Global Elevators and Escalators Market: Overview

Elevator and Escalator Market was valued at USD 120.16 Billion in 2019 and is anticipated to reach USD 189.10 Billion by 2027, growing at a CAGR of 5.77% from 2021 to 2027.

Global escalators and elevators market is expected to witness strong growth over the period owing to increase in the geriatric population, rising urbanization, and the increasing number of high-rise residential and commercial buildings across the world. Rapidly increasing architectural and construction activities are expected to grow the escalators and elevators market. Also, increasing government investment for the development of a smart city is one of the major driving factors leading the demand for elevators and escalators in the forthcoming years.

Moreover, increasing consumer spending in constructing technically-advanced and intelligent structures, facilitating high comfort & safety features is propelling the sales volume of this market. The intuitive technologies integrated into the elevators such as connectivity and smart grouping reduces the waiting & traveling time. It also offers enhanced security, energy efficiency, and alerts related to repair schedules thus, increasing their demand in smart buildings. Furthermore, with the growing need, the key market players have concentrated on improving the efficiency of escalators and elevators accompanied with the aim of creating a clean, green and sustainable environment, thereby commencing a new market trend. In addition, prominent growth in the real estate industry is considered to be a major factor pushing the growth of the escalator & elevator market over the forecast period.

Global Elevators and Escalators Market- Type Analysis

The elevators segment is projected to hold the major market share type in the elevators & escalators market over the coming years owing to its wide usage across industries. The elevator segment is further divided into various types of elevators such as passenger, freight, incline, and double deck elevators. The passenger elevators segment is projected to be the fastest growing elevator type due to the increasing demand for residential and commercial spaces. These are demanded by various industries as they offer comfort and easy movement of people and goods between various floors of a building. The increased spending on hotels, office buildings, warehouses and data centers for maintenance and modernization have supported the growth of the market.

Global Elevators and Escalators Market- Technology Analysis

Global escalators and elevators market can be segmented on the basis of technology into Traction, Machine room-Less & Hydraulic. MR traction is the largest technology segment and is expected to dominate over the forecast period. The market is experiencing a major shift from traditional geared hydraulic lifts to the recently developed machine room- less elevators that are technologically more advanced, energy efficient and are facilitated in saving space. The features such as the absence of dedicated room and better energy efficiency as compared to other technology are the major reason behind the MRL traction elevator market growth in the global market.

Global Elevators and Escalators Market- Product Control Analysis

The conventional segment holds a major share in the global elevator market. In conventional elevators, the passenger has to push the up or down button to go to the desired floor. However, the smart elevator market is experiencing a huge demand owing to intelligent features, passenger security, and reduced malfunctioning benefits. These are faster, easier, and more energy efficient as compared to conventional elevators. Moreover, these elevators feature a compact design to satisfy consumer to shrink the amount of space occupied by the elevators, and also to reduce power consumption by utilizing regenerative converters and LED lighting to satisfy requirements for energy efficiency.

Global Elevators and Escalators Market- Regional Analysis

Global Elevators and Escalators Market by region can be sub-divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific elevator market is expected to be the fastest growing region which is driven by factors such as rapid urbanization, demographic changes, increasing demand for skyscrapers etc. Moreover, developing countries such as China dominates the elevator market followed by India and Japan. Although this region forms the major chunk of the elevator market, the demand for elevators is expected to increase globally during the forecast period owing to the construction of high rise buildings in the coming years. Furthermore, the region is expected to witness a substantial rise in the construction sector, which can be attributed to increasing private and public infrastructural development projects over the coming years.

Global Elevators and Escalators Market Competitive Landscape

Key players in the escalators and elevators market include Canny Elevators, Fujitec Co. Ltd, Hyundai, Johnson Lifts, Kleenmann Group, KONE Corporation, Hitachi, Mitsbushi, Otis Elevator Company, Schindler Holding Limited, Sigma, ThyssenKrupp Elevator AG, and Toshiba. The market is consolidated due to the dominance of few strong players. Acquisitions, mergers, and new product developments are key strategies used by key participants to improve their competitiveness and to cater customer bases in the global market.

Objective of the Study:

·         To analyze and forecast market size of the global elevators and escalators market, in terms of useful value

·         To examine the careful market segmentation and forecast the market size, in terms of value, on the premise of the region by segmenting global elevators and escalators market into 5 regions, namely, North America, Europe, Asia Pacific, Middle East and Africa.

·         To outline, categorized and forecast the global elevators and escalators market on the premise of product type, technology and product control, and application.

·         To examine competitive developments like expansions, technological advancement, services, and regulative framework within the global elevators and escalators market.

·         To identify the drivers and challenges for global elevator and escalator market.

·         To spot the profile of leading players, that area unit concerned within the producing and provide off global elevators and escalators market.

Key Target Audience:

·         Market research and consulting firms

·         Industry associations

·         Raw material suppliers

·         Global elevator and escalator manufacturers

·         Research organizations and consulting companies

·         Global elevator and escalator market suppliers

·         Organizations, associations, and alliances related to elevator and escalator

·         Regulatory bodies

Scope of the Report

By Type

·         Elevators

·         Escalators & Moving walkways

By Technology

·         Traction

·         Machine room-Less

·         Hydraulic

By Product Control

·         Smart

·         Conventional

By Application

·         Building & Construction

·         Residential

·         Institutional

·         Commercial

·         Industrial

In addition, the report provides analysis of the elevator and escalator market with respect to the following geographic segments:

·         North America

·         Europe

·         Asia Pacific (APAC)

·         LATAM

·         MEA

Business Questions answer by the report

·         How will the market drivers, restraints and opportunities affect the market dynamics?

·         What will be the market size in terms of value and volume and market statistics with detailed classification

·         Which segment dominates the market or region and one will be the fastest growing and why?

·         A comprehensive survey of the competitive landscape and the market participant players

·         Analysis of strategy adopted by the key player and their impact on other players.

Additional Company Information

·         With five additional company detail analysis.

·         Additional country analysis.

·         Detailed segment analysis.