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2030 Forecast | Escalators Market Growing at 4.5% CAGR and Expected to reach $19.1 billion
Escalators Market
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The global escalators market generated $11.7 billion in 2020, and is projected to reach $19.1 billion by 2030, witnessing a CAGR of 4.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Development in the real estate sector, rise in need for efficient and rapid transit system, and rapid urbanization drive the growth of the global escalators market. However, safety issues due to poorly maintained equipment and safety issues due to poorly maintained equipment restrain the growth to some extent. On the other hand, emergence of green escalators present new opportunities in the upcoming years.
COVID-19 scenario:
The outbreak of the COVID-19 pandemic led to global lockdown, which in turn, resulted in delayed construction projects. This, in turn, hampered the growth of the global escalators market.
However, the number of COVID-19 cases are expected to reduce in the near future as the vaccine is introduced in the market. This has increased the requirement of commercial spaces, thereby boosting the construction industry. This will help the market to recover soon.
Post COVID-19, escalator manufacturers are expected to focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
The report offers detailed segmentation of the global escalators market based on application, end user, and region.
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Based on application, the maintenance & repair segment held the highest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the modernization segment is estimated to register the highest CAGR of 5.3% from 2021 to 2030.
Based on end user, the commercial segment held the largest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the public transit segment is projected to register the highest CAGR of 4.4% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the global escalators market, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 4.9% during the forecast period. The report also includes North America, LAMEA, and Europe.
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Leading Players:
Leading players of the global escalators market analyzed in the research include Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, Omega Elevators, OTIS Worldwide Corporation, Schindler, TK Elevator and Toshiba Corporation
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