Press release
Elevator and Escalator Global Market Analysis, Trends, Growth, Research And Forecast 2033
Elevator and Escalator Global Market
The Business Research Company offers in-depth market insights through Elevator and Escalator 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 elevator and escalator market size has grown strongly in recent years. It will grow from $109.63 billion in 2023 to $118.48 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to supportive government initiatives, increased focus on energy efficient elevators and an increase in infrastructure investment.
The elevator and escalator market size is expected to see strong growth in the next few years. It will grow to $161.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising construction of skyscrapers, boost in construction spending, rising urbanization and increasing smart cities. Major trends in the forecast period include focusing on internet of things (iot) technology, focus on gearless technology-powered elevators, focus on green home elevators, focus on product innovations and developing new products, and undergoing partnerships to reach new geographies and incorporate advanced technologies.
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Market Segmentation:
The elevator and escalator market covered in this report is segmented -
1) By Product: Elevators, Escalators, Moving Walkway
2) By Business: New Equipment, Maintenance, Modernization
3) By Elevator Technology: Traction Elevator, Machine Room Less Traction Elevator, Hydraulic
4) By End User: Residential, Commercial, Institutional, Infrastructure, Other End Users
Major Driver - Elevator And Escalator Market Set To Soar With Surge In Infrastructure Investments
The increase in infrastructure investment is expected to propel the growth of the elevator and escalator market going forward. Infrastructure refers to the construction of real assets such as bridges, roads, and buildings. With the increasing heights of buildings, the requirement for elevators and escalators has also increased, in order to save time and provide effectiveness for people. For instance, in November 2021, according to the Indian Brand Equity Foundation, an Indian government agency, the central government had allocated $1.89 billion in the union budget for the development of infrastructure. Also, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India, and a 13% share of the total FDI inflows worth $ 81.72 billion was allocated for the development of infrastructure activities. Therefore, the increase in infrastructure investments is driving the growth of the elevator and escalator markets.
Competitive Landscape:
Major companies operating in the elevator and escalator market report are Schindler Group, Otis Worldwide Corporation, Kone Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Toshiba Corporation, Fijutec Co. Ltd, Hyundai Elevator Ltd, Canny Elevator Co. Ltd., WINONE Elevator Co. Ltd, Symax Lift (China) Co. Ltd, Nantong Fuji Elevator Co. Ltd, Volkslift, Ningbo Hosting Elevator Co. Ltd, General Elevator Co. Ltd, SAIL Intelligent Elevator (Suzhou) Co. Ltd, Huzhou Fuji Elevator Co. Ltd, Suzhou Towards Elevator Co. Ltd, SEPL India Ltd, Orbis Elevator, IEC LIFTS, IFE Elevators CO. LTD, Orient Elevators, Expert Lift ltd, Liftronic, Brilliant Lifts Australia, Orbitz Elevators, Yusaki Elevator, Blue Star Elevators, Omega-Elevators, MAS Industries, Escon Elevators Pvt. Ltd, Sanei Manufacturing Co. Ltd, Vintec Elevator, TK Elevator, Thyssenkrupp AG, GMV Poland, Schmitt + Sohn, United Technologies, Nu-Line, Delta Elevator Co Ltd, AVT Beckett Elevators, True Canadian Elevator, Alphalift Ltd., Arabian Elevators & Engineering Co LLC, Gulf Tech Elevators LLC, Orient Lines Elevators, HAUSLIFT, Logan Davex, Trent Park Engineering
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Top Trend - Elevator And Escalator Market Surges With Digital Connectivity And Advanced Technology
Product innovations are a key trend gaining popularity in the elevator and escalator market. Major companies operating in the elevator and escalator sector are focused on developing ground-breaking digitally connected technology to sustain their position in the market. For instance, in March 2021, KONE Elevator, an Indian elevator manufacturing company, launched digitally connected KONE DX class elevators, which redefined the elevator experience. KONE DX Class helps customers use additional software and services for elevators throughout the entire lifetime of a building. The use of open application programming interfaces (APIs) makes the elevator easy to manage and integrate different devices, apps, and services with new and existing systems.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Elevator and Escalator Market Characteristics
3. Elevator and Escalator Market Trends And Strategies
4. Elevator and Escalator Market - Macro Economic Scenario
5. Elevator and Escalator Market Size And Growth
…..
27. Elevator and Escalator Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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