Elevator and Escalator Market Size, Global Industry Analysis, Growth, Trends And Forecast 2021 to 2027

The global elevator & escalator market was valued at around USD 71.68 billion in 2019 and expanding over USD 114.90 billion by 2027, anticipated to expand at a compound annual growth rate (CAGR) of 6.3% during period 2020 to 2027.

An elevator is a kind of upright transport system that effectually and proficiently transports goods or people among any levels or floors in any building infrastructure or any commercial places. Elevators and escalators are the two unavoidable parts of the regular life of humans. Hectic time agendas and augmented number of the elderly population require the facility of elevators and escalators in residential sectors around the world. Smart elevators are innovative system that permits programmed upright moving of travelers or things. Smart elevators are designed simplifies transportation amongst different the levels of any infrastructure. Furthermore, an escalator is a moving flight of steps, in other words, a staircase which aids in transferring passengers amid floors of infrastructure. The process comprises of a chain of independently connected steps that is essentially driven by the motor that moves up and down the tracks, therefore, maintaining effective transportation.

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Growth Factors

Elevators and escalators are experiencing the fastest growth rate for the transportation of people and other goods in developed as well as developing economies. The rapid urbanization and industrialization across emerging countries such as India and China are heightening market growth and development. The demand for smart cities together with smart infrastructure will have a positive impact on powering market growth. Furthermore, with the advancement of technology, vendors are investing high on R&D to provide smart elevators to the customers with better designs and attractive features. This investment by the big organizations and the major players across the world will improve the growth and development of the escalators and elevators market in the near future. Moreover, in order to diminish the travel time in moving and transportation of goods and people is going to boost the development of the market. In addition, the increasing number of aged and elderly population will also support the growth of elevators and escalators in residential constructions and apartments in developed and developing countries. On the other hand, safety issues and a dearth of skilled workforce are expected to hinder the elevators and escalators market growth.

Report Highlights

• The Asia Pacific region is the largest and fastest-growing region in the elevator & escalator market. A huge number of high-rise buildings in metro cities are driving market demand.
• Technological innovation is amplifying the speed of elevators and escalators and reducing transportation time.
• The global elevator & escalator market is extremely competitive with the presence of several global and regional players. Vendors are investing in product innovation to increase their consumer base.
  

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Regional Snapshots

By geographically, the Asia Pacific region is expected to hold the largest market share and dominate the elevators & escalators market during the forecast period. The growth of the elevators & escalators market in this region is boosted by factors such as the development of the residential, commercial, institutional, and infrastructure industries. Furthermore, the growing population and economic development are other factors that further propel the growth of this market. The region offers potential growth opportunities, as developing economies such as Asia Pacific is expected to record fastest compound annual growth rate on account of presence of evolving economies including India and China. Booming advanced commercial and residential sector in these nations is further propelling the market growth. Europe is anticipated to witness significant growth in the maintenance and modernization of escalators and elevators market. The North America region is projected to exhibit growth in elevators and escalators service offerings over the projection period. The Middle East & Africa region is estimated to considerably contribute to the elevators & escalators market growth in the near future owing to snowballing commercial and residential construction activities. Further, the political uncertainty of Brazil is further anticipated to impact the growth of the market in the Latin America region.

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The report provides insights on the following pointers:

• Market Penetration: Comprehensive information offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the market
• Market Development: Comprehensive information about lucrative markets - the report analyzes the market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the market

• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the market

Key Players & Strategies

Key vendors functioning in the global escalators and elevators marketplace are Otis Elevator Company, Kone Corporation, Schindler Group, Hitachi, Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Elevators and Building Systems Corporation, and many others. Various domestic and international manufacturers are striving to gain market share hence, creating a competitive setting in the market. The elevator and escalator market vendors have become more conscious about improving and enhancing their products. Furthermore, safety is considered as the highest priority as there have been numerous mishaps owing to malfunctioning of elevators and escalators, particularly elevators. Mortalities may considerably dent the image of a brand as a result of which elevators and escalators manufacturers adhere to strict quality checks under numerous conditions before commercially releasing their products.

Competition Landscape

The report has engulfed a chapter on the global elevator & escalator market’s competitive landscape, which provides detailed analysis and insights on companies offering elevator & escalator. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter. This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach. This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably. Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials and company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.

Key Questions Answered in Elevator & escalator Market Study

- What are the key factors influencing the elevator & escalator market in each region?

- What will be the CAGR of the global elevator & escalator market between 2017 and 2030?

- What is the future scope and changing trends in technologies in the global elevator & escalator market?

- Which factors will impede the growth of the global elevator & escalator market during the forecast period?

- Which are the leading companies in the global elevator & escalator market?

- Which region is set to expand at the fastest CAGR during the forecast period?

- What is the volume (Units) of different elevator & escalator across all regions during the forecast period?

- Which segment will have the highest revenue globally in 2030 and which segment will expand at the fastest CAGR during the forecast period?

Segmentation

The report provides in-depth cross-segment analysis of the elevator & escalator market and classifies it into various levels, thereby providing valuable insights at the macro as well as micro levels. Moreover, report also provides in depth study of size of elevator & escalator market.

Precedence Research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.

In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global elevator & escalator market in terms of value (US$ ‘000) and volume (Mn Units).

By Product

• Elevators
• Moving Walkways
• Escalators

By Business

• Maintenance
• New Equipment
• Modernization

By Application

• Industrial
• Residential
• Commercial

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World

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