Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Global Elevators & Escalators Market by Type (Elevators, Escalators, Moving walkways), Service (New installation, Maintenance & Repair), Elevator Technology (Traction, Machine- Room-Less, & Hydraulic), & End-use Industry and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global elevators and escalators market size is projected to grow from USD 152.1 billion in 2023 to USD 207.4 billion by 2028, at a CAGR of 6.4%
The market study covers the elevators and escalators market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on material type, application, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the elevators and escalators market.
The growing trend of mass migration from rural to urban areas has led to a heightened demand for extensive infrastructure development, particularly the construction of high-rise buildings, to meet the rising housing requirements. This has resulted in the transformation of urban centers into megacities, exemplified by the exponential population growth in cities like Tokyo, Mexico City, Seoul, and Lagos.
These megacities are actively engaged in erecting skyscrapers, futuristic transportation hubs, and various other infrastructural projects to accommodate the expanding population. A crucial aspect of high-rise buildings is ensuring efficient vertical mobility, emphasizing the need for elevators and escalators.
As a consequence, the swift urbanization and the surge in high-rise construction are anticipated to fuel the demand for elevators and escalators. This increased deployment is expected to be a key factor contributing to market growth throughout the forecast period.
In terms of value, machine-room-less traction elevator segment led the elevators and escalators during the forecast period
Machine-room-less traction elevator, by elevator technology, accounted for the largest market share in the elevators and escalators market. This innovative technology, a product of ongoing technological advancements, has revolutionized the traditional elevator landscape. A key breakthrough is the substantial reduction in the size of electric motors used in traction equipment, made possible by the incorporation of newly designed permanent magnet motors (PMM).
One of the distinguishing features of this technology is the elimination of the need for a machine room above the hoistway. This design has gained widespread acceptance globally and is rapidly becoming the standard in elevator technology. Notably, KONE was the pioneer in introducing machine room-less elevators to the US market. As these elevators gain universal acclaim, manufacturers are responding by introducing an array of new products equipped with this technology, available in various sizes and speeds to cater to diverse building needs.
In terms of both value and volume, elevator is projected to be the fastest-growing segment during the forecast period, for elevators and escalators
Elevators, whether open or enclosed platforms designed for transporting people or goods between different floors within a building, must adhere to stringent safety standards imposed by regulatory bodies. In the United States, elevator manufacturers are obligated to comply with safety regulations set by the American National Standards Institute and the American Society of Mechanical Engineers.
Key players in the elevator market, including KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel), dominate the industry.
The elevators sector is anticipated to experience significant growth, attributed to the ongoing development of new residential and commercial projects on a global scale. This growth is expected to manifest through the elevators segment, which is projected to achieve the highest Compound Annual Growth Rate (CAGR).
In terms of value, the APAC elevators and escalators market is projected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is anticipated to experience the most significant Compound Annual Growth Rate (CAGR) from 2023 to 2028, both in terms of value and volume. This growth is attributed to heightened construction investments, enhanced living conditions, and swift urban development in the region.
Notably, Asia Pacific nations are actively pursuing initiatives to enhance commercial and institutional structures. In recent years, several countries in the area have undertaken measures to establish smart cities based on low-carbon and Internet of Things (IoT) technologies. Consequently, this trend presents lucrative opportunities for the expansion of the elevators and escalators market.
The report provides insights on the following pointers:
- Analysis of key drivers (Increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization, Growing need for reducing energy consumption in buildings, and Growing aging population to facilitate development of better infrastructure within buildings), restraints (Uncertainty and risk regarding global economy, and High maintenance cost), opportunities (Adoption of green building codes and energy-efficient products and Development of innovative technologies and rising demand for smart elevators) and challenges (Compliance with standards and regulations) influencing the growth of the elevators and escalators market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the elevators and escalators market
- Market Development: Comprehensive information about lucrative markets - the report analyses the elevators and escalators market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the elevators and escalators market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Schindler Group (Switzerland), Otis Elevator (US), Thyssenkrupp AG (Germany), KONE Corporation (Finland), and Hitachi Ltd. (Japan), and among others in the elevators and escalators market. The report also helps stakeholders understand the pulse of the elevators and escalators market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 281 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $152.1 Billion |
| Forecasted Market Value (USD) by 2028 | $207.4 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
Company Profiles
- Schindler Group
- Otis Worldwide Corporation
- Kone Corporation
- Hitachi Ltd.
- Hyundai Elevator Co. Ltd.
- Fujitec Co. Ltd.
- Toshiba Elevators and Building Systems Corporation
- Mitsubishi Electric Corporation
- Tk Elevator
- Sjec Corporation
- Kleemann
- Sigma Elevators
- Electra Elevators
- Escon Elevators
- Shenyang Yuanda Intellectual Industry Group Co. Ltd.
- Orona
- Eita Elevator
- Glarie Elevator
- Aaron Industries Ltd.
- Leo Elevators
- Trio Elevators Co (India) Private Limited
- Stannah Group
- Cibes Lift
- Walton Group
- Expedite Automation Llp
For more information about this report visit https://www.researchandmarkets.com/r/bypxu5
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