New York, United States , Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Global Elevators & Escalators Market Size is to Grow from USD 125.86 Billion in 2022 to USD 254.2 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.3% during the projected period.
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A lift, often known as an elevator, is an automated mechanism used in buildings to carry, lift, transfer, or move people and items from one level to another. An elevator can help carry people or goods from one level to another in a variety of settings, including residential complexes, business buildings, shopping malls, and hospitals. An escalator is a continuous row of moving stairs that transfers people between levels of a structure while constantly ascending or descending. The device is often made out of a chain with motorized steps that push it up and down the course while maintaining horizontal. As government structures such as residential complexes, transportation hubs, hotels, workplaces, and banks expand in both developed and developing countries, so does the demand for more elevators and escalators. The elevators and escalators sector are expected to grow significantly in the next years because of increased demand in the commercial, residential, and infrastructural industries. Furthermore, rising infrastructure spending by transitional economies has the potential to promote elevator and escalator market growth. Furthermore, the industry is expected to be fueled by the rise of smart cities. Elevators and escalators are in high demand, which drives up the market for these products as more money is invested in infrastructure projects for both commercial and residential use. Moreover, the inclusion of technology in elevators and escalators presents an appealing opportunity for growth in the global elevator and escalator industry.
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The escalators segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global elevators & escalators market is segmented into the elevators, escalators, and moving walkways. Among these, the escalators segment is dominating the market with the largest revenue share of 58.6% over the forecast period. This is due to the strong demand from business establishments such as retail centers and commercial parks.
The machine room less traction segment is witnessing significant CAGR growth over the forecast period.
On the basis of technology, the global elevators & escalators market is segmented into traction, machine room less traction, hydraulic, and others. Among these, the machine room less traction segment is witnessing significant CAGR growth over the forecast period. The machine room less elevator technology is a relatively new technology that has arisen as a result of technological advancements. The overall dimension of electric motors found in traction equipment has been greatly reduced as a result of this technology.
The commercial segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of application, the global elevators & escalators market is segmented into residential, commercial, institutional, infrastructure, and others. Among these, the commercial segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Elevators and escalators are commonly found in business contexts such as shopping malls, shopping centers, and co-working spaces. A growing transition toward environmental sustainability, adaptable design, and safety is driving the commercial industry.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 36.8% market share over the forecast period. Rising demand from quickly emerging countries such as China and India is driving the Asia Pacific market. The ample availability of raw resources, relatively low labor, and a reasonably robust regulatory environment in these rising countries are some of the factors moving the market ahead. On the other hand, North America is predicted to expand the fastest during the forecast period. The numerous attempts made by multinational manufacturers to establish a foothold in the regional marketplace have been a crucial influence in the sector's development, particularly in the United States. During the forecast period, the Europe market is expected to rise at a significant CAGR. High-rise residential construction and remodeling will also give a chance for market expansion in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Elevators & Escalators Market include 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. among others.
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Recent Development
On June 2023, Excel Elevators, a renowned provider of vertical transportation solutions, will open its new Otis elevator, escalator, and spare parts distributorship in Zimbabwe in July at The Venue in Avondale. Otis is one of the world's leading makers of elevators and escalators, and its return to the Zimbabwean market represents a significant boost for the country's building industry.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Elevators & Escalators Market based on the below-mentioned segments:
Elevators & Escalators Market, Product Type Analysis
- Elevator
- Escalator
- Moving Walkways
Elevators & Escalators Market, Technology Analysis
- Traction
- Machine Room Less Traction
- Hydraulic
Elevators & Escalators Market, Service Analysis
- New Installation
- Maintenance & Repair
- Modernization
Elevators & Escalators Market, Technology Analysis
- Residential
- Commercial
- Institutional
- Infrastructure
- Others
Elevators & Escalators Market, Regional Analysis
- 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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