Jersey City, NJ, March 27, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Elevators and Escalators Market Size, Share & Trends Analysis Report By Type (Elevators, Escalators, Moving Walkways), Service(New Installation, Maintenance & Repair, And Modernization), Elevator Technology (Traction, Machine-Room-Less, & Hydraulic), End-Use Industry (Residential, Commercial, Institutional, Infrastructure)- Market Outlook And Industry Analysis 2031"
The global elevators and escalators market is estimated to reach over USD 141.52 billion by 2031, exhibiting a CAGR of 6.23% during the forecast period.
A closed chamber that raises a cylindrical piston using hydraulic fluid, traction cables, or electric motors might be called an elevator. When used to transfer people between building levels, an escalator is sometimes referred to as a conveyor transport system or a moving staircase. During the projection period, the industry expansion is driven by important reasons such the increased acceptance of contemporary safety features in escalators, technical advancements, and the expanding construction sectors.
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Several safety features have made advanced escalator services possible, including emergency exit features, safety brakes, door shuttering devices, door detectors, pit queues, and others. This has helped the market grow. Additionally, it is predicted that demographic trends may temper market growth for elevators and escalators. On the other hand, it is further anticipated that the uncertainty and risk surrounding the global economy will hamper the expansion of the elevators and escalator market in the timeline term.
Recent Developments:
- In November 2022, a market leader in the Sacramento, California, region that offers maintenance, repair, modernization, and testing services, 3Phase Elevator, a top independent elevator and escalator services provider, combined with Elevator Industries.
- In June 2021, TK Elevator finalized the acquisition of Accurate Elevator to improve its position in the neighborhood market. A further five additions in a row were undertaken by TK Elevator in the North American market so far in 2021.
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List of Prominent Players in the Elevators and Escalators Market:
- Aaron Industries Ltd.
- Cibes Lift Group Ab
- Eita Elevator
- Electra Elevators
- Escon Elevators
- Expedite Technologies
- Fujitec Co., Ltd.
- Glarie Elevator Group
- Hitachi Ltd.
- Hyundai Elevator
- Hyundaielevator Co., Ltd.
- Johnson Elevator Co., Ltd.
- Kleemann
- Kone Corporation
- Leo Elevators
- Mitsubishi Electric Corporation
- Orona
- Otis Elevator
- Schindler Group
- Shenyang Yuanda Intellectual Industry Group Co., Ltd.
- Sigma Elevator Company
- Stannah Group
- Thyssenkrupp Ag,
- Toshiba Elevators And Building Systems Corporation
- Trio Elevators Co (India) Private Limited
- United Technologies
- Walton Group
Elevators and Escalators Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 83.54 Bn |
| Revenue forecast in 2031 | USD 141.52 Bn |
| Growth rate CAGR | CAGR of 6.23% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Thousand Units) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Service, Elevator Technology And End-Use Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
The market will grow as a result of rising infrastructure spending in developing nations. The UNCTAD Trade and Development report also examines infrastructure projects in over 40 developing countries. As a result, it is projected that the market will be fueled by the expanding government initiatives from various rising nations to boost their economies, which are likely to lead to the construction of bridges, dams, and new roads, schools, ports, and airports. India, for instance, anticipates investing US$ 1.4 trillion in infrastructure over the next five years. Machines are required to lift big objects in industries like oil and gas, petrochemicals, manufacturing, energy and power, and automotive. As a result, these industries have a strong demand for elevators.
Challenges:
The increasing concerns about elevator and escalator accidents are anticipated to impact the sector. Many accidents involving maintenance and repair personnel getting entangled in the moving sections of elevators and escalators occur. However, it is anticipated that as workplace safety, security measures, and training become more strict, the incidences during repair and maintenance activities would decline.
Regional Trends:
The North America elevators and escalators market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly due to the presence of a well-developed industrial sector and the early adoption of new technologies.
A solid economic base and an expanding population sparked market expansion in the US. The IoT and industrial sectors' growth drives up demand for elevators. Besides, the Asia Pacific region had a substantial share in the market. Simple access to raw resources, affordable labor, and a strict regulatory environment drives the Indian market. As a result of increased government spending and efforts, the construction industry is growing. India's growing urbanization and development of smart cities fuel industry demand.
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Segmentation of Elevators and Escalators Market-
By Type
- Elevator
- Passenger Elevator
- Bed Elevator
- Service Elevator
- Observation Elevator
- Residential Elevator
- Freight Elevator
- Dumbwaiters
- Vehicle Elevators
- Others
- Passenger Elevator
- Escalator
- Moving Walkways
By Service
- New installation
- Maintenance & repair
- Modernization
By Elevator Technology
- Traction elevator
- Machine room less traction elevator
- Hydraulic
By End-Use Industry
- Residential
- Commercial
- Institutional
- Infrastructure
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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