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Elevator and Escalator Market Size is Expected To Reach US$ 203.6 Billion by 2028 | Growth, Top Companies, Forecast
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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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