Elevator and Escalator Market Size is Expected To Reach US$ 203.6 Billion by 2028 | Growth, Top Companies, Forecast

How Big is The elevator and escalator market?

The global elevator and escalator market size reached US$ 145.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.

Elevators, also known as lifts, are mechanical devices that are designed to transport people or goods between different floors or levels of a building. They provide a convenient and time-saving solution, especially in high-rise structures where climbing stairs is difficult. On the other hand, escalators are moving staircases that transport people between different levels within a building and eliminate the need for physical effort. As they are widely utilized in commercial complexes, airports, hospitals, shopping malls, and other public spaces, the demand for elevators and escalators is rising across the globe.

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What are the growth prospects and trends in the elevator and escalator industry?

At present, the increasing installation of elevators and escalators to improve the overall functionality of commercial buildings and enhance customer satisfaction represents one of the primary factors contributing to the market growth. Besides this, the rising demand for efficient and reliable elevator and escalator systems among individuals that aid in providing enhanced accessibility is offering lucrative growth opportunities to industry players. Apart from this, the increasing integration of smart features, such as destination control systems, touchless interfaces, and predictive maintenance, to provide enhanced safety and convenience is bolstering the growth of the market. Moreover, the rising focus on sustainable building practices and energy efficiency is strengthening the growth of the market. Furthermore, key players are introducing eco-friendly and energy-saving elevators and escalators to reduce greenhouse gas (GHG) emissions.

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What is included in market segmentation?

The report has segmented the market into the following categories:

• Canny Elevator Co. Ltd.
• Electra Elevators.
• Fujitec Co. Ltd.
• Gulf Elevators & Escalators Co. Ltd.
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.
• Johnson Lifts Private Limited
• Kleemann Group
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
• Schindler Holding Ltd.
• Sigma Elevator Company and Toshiba Elevator and Building Systems Corporation (Toshiba Corporation).

The report has segmented the market on the basis of

Breakup by Type:

• Elevators
• Escalators
• Moving Walkways

Breakup by Service:

• New Installation
• Maintenance and Repair
• Modernization

Breakup by End Use:

• Residential
• Commercial
o Offices
o Hospitality
o Mixed Block
o Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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