Fort Collins, Colorado, April 27, 2024 (GLOBE NEWSWIRE) --
The growing use of elevators & escalators is majorly driven by their aesthetic appeal and benefits.
The demand for elevators and escalators is rising, fueled by their functional benefits and aesthetic appeal in various settings. Elevators facilitate vertical movement within buildings, while escalators provide convenient horizontal and vertical transportation. This is particularly beneficial for individuals with mobility issues or those who cannot navigate stairs easily.
The elevators and escalators market is a significant sector within the construction and building equipment industry. It encompasses various elevators, including hydraulic, traction, machine room-less, and escalators, such as parallel, multi-parallel, and walkways. These systems find applications in multiple settings, including residential buildings, commercial spaces, retail stores, hotels, airports, metros, and other public areas.
Innovations in the sector drive the adoption of energy-efficient and smart elevators, which leverage Internet of Things (IoT) technology for enhanced performance and predictive maintenance. Customization options and improved design aesthetics are gaining traction, allowing for tailored solutions that meet specific user needs and architectural requirements.
The elevators and escalators market is poised for steady growth, propelled by urbanization, infrastructure development, and ongoing technological advancements. As cities expand and modernize, the demand for efficient vertical and horizontal transportation solutions will remain robust, driving further innovation and investment in the sector.
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Segmentation Overview:
The elevators & escalators market has been segmented into elevator technology, type, service, end-use, and region.
Elevators account for a significant market share in the forecast period.
- Based on type, the market is segmented into elevators, escalators, and moving walkways. Elevators hold a significant share of the type segment of the elevators & escalators market. Elevators are essential for vertical transportation in multi-story buildings, including residential, commercial, and industrial structures. The increasing urbanization, high-rise construction activities, and the need for efficient mobility solutions in cities contribute to the dominance of elevators in this segment.
The commercial segment registered substantial growth in 2023 and is projected to attain more exposure in the coming years.
- Based on the end-use, the market segmentation includes residential, commercial, industrial, institutional, and others. The commercial sector holds a substantial share of the elevators and escalators market's end-use segment. This can be attributed to the increasing number of high-rise buildings, shopping malls, office spaces, and other commercial establishments that require efficient vertical transportation solutions. Growing urbanization and the need for improved accessibility in public spaces further contribute to this segment's dominance.
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Elevators & Escalators Market Report Highlights:
- The elevators & escalators market growth is anticipated at a CAGR of 6.6% by 2032.
- Modernization and improving infrastructure will drive the demand for elevators & escalators market in the coming years.
- The Asia-Pacific is the leading region for elevators & escalators, attributed to the rise in urbanization, construction activities, and government investments in infrastructure development.
- Some prominent players in the elevators & escalators market report include Otis Worldwide Corporation, Schindler Group, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi, Ltd., Hyundai Elevator Co., Ltd., Toshiba Corporation, Thyssenkrupp AG, Sigma Elevator Company, Kleemann Hellas SA, and others.
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