Pune, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Elevator and Escalator Market Size & Growth Analysis:
“According to SNS Insider Research, The Elevator and Escalator Market size was valued at US$ 149.2 billion in 2023 and is projected to reach US$ 265.2 billion by 2032, growing at a CAGR of 6.6% from 2024 to 2032.”
Elevator and Escalator Market Surge Driven by Mega Infrastructure Investments and Smart Technology Innovations
The Elevator and Escalator Market is witnessing significant growth due to increased investments in residential and commercial infrastructure across both developed and developing nations. The global focus on high-rise and skyscraper projects, driven by substantial government investments, is also fueling this growth. January 2024, the Saudi Arabian government announced an investment of approximately USD 500 billion for the construction of a twin skyscraper project, spanning 500 meters and incorporating retail, residential, and office spaces. This kind of development underscores the surging demand for advanced elevator systems.
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Major Players Analysis Listed in this Report are:
The Key Players are Fujitec Co. Ltd (Japan), Hitachi, Ltd., (Japan), Hyundai Elevator Co Ltd (South Korea), KONE CORPORATION, Mitsubishi Electric Corporation (Japan), Otis Worldwide Corporation (U.S.), Schindler (Switzerland), SJEC Corporation (China), TK Elevator GmbH (Germany), Toshiba Corporation (Japan), CT Elevator Pte Ltd, ThyssenKrupp AG & Other Players
Elevator and Escalator Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 149.2 Bn |
| Market Size by 2032 | US$ 265.2 Bn |
| CAGR | CAGR of 6.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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) |
| Key Growth Driver | • The market for elevators and escalators is growing due to increased demand for safer, more energy-efficient, and regulation-compliant systems in modernized buildings. |
Furthermore, the rise of smart technologies is transforming the elevator market. Smart elevators, equipped with IoT and energy-efficient technologies, are enhancing operational efficiency and passenger safety through real-time data and predictive maintenance. This trend is prevalent in both new installations and modernization projects. The market is similarly benefiting from substantial infrastructure renewal projects, particularly in the U.S. Airports, shopping malls, and public transit systems are undergoing major renovations, with a strong emphasis on upgrading escalators to align with sustainability goals and energy efficiency. Modern escalators now feature regenerative drives, which significantly reduce energy consumption.
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Elevators Lead Market Growth Driven by Rising Demand in Residential and Commercial Sectors, While Escalators See Steady Expansion.
By Product: The Elevators segment dominated the market with a revenue share of over 36.2% in 2023. This growth is driven by rising demand across residential, commercial, and industrial sectors. The aging population in countries such as China and India further fuels demand for elevators, as they are crucial for accessibility in multi-story buildings.
On the other hand, the Escalator segment is expected to grow steadily. This growth is attributed to increasing demand in commercial parks, high-rise buildings, amusement parks, and shopping malls. The expansion of shopping centers and commercial spaces globally continues to drive this market segment forward.
By Application: The Residential segment led the market with a revenue share of over 34.28% in 2023. This dominance is due to the growing penetration of elevators in multi-home and apartment settings, coupled with increased investment in residential construction.
Elevator and Escalator Market Key Segmentation:
By Product
- Elevators
- Escalators
- Moving Walkway
By Business
- New Equipment
- Maintenance
- Modernization
By Application
- Residential
- Commercial
- Industrial
North America Leads the Elevator and Escalator Market with Smart Building Investments, While Europe Sees Steady Growth from Renovation and Aging Population.
North America: North America was the dominant region in 2023, accounting for over 42.2% of the market share. The high concentration of smart buildings and the modernization of traditional structures in the U.S. and Canada have positioned this region as a leader. Major players in the region are enhancing their offerings to meet the demand for elevator and escalator services in smart cities and eco-friendly infrastructure projects.
Europe: Europe is expected to experience moderate growth during the forecast period. The ongoing renovation and modernization of high-rise buildings in Germany, the U.K., France, and other countries are key drivers. Additionally, the aging population in countries like Germany, Spain, and the U.K. is creating a substantial demand for elevator upgrading services.
Recent Developments
In March 2024: Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
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Key Takeaways
- The report offers a thorough analysis of the Elevator and Escalator Market, providing key information into growth drivers, market size, and segment data. It enables stakeholders to understand market dynamics, trends, and revenue projections.
- It highlights the latest advancements and product launches, such as smart elevator systems and energy-efficient escalators, showcasing how these innovations are shaping the market and driving growth.
- The report details the performance of different regions, emphasizing North America's dominance due to smart building projects and Europe’s steady growth driven by infrastructure renovation and an aging population.
- It identifies key technological trends and advancements, including the integration of IoT and regenerative drives, which are crucial for maintaining a competitive edge and meeting evolving market demands.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Elevator and Escalator Market Segmentation, By Product
8. Elevator and Escalator Market Segmentation, By Business
9. Elevator and Escalator Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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