Press release
Escalators and Moving Walkways Market on the Rise, Predicted to Reach $23.41 Billion by 2028 Amid Global Urbanization Boom
Escalators and Moving Walkways Market
The escalators and moving walkways market has witnessed robust growth, escalating from $17.58 billion in 2023 to an anticipated $18.58 billion in 2024, representing a commendable Compound Annual Growth Rate (CAGR) of 5.7%. This upward trajectory is expected to persist, with the market poised to reach $23.41 billion by 2028, sustaining a solid CAGR of 5.9%.
Key Growth Drivers:
Global Growth in Commercial Real Estate:
The thriving global commercial real estate market is set to be a driving force for the escalators and moving walkways market. Commercial real estate involves the construction of commercial spaces and large residential properties, where these systems play a crucial role in facilitating vertical movement. Notably, a substantial investment of USD 1.3 trillion in global commercial real estate in 2021, as reported by CBRE Group, Inc., highlights the soaring demand for these systems.
Government Funding for Infrastructure Development:
Increased government funding for infrastructure development emerges as a catalyst for the growth of escalators and moving walkways. Infrastructure projects, driven by government initiatives, economic growth, and sustainability goals, contribute to the integral role of these systems in enhancing urban mobility. Notable examples include Australia's allocation of $12.04 billion for infrastructure projects and the United States' $550 billion investment over ten years for infrastructure improvement.
Explore the Global Escalators and Moving Walkways Market with a Detailed Sample Report:
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Leading Market Players:
Major industry players shaping the escalators and moving walkways market landscape include Kone Oyj, Otis Elevator Company, Schindler Group, and Mitsubishi Electric Corporation, among others. These companies significantly contribute to market innovations and advancements.
Innovations & Trends:
Product Innovations Transforming the Market:
The introduction of new products stands out as a key trend in the escalators and moving walkways market. For instance, KONE Corporation launched the KONE DX class elevators, featuring a unique digital platform and secure APIs connecting elevators with smartphones. This innovation enhances user convenience and offers future-ready digital solutions, adding value to building infrastructure.
Technological Advancements Driving Innovation:
Technological advancements are at the forefront of innovation in the escalators and moving walkways market. TK Elevator, for example, introduced a range of Application Programming Interfaces (APIs) connecting their systems to customer platforms and smart buildings. These APIs usher in a new era of smart mobility solutions, enabling real-time monitoring and integration with management systems.
Global Landscape:
North America dominated the escalators and moving walkways market in 2023, and Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. The comprehensive market coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Segmentation Insights:
The escalators and moving walkways market covered in this report is segmented -
1) By Product: Escalators, Moving Walkways
2) By Application: Public Transit, Airport, Retail, Institutional, Other Applications
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Escalators and Moving Walkways Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Escalators and Moving Walkways Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on escalators and moving walkways market size, escalators and moving walkways market drivers and trends, escalators and moving walkways market major players, escalators and moving walkways market competitors' revenues, escalators and moving walkways market positioning, and market growth across geographies. The escalators and moving walkways market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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