Elevators and Escalators Market is expected to grow at a CAGR of 6.39% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global Elevators and Escalators market size is expected to reach $116.15 Billion by 2028 growing at a CAGR of 6.39% from 2021 to 2028.
• North America dominated the market in 2021
• Asia Pacific is expected to grow at the highest CAGR from 2021 to 2028

As per the study initiated by Evolve Business Intelligence, The global Elevators and Escalators market size is expected to reach $116.15 Billion by 2028 growing at a CAGR of 6.39% from 2021 to 2028. Elevators and escalators are integral components of vertical transportation systems, providing efficient means of moving people and goods between different levels within buildings and structures. Elevators, or lifts, are enclosed platforms or cabins that ascend or descend along vertical shafts, typically guided by cables and pulleys or hydraulic systems. They serve diverse settings, from residential buildings to commercial complexes, enabling accessibility and convenience. Escalators, on the other hand, consist of continuously moving stairs that transport people horizontally between different levels. Commonly found in busy public spaces, shopping malls, and transit hubs, escalators facilitate the seamless flow of foot traffic. Both elevators and escalators play crucial roles in modern urban infrastructure, enhancing mobility and accessibility in multi-story buildings while contributing to overall efficiency and user convenience.

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The Elevators and Escalators market is primarily driven by the ongoing global urbanization trend and the increasing construction of high-rise buildings in urban centers. As populations concentrate in cities, the demand for vertical transportation solutions rises to efficiently move people within tall structures. Moreover, rapid infrastructure development in emerging economies, coupled with a growing awareness of the importance of accessibility and convenience, fuels the demand for elevators and escalators.

Key Players
Some of the major Elevators and Escalators Market players holding high market shares include KONE Corporation, United Technologies, Schindler, Mitsubishi Electric Corporation, and ThyssenKrupp AG. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include FUJITEC, Hyundai Elevator Co., Ltd., Toshiba Corporation, Hitachi Ltd., and Electra Ltd..

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Segmental Analysis
Based on Type, the Elevators and Escalators market is segmented into Elevator, Escalators, Moving walkways, and Others. The dominance of the Elevator segment in the Elevator and Escalators market is attributed to the escalating construction of high-rise buildings globally, driving the need for efficient vertical transportation solutions to ensure convenient and rapid movement within tall structures.
Based on Service, the Elevators and Escalators market is New installation, Maintenance & Repair, Modernization, and Others. The Elevators and Escalators market's projected high CAGR in the New Installation segment is attributed to increased urbanization, infrastructure development, and modernization initiatives worldwide, fostering a demand for state-of-the-art vertical transportation solutions in newly constructed buildings and structures.
Based on End-Use, the Elevator and Escalators market is segmented into Residential, Commercial, Institutional, Infrastructure, and Others. The Residential segment's dominance in the Elevators and Escalators market is attributed to a rising global trend of luxury home construction and an increasing emphasis on accessibility and convenience, driving the demand for residential elevators and escalators in high-end housing projects.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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