, and residential. The residential segment is slated to dominate the market, exhibiting an appreciable CAGR over the forecast period. The growth is impelled by the growing shift toward flexible design, eco-efficiency, and safety.
Based on geography, the market for elevator and escalator has been analyzed across Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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Regional Analysis:
Asia Pacific to be the Prominent Region Owing to Soaring Product Demand
The Asia Pacific region has registered an increasing product demand from developing areas such as India and Southeast Asia. The elevator and escalator market share in the region is propelled by the growing development of high-rise buildings in China. Therefore, the region is expected to dominate the global market over the projected period.
The North America market is estimated to record considerable growth over the study period. The expansion is driven by the increasing efforts of market players toward the elevation of their operations.
Competitive Landscape:
Major Companies Enter into Partnership Deals to Strengthen Industry Foothold
Key industry players are adopting various initiatives for consolidating their positions in the market. Some of these include acquisitions, merger agreements, collaborations, and partnerships. Other initiatives comprise an escalation in research and development activities and the launch of new products.
List of the Companies Operating in the Market:
- thyssenkrupp AG (Cinven, Advent and RAG Foundation) (Germany)
- CT Elevator Pte Ltd (Singapore)
- Schindler (Switzerland)
- KONE CORPORATION (Finland)
- Hitachi, Ltd. (Japan)
- HYUNDAI ELEVATOR CO. LTD. (South Korea)
- Mitsubishi Electric Corporation (Japan)
- Otis Worldwide Corporation (U.S.)
- FUJITEC CO., LTD (Japan)
- Toshiba Corporation (Japan)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Elevator and Escalator Key Players Market Share/Ranking, 2022
- Global Elevator and Escalator Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Product (USD)
- Elevator
- Escalator
- Moving Walkways
- By Business (USD)
- New Equipment
- Maintenance
- Modernization
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Elevator and Escalator Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Product (USD)
- Elevator
- Escalator
- Moving Walkways
- By Business (USD)
- New Equipment
- Maintenance
- Modernization
- By Application (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- U.S.
- By Product
- Elevator
- Escalator
- Moving Walkways
- By Product
- Canada
- By Product
- Elevator
- Escalator
- Moving Walkways
- By Product
- U.S.
TOC Continued…!
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