Press release
Global Elevator and Escalator Market size was valued at USD 127.97 Bn in 2023 and is expected to reach USD 194.97 Bn by 2030
Elevator and Escalator Market
Global Elevator and Escalator Market size was valued at USD 127.97 Bn in 2023 and is expected to reach USD 194.97 Bn by 2030, at a CAGR of 6.2 percentage.
Global Elevator and Escalator Market Overview:
The global elevator and escalator market was valued at USD 127.97 billion in 2023 and is projected to reach USD 194.97 billion by 2030, driven by a CAGR of 6.2%. This growth is fueled by increasing urbanization, infrastructure development, and rising demand for vertical transportation systems in residential, commercial, and industrial sectors. As more high-rise buildings emerge, particularly in rapidly urbanizing regions, the need for elevators and escalators becomes essential for ensuring efficient movement of people and goods, enhancing convenience and safety.
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Drivers in the Global Elevator and Escalator Market:
The primary drivers of the global elevator and escalator market include rapid urbanization, particularly in emerging economies, and increasing infrastructure development activities such as high-rise residential and commercial buildings, airports, and metro stations. Additionally, growing technological innovations like energy-efficient and smart elevators, equipped with IoT integration and predictive maintenance, are attracting widespread adoption, enhancing operational efficiency and user experience.
Global Elevator and Escalator Market Trends:
Key trends in the global elevator and escalator market include the increasing adoption of smart elevators, driven by advances in IoT, AI, and machine learning technologies that enable predictive maintenance, energy efficiency, and improved safety. Additionally, green building initiatives are promoting the use of eco-friendly, energy-efficient systems, with regenerative drives and sustainability-focused solutions gaining traction in the market. Moreover, the demand for retrofitting and modernization in aging infrastructure is also shaping market trends.
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Global Elevator and Escalator Market Opportunities:
Opportunities in the global elevator and escalator market arise from the increasing demand for smart and sustainable solutions, such as energy-efficient elevators and IoT-integrated systems. The need for modernization and retrofitting projects in existing buildings offers further growth potential. Additionally, the rising elderly population, particularly in residential and healthcare settings, is creating a demand for elevators that enhance mobility and accessibility.
What is Global Elevator and Escalator Market Regional Insight?
Asia Pacific leads the global elevator and escalator market, driven by rapid urbanization, infrastructure development, and growing demand for high-rise buildings in countries like China and India. This region accounts for significant investment in infrastructure projects and smart city initiatives. North America, with its focus on safety regulations, energy efficiency, and modernizing existing infrastructure, also holds a substantial share, while Europe sees steady growth, driven by sustainability and retrofitting projects.
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Segmentation Analysis of the Global Elevator and Escalator Market
by Product Type
Elevator
Escalator & Moving walkways
by Elevator Technology
Traction
Machine room-Less
Hydraulic4
by Service
New installation
Maintenance & Repair & Modernization
by by End-Use Industry
Commercial
Industrial
Who is the largest manufacturers of Global Elevator and Escalator Market worldwide?
1. Otis Elevator Company (United States)
2. Kone Corporation (Finland)
3. Schindler Group (Switzerland)
4. Mitsubishi Electric Corporation
5. Thyssenkrupp Elevator AG (Finland)
6. Hitachi Ltd. (Japan)
7. Fujitec Co., Ltd. (Japan)
8. Guangzhou Guangri Elevator Industry Co., Ltd. (China)
9. SJEC Corporation (China)
10. Canny Elevator Co., Ltd. (China)
11. Shanghai Mitsubishi Elevator Co., Ltd. (China)
12. IFE Elevators Co. Ltd. (China)
13. Suzhou Diao Elevator Co., Ltd. (China)
14. Kleemann Hellas SA (Greece)
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Key Offerings:
Past Market Size and Competitive Landscape
Global Elevator and Escalator Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Global Elevator and Escalator Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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