Pune, Nov. 29, 2023 (GLOBE NEWSWIRE) -- “The Elevator and Escalator Market, as per the SNS Insider report, was valued at USD 85.2 billion in 2022, with a projected growth to USD 144.21 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 6.8% between 2023 and 2030.”
Market Overview
Elevators are vertical transportation devices designed to move people or goods between different floors within a building. They operate on a system of pulleys, counterweights, and a motorized cab, providing a safe and efficient means of traversing various levels. Recent innovations in elevator technology include regenerative drives, destination control systems, and IoT integration, enhancing energy efficiency, user experience, and overall system performance. Escalators are continuous moving staircases designed to transport people between different levels of a building effortlessly. They consist of a series of steps that circulate in a loop, driven by a motorized chain.
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Market Analysis
The global trend towards urbanization, coupled with the increasing construction of high-rise buildings, is a primary driver for the elevator and escalator market. As cities expand vertically, the demand for efficient vertical transportation solutions rises significantly. The aging population in many regions has led to a greater emphasis on accessibility features in buildings. Elevators and escalators address the mobility challenges faced by elderly individuals and those with disabilities, driving market growth. Ongoing technological advancements, such as the integration of smart features, energy-efficient solutions, and predictive maintenance capabilities, contribute to the market's expansion. Building owners seek modernized systems that offer improved performance and sustainability. The need to upgrade existing infrastructure to meet current safety standards, energy efficiency regulations, and user expectations drives the demand for elevator and escalator modernization services. This trend contributes significantly to the market's growth.
Major Players Listed in this Report are:
The major key players are, ThyssenKrupp AG (Cinven, Advent, and RAG Foundation), CT Elevator Pte Ltd, Schindler, KONE CORPORATION, Hitachi, Ltd., HYUNDAI ELEVATOR CO. LTD., Mitsubishi Electric Corporation, Otis Worldwide Corporation, FUJITEC CO., LTD, Toshiba Corporation and others.
Elevator and Escalator Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 85.2 Bn |
| Market Size by 2030 | US$ 144.21 Bn |
| CAGR | CAGR of 6.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Market Dynamics Analysis
The elevator and escalator market dynamics exhibit a complex interplay of various factors that significantly influence its growth trajectory. Among the key drivers propelling this industry forward is the rapid urbanization witnessed globally, particularly in emerging economies. As urban spaces expand, the demand for efficient vertical transportation solutions escalates, driving the adoption of elevators and escalators in commercial and residential structures alike. Moreover, the increasing emphasis on sustainable building practices and energy-efficient technologies has spurred innovation in elevator design, with a growing focus on eco-friendly and energy-saving features. On the flip side, the market faces restraints in the form of stringent safety regulations and standards, which impose challenges for manufacturers to meet compliance requirements while delivering cutting-edge technology. Additionally, economic uncertainties and fluctuations in construction activities pose challenges for market players, impacting the overall growth. Furthermore, the industry contends with the threat of technological disruptions, with smart and connected solutions gaining prominence. The integration of IoT and AI technologies in elevator systems presents both opportunities and challenges, as it enhances user experience but also introduces potential cybersecurity risks. In navigating these dynamics, industry stakeholders must strike a delicate balance between innovation, safety, and regulatory compliance to sustain growth in this competitive landscape.
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Elevator and Escalator Market Key Segmentation:
By Product
- Elevators
- Escalators
- Moving Walkway
By Business
- New Equipment
- Maintenance
- Modernization
By Application
- Residential
- Commercial
- Industrial
Key Regional Developments
The Asia-Pacific region continues to hold a dominant position in the elevator and escalator market. Rapid urbanization in countries like China and India has fueled the demand for vertical transportation solutions. Growing investments in commercial and residential infrastructure, coupled with government initiatives promoting sustainable development, are contributing to the market's expansion. In Europe, the market is characterized by technological advancements and a strong focus on energy efficiency. Countries like Germany and the United Kingdom are at the forefront of innovation, with manufacturers prioritizing eco-friendly and intelligent solutions. The North American market is witnessing a trend toward modernization, with a considerable emphasis on upgrading existing elevator and escalator systems.
Impact of Recession on Elevator and Escalator Market Growth
Global supply chains have faced disruptions due to the recession, affecting the production and delivery of elevator and escalator components. Manufacturers are encountering challenges in sourcing raw materials and parts, leading to delays in manufacturing and potential increases in production costs. These issues contribute to a complex operating environment for companies in the industry. Despite the challenges posed by the ongoing recession, some companies in the elevator and escalator market are leveraging technological innovations to adapt. Smart elevators, energy-efficient systems, and touchless controls are emerging trends that not only align with current market demands but also position manufacturers as forward-thinking industry leaders. Such innovations may serve as a catalyst for recovery, attracting customers seeking cutting-edge solutions.
Key Takeaway from Elevator and Escalator Market Study
- In the realm of vertical transportation, the Elevators Segment stands as a pivotal force in shaping the future of the market. This segment is characterized by its diverse range of products, catering to the varying needs of both commercial and residential spaces. Elevators, serving as a cornerstone of modern urban infrastructure, play a crucial role in enhancing accessibility and efficiency within buildings.
- As urbanization accelerates globally, the Elevators and Maintenance segments are poised to dominate the elevator and escalator market. The symbiotic relationship between these two segments ensures a holistic approach to vertical transportation solutions. Elevator manufacturers are increasingly recognizing the significance of offering comprehensive maintenance services, creating long-term partnerships with clients.
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Recent Developments
- Otis Elevator Company has recently made significant strides in enhancing its services in the Middle East by introducing an innovative Internet of Things (IoT) service platform. The Middle East, with its rapidly growing urban landscape and increasing demand for vertical transportation solutions, is an ideal market for Otis to introduce such a sophisticated IoT service platform.
- Mitsubishi Electric US, Inc. has announced the expansion of its Elevator and Escalator Call Center, signaling the company's dedication to delivering exceptional customer support and service. By bolstering its customer support infrastructure, Mitsubishi Electric aims to strengthen its position in the market and reinforce its reputation for delivering high-quality, reliable vertical transportation solutions.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Elevator and Escalator Market, By Product
9. Elevator and Escalator Market, By Business
10. Elevator and Escalator Market, By Application
11. Regional Analysis
12. Company profile
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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