Escalators Market Trends, Top Leading Companies, End Users and Forecast by 2030
The global escalators market size was valued at $11,782.4 million in 2020, and is projected to reach $19,116.6 million by 2030, registering a CAGR of 4.5% from 2021 to 2030
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Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, Omega Elevators, OTIS Worldwide Corporation, Schindler, TK Elevator and Toshiba Corporation.
The global escalators market has been on an upward trajectory, driven by urbanization, population growth, and increased construction activities in both developed and emerging economies. Escalators are not only used in commercial and public spaces but also in residential buildings, further expanding their market reach.
The rapid urbanization witnessed in many parts of the world has led to an increased need for infrastructure development. Urban areas require efficient means of transportation within buildings, and escalators are an essential part of this infrastructure. Ongoing construction activities in both residential and commercial sectors, especially in emerging economies, have been a major growth driver for the escalators market. Builders and developers are increasingly installing escalators to enhance the appeal and functionality of their projects.
Escalator manufacturers have been investing in research and development to improve the safety, energy efficiency, and overall performance of their products. This has led to the introduction of smart escalators and innovative safety features. Government regulations and initiatives aimed at improving accessibility for people with disabilities have prompted the installation of more escalators and elevators in public spaces, further boosting market growth.
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The rise in global population and rapid urbanization has significantly increased the demand for commercial buildings such as IT parks and shopping malls. This has propelled the demand for escalators, as they enable continuous vertical movement of people. Furthermore, rapid increase in population density in urban areas fuels the development of public transport systems, such as metros. The construction of new airports has also witnessed increase in the past few years. These factors further drive of escalators market growth.
Escalator modernization and maintenance services have also contributed to market growth. As older escalators require upgrades to meet safety and efficiency standards, companies providing modernization solutions have flourished. Escalator manufacturers are focusing on energy-efficient designs and technologies to reduce power consumption and environmental impact. Integration with IoT (Internet of Things) and advanced sensors will enable real-time monitoring and predictive maintenance, enhancing safety and reliability.
The escalators market remains on an upward trajectory due to urbanization, construction activities, technological advancements, and increasing awareness of accessibility. As urban landscapes evolve, the demand for efficient vertical transportation solutions is expected to surge, providing ample opportunities for both established players and newcomers to innovate and grow in this ever-evolving industry.
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