Elevator And Escalator market competitive and growth analysis - major players, high growth strategies and opportunities

As per The Business Research Company's Elevator And Escalator Opportunities And Strategies Market Report 2023, The global elevator and escalator market size reached a value of nearly $92,501.8 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.5% since 2016. The market is expected to grow from $92,501.8 million in 2021 to $135,568.4 million in 2026 at a rate of 7.9%. The global elevator and escalator market size is then expected to grow at a CAGR of 7.5% from 2026 and reach $194,671.9 million in 2031.

The rising construction of skyscrapers is expected to drive the elevators and escalators market during the forecast period. Due to rapid urbanization, there is an increase in the construction of tall buildings and skyscrapers. The construction of skyscrapers involves the installation of elevators and escalators for the smooth transit of people in the building, which increases its demand. For example, in May 2022, according to a study on skyscrapers in New York City, by 2025, there will be up to 20 supertall skyscrapers completed or under construction in New York City, and by 2030, they will be close to 30. Therefore, the rising construction of skyscrapers will propel the elevators and escalators market during the forecast period.

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The internet of things (IoT) is a key trend gaining popularity in the elevator and escalator market. IoT enables the flow of information and quick decisions by connecting people, machines, and services. Major elevator and escalator companies operating in elevators and escalators are focusing on internet of things (IoT) technology to launch technologically advanced products in the market. For instance, in September 2022, Johnson Lifts, an India-based company that manufactures lifts and escalators introduced an IoT-based wireless program WATCH (Wireless Assessment to Troubleshoot Channelize & Host) connects the elevators to the data centre via the IoT device in the elevator. With the use of this new technology, lifts will be able to be monitored in real-time so that a team of highly qualified technicians can alerted and offer rapid support to clients and maintain a trouble-free performance, increasing lift reliability.

Opportunities -The top opportunities in the elevator and escalator market segmented by product will arise in the elevators market segment, which will gain $23,485.5 million of global annual sales by 2026. The top opportunities in the elevator and escalator market segmented by business will arise in the new equipment market segment, which will gain $25,499.4 million of global annual sales by 2026. The top opportunities in the elevator and escalator market segmented by end user will arise in the residential market segment, which will gain $20,625.0 million of global annual sales by 2026. The top opportunities in the elevator and escalator market segmented by elevator technology will arise in the machine room-less traction elevator market segment, which will gain $22.062.3 million of global annual sales by 2026. The top opportunities in the elevator and escalator market size will gain the most in China at $9,381.1 million.

Elevator And Escalator Market Segmentation:
The Elevator And Escalator market is segmented

By Product-
The elevator and escalator market is segmented by product into
a) Elevators
b) Escalators
c) Moving Walkways

By Business-
The elevator and escalator market is segmented by business into
a) New Equipment
b) Maintenance
c) Modernization

By End User-
The elevator and escalator market is segmented by end user into
a) Residential
b) Commercial
c) Institutional
d) Infrastructure
e) Other End Users

Major players in the Elevator And Escalator market include Schindler Group, Otis Worldwide Corporation, , Kone Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation

The regions covered in the global Elevator And Escalator market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Elevator And Escalator Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Elevator And Escalator Market Report Table Of Content

1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Table
5. Report Structure
..............................................................
19. Company Profiles
20. Key Mergers and Acquisitions
21. Opportunities And Strategies
22. Elevator And Escalator Market, Conclusions And Recommendations
23. Appendix

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