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Global Escalators and Moving Walkways Market Comprehensive Study: Forecasted Market Size And Growth Rate
Escalators and Moving Walkways Market
The Business Research Company offers in-depth market insights through Escalators and Moving Walkways Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The escalators and moving walkways market size has grown strongly in recent years. It will grow from $17.58 billion in 2023 to $18.58 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to urbanization and population density in urban centers, growth in commercial and public infrastructure projects, expansion of airports, malls, and transportation hubs, focus on enhancing passenger convenience and mobility, increased focus on safety and accessibility standards.
The escalators and moving walkways market size is expected to see strong growth in the next few years. It will grow to $23.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to adoption of escalators and moving walkways in smart cities, retrofitting and modernization of existing transportation infrastructure, demand for high-capacity and heavy-duty escalators, expansion of mass transit systems and metro networks, focus on touchless and hygienic escalator solutions. Major trends in the forecast period include integration of iot and smart connectivity, energy-efficient and regenerative drive systems, design innovation for improved aesthetics and integration, touchless and uv-c disinfection solutions, advanced materials for enhanced durability, remote monitoring and predictive maintenance.
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Market Segmentation:
The main types of products in escalators and moving walkways are escalators and moving walkways. Escalators refer to mechanical devices that move people up and down between floors of a structure. They often have the shape of a moving staircase, consisting of a chain of single-piece stainless steel or aluminum steps that are moved by a network of tracks in an endless loop. Escalators are commonly utilized in structures where the movement of a large number of people is necessary, such as malls, airports, public transportation systems, exposition halls, hotels, arenas, and so on. The various applications include public transit, airports, retail, institutional, and others.
Major Driver - Global Growth In Commercial Real Estate Fuels Escalators And Moving Walkways Market
The flourishing commercial real estate market worldwide will propel the growth of the escalators and moving walkways market going forward. Commercial real estate refers to the construction of commercial activities, including companies and large residential properties. Escalators and moving walkways are used in commercial buildings to carry people and goods from one floor to the other. For instance, according to CBRE Group, Inc., a US-based commercial real estate services and investment company, in 2021, a record amount of USD 1.3 trillion was invested in commercial real estate globally, an increase of 55% from 2020. Also in America, the annual investment volume increased by 83% to over USD 775 billion in 2021. Therefore, flourishing commercial real estate worldwide with increasing investments in commercial real estate is driving the growth of the escalator and moving walkway markets.
Competitive Landscape:
Major companies operating in the escalators and moving walkways market include Kone Oyj, ?t?? ?l?v?t?r ??m??n?, Schindler Group, Mitsubishi Electric Corporation, Fujitec Co. Ltd., ThyssenKrupp AG, Sigma Elevator Co. Ltd., Hyundai Elevator Co. Ltd., Toshiba Corporation, Hitachi Ltd., Canny Elevator Co. Ltd., Kleemann Hellas SA, Shanghai Mitsubishi Elevator Co. Ltd., Ningbo Xinda Group Co. Ltd., Guangdong Huasheng Electrical Appliances Co. Ltd., Sicher Elevator Co. Ltd., Shenyang Brilliant Elevator Co. Ltd., Hangzhou Xizi Elevator Co. Ltd., Beijing Beizhong Steam Turbine Generator Co. Ltd., Suzhou Ostar Elevator Co. Ltd., Sodimas, Pneumatic Vacuum Elevators LLC., Excel Elevator and Escalator Corp., Elevator Technology (Shenyang) Co. Ltd., Ferretti International LLC, Vintec Elevators Private Limited, Anlev Elex Elevator Co. Ltd., Sematic Group, Dupar Controls Inc.
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Top Trend - Product Innovations Transforming The Escalators And Moving Walkways Market
New product innovation is the key trend that is gaining popularity in the escalators and moving walkways market. Major companies operating in the escalators and moving walkways sector are focused on introducing new products to sustain their position in the market. For instance, in May 2021, KONE Corporation, a Finland-based international engineering, and service company, launched a new elevator model, KONE DX class elevators, that work on a unique digital platform and secure APIs to connect elevators with smartphones, which makes users more convenient. This DX class elevator offers future-ready inbuilt digital solutions that help to take care of various digital solutions and service needs of the elevator throughout its entire life cycle. That helps to enhance the value of the building. Also, this had an extra feature of DX, music, which is a part of the elevator ride to set just the right mood.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Escalators and Moving Walkways Market Characteristics
3. Escalators and Moving Walkways Market Trends And Strategies
4. Escalators and Moving Walkways Market - Macro Economic Scenario
5. Escalators and Moving Walkways Market Size And Growth
…..
27. Escalators and Moving Walkways Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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