Elevator and Escalator Global Market Report 2024: Industry Trends and Projections to 2033 | Key Players Schindler Group, Otis Worldwide Corporation, Kone Corporation, Hitachi Ltd, Mitsubishi Electric Corporation.

"The Business Research Company recently released a comprehensive report on the Global Elevator and Escalator Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

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.

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Major Key Players of the Market:

Skanska AB, Hochtief AG, Balfour Beatty plc, DPR Construction, AECOM Technology, STO Building Group, McCarthy Holdings, Inc, HDR Inc, Gilbane, Inc, Gensler, Nikken Sekkei, Padmavathi Infra Developers, Md Khaja Moinuddin Ansari Works Contractor, M/s Maa Laxmi Enterprises, Gold Mantis Construction Decoration Co. Ltd, China State Construction Engineering Corporation (CSCEC), Vinci SA, Bouygues Construction, Züblin, ACS Group, Ferrovial, NCC AB, Salini Impregilo, Astaldi, Kier Group, Group of Companies PIK, LSR Group, Rönesans Holding, Mosinzhproekt, S.C. PORR Construct, Budimex, STRABAG Sp. z o.o, Polimex-Mostostal, Metrostav, Turner Construction Company, PCL Construction, Mortenson, EllisDon Corporation, Aecon Group Inc, Bird Construction, Empresas ICA, Odebrecht Engenharia e Construção, Andrade Gutierrez, Camargo Corrêa, Mendes Júnior Engenharia, Techint Engineering & Construction, IECSA, SalfaCorp, Constructora Bolívar, Graña y Montero, Cosapi, Arabtec Construction LLC, Alec Engineering and Contracting, M/s Khansaheb Civil Engineering L.L.C., ASGC Construction LLC, Saudi Binladin Group (SBG), Saudi Oger Limited, Aveng Grinaker-LTA, Orascom Construction, Alexandria Construction, Stefanutti Stocks

Elevator and Escalator Market 2024 Key Insights:

• 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%.
• Elevator And Escalator Market Set To Soar With Surge In Infrastructure Investments
• Elevator And Escalator Market Surges With Digital Connectivity And Advanced Technology
• Asia-Pacific was the largest region in the elevator and escalator market in 2023

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