Jersey City, NJ, Jan. 30, 2024 (GLOBE NEWSWIRE) -- “Elevators and Escalators Market” in terms of revenue was estimated to be worth $87.27 billion in 2023 and is poised to reach $141.52 billion by 2031, growing at a CAGR of 6.44% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Elevators and Escalators Market are:
- Rapid urbanization has led to an increase in the construction of high-rise buildings with smart vertical transit systems.
- Retrofitting and Modernization Needs among consumers
- Advancements in material science
The following are the primary obstacles to the Elevators and Escalators Market's expansion:
- High Initial Installation Costs
- Rise in Regulatory Compliance
- Labor Shortages and Skilled Workforce
Future expansion opportunities for the global Elevators and Escalators Market include:
- Continued advancements in technology
- Increasing emphasis on sustainability
- Growth of e-commerce and the construction of large distribution centers
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Market Analysis:
Continuous investment in the development of public infrastructure, such as railway stations, shopping malls, and airports, is expected to increase demand for lifts and escalators over the forecast period. Furthermore, the primary reasons driving the growth of the lifts and escalators market include rising demand from end-use sectors such as residential, commercial, and healthcare. Furthermore, tourism is another industry that drives the demand for lifts and escalators in strategic locations for the convenience and comfort of visitors to several countries.
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 2023 | USD 87.27 Bn |
| Revenue forecast in 2031 | USD 141.52 Bn |
| Growth rate CAGR | CAGR of 6.44% from 2024 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Thousand Units) and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| 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 |
Recent Developments:
- In November 2022, 3Phase Elevator joined with Elevator Industries, a market leader in Sacramento, CA, that offers testing services, maintenance, and repair.
- In December 2023, TK Elevator, a forward-thinking worldwide elevator industry leader, announced the introduction of its new house elevator concept, 'Enta Villa.'Enta Villa is specifically developed for multi-floor residences and villas in the company's home country of India, where demand for luxury housing and leisure items is increasing rapidly. Using German precision engineering, the lift smoothly merges the most recent technical breakthroughs with an efficient compact design and refined aesthetics to provide a blend of safety, comfort, and high style.
- In September 2022, KONE India inaugurated the world's largest passenger lift at Jio World Centre in Mumbai. The five-stop lift weighs 16 tonnes and spans 25.78 square metres. It has been tested for optimal people flow analysis, quality, and built-in safety features. Key characteristics include regenerative drive, standby solutions, high-rise lifting technology, touchless signaling, a car operation panel, QR codes, and a landing call station.
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Elevators and Escalators Market Dynamics:
Market Drivers: Rapid Urbanization has led to an Increase in the Construction of High-rise Buildings
With the expansion of the global construction market, construction companies around the world are focusing on lowering their energy consumption levels while also aiming for green building certifications such as Building Research Establishment Environmental Assessment Method (BREEAM) and Leadership in Energy and Environmental Design (LEED) for their projects. This increased emphasis on lowering total energy consumption levels is boosting the lift and escalator business.
Challenges: High Initial Installation Costs
The elevator and escalator market, like any other industry, confronts constraints and hurdles that might impede its growth and development. Elevators and escalators require large initial investments, particularly in high-rise buildings. The initial investment can be a hurdle for some initiatives, causing delays or cancellations. Navigating these constraints necessitates strategic planning, continual innovation, and responsiveness to changing market conditions.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American Elevators and Escalators Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. The North American elevator and escalator market is influenced by a number of factors that contribute to its expansion and development. North America leads the way in technical innovation, which has an impact on the lift and escalator sector. Advanced technology, such as smart lifts, IoT integration, and energy-efficient systems, are major drivers in the region. Furthermore, rapid urbanization in North America, particularly in cities with expanding populations, increases the demand for vertical transportation solutions in commercial, residential, and mixed-use complexes.
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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-
- 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
- Southeast 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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