Press release
Elevator and Escalator Market is Booming and Predicted to Hit $ 203.6 Billion by 2028
Elevator and Escalator Market Outlook 2023
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.
An elevator is a confined enclosure propelled by electric motors that employ traction cables, counterweight mechanisms, and hydraulic fluid to raise a cylindrical piston. It serves as an effective vertical transportation method, maximizing urban space utilization and facilitating movement within structures. In contrast, an escalator functions as a moving staircase, transporting people between different floors within a building. It comprises a sequence of linked steps propelled by a motorized chain, which travels along tracks to maintain a level pathway. Elevators and escalators are extensively employed in various settings including offices, mixed-use complexes, shopping malls, apartments, and more.
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Elevator And Escalator Market Trends and Drivers:
The escalating product demand in residential, commercial, and industrial spaces is primarily driving the elevator and escalator market. Besides this, the emerging trend of modernization and the rising renovation activities in commercial settings, such as offices, shopping malls, airports, hospitals, and hotels, to enhance safety measures and improve aesthetic appeal are further augmenting the market growth. Moreover, the introduction of advanced elevators and escalators, integrated with cutting-edge technologies, including predictive maintenance, big data analytics, the internet of things (IoT), artificial intelligence (AI), Bluetooth, Wi-Fi, and long-term evolution (LTE), that offer faster and more reliable performance, contributing to improved operational efficiency and safety, while reducing energy costs compared to conventional models, is also catalyzing the global market.
Apart from this, the rising urbanization levels, the expanding population and workforce across the globe, and the launch of several policies by the government bodies to invest in the expansion of smart cities are acting as significant growth-inducing factors. Furthermore, the ongoing infrastructural advancements and the extensive research and development (R&D) activities conducted by the leading organizations are anticipated to propel the elevator and escalator market over the forecasted period.
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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
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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
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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Contact US
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About Us:
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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