Elevator and Escalator Market Poised for Growth, Expected to Hit USD 194.97 Bn by 2030

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%. Rising urbanization along with increasing infrastructure development is expected to drive the growth of the vertical transportation market over the forecast period. while demand for energy-efficient, innovative and sustainable solutions across residential, commercial and industrial sectors are further expected to accelerate the market growth.

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Factors propelling market growth and opportunities

Urbanization remains the key factor for growth of elevator and escalator market. With urbanization set to drive significant population growth globally and further densification of cities, high-rise buildings and commercial spaces are becoming increasingly common and their respective vertical transportation systems are more warranted than ever. The increasing development of high rise residential buildings, offices, shopping malls, airports and public transport facilities in developed as well as developing countries drives the demand for advanced elevator and escalator systems.

Furthermore, increasing number of smart cities and modernizing infrastructure offers growth opportunities for the key players to develop advanced vertical transportation systems. Smart elevators, predictive maintenance, energy-efficient escalators and IoT-enabled systems are helping to better the technology experience - all of which are essential for the market to flourish. Such technological advancement makes elevators and escalators safer, efficient and eco-friendly, thereby enticing developers as well as end-users.

With energy efficiency and sustainability, coupled with green building initiatives, becoming more prominent, there has been greater adoption of energy-efficient technologies with the use of regenerative drives, eco-friendly materials, and low-energy use elevators and escalators. And with governments and industries increasingly demanding lower-carbon footprints, the interest in these systems will undoubtedly only continue to grow.

Segmentation Analysis

Global Elevator and Escalator Market by Product Type, Application and Region 2023 - The Business Model Moving along the Loop - Medium

Market Segmentation: Global Commerical Elevator Market By Product Type: Commerical Elevator market is primarily segmented into elevators, escalators and moving walkways. The lift segment led the industry, owing to its large share, which is utilized in most of the high-rise buildings. Today, escalators are basically for commercial places think airports, shopping malls, and metro stations - while moving walkways are all for airport or some transport hubs; they serve horizontal movement, bulk cargoes in most zones.

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Segmentation by Application: The elevator and escalator market is segmented into several applications, such as residential, commercial, industrial, and transportation sectors. The biggest share represents the commercial sector due to rising construction of commercial buildings, retail stores, and public transport systems. There is also an increasing demand for elevators and escalators in residential settings and high-rise condominiums and luxury apartments. Elevators and escalators are also being increasingly used to facilitate movement of people and products in industrial and transportation spaces such as warehouses factories and transportation hubs.

By Region: The Asia-Pacific area is the largest and fastest-growing market due to rapid urbanization and major infrastructure development in countries such as China, India, and other Southeast Asian countries. Along with North America and Europe, where modernisation, smart technology adoption, and eco-friendly solutions are primary, are also key markets. Expansion of urbanization in emerging economies in the Middle East and Africa, accompanied by high tendency towards high-end vertical transportation systems are few of the important factors to accelerate growth.

Regional Insights

Asia-Pacific - This dominated the elevator and escalator market on account of rapid urbanization, especially in countries such as China and India. The Boom in Infrastructure Projects: Infrastructure projects for residential, commercial, and transport facilities are booming in these countries, leading to a higher demand for elevators and escalators. At the same time, new markets like Indonesia and the Philippines continue to help contribute to the regional market growth as cities grow high-rises and commercial areas.

North America: North American market growth is supported by modernization and growing demand for smart elevators. Canada and the U.S. are concentrating on upgrading aged elevator systems with predictive maintenance, IoT connectivity, and energy-efficient technologies. As the region evolves towards green building certifications and low-carbon construction practices, the demand for sustainable solutions is also increasing.

Europe: Europe is the other important elevator and escalator market area. So many older systems here are being retrofitted for greater energy efficiency, while also meeting modern safety standards. Further, European countries have strict rules concerning building regulations and building environmental impact which are likely to attract soft regulation guidelines in elevators and escalators to provide eco-friendly solutions in form of regenerative drives and energy-efficient motors.

Middle East & Africa: The rapid pace of urbanization in the Middle East has necessitated heavy investments in infrastructure in many Middle Eastern cities, including cities such as Dubai and Riyadh undergoing large-scale infrastructural projects. Together, these trends create a need for high-tech vertical transport solutions, which, in turn, sparks demand for elevators and escalators. Continued reliance on high-rise buildings, luxury residential complexes and public transportation in the region has drived market growth.

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Competitor Analysis

Key Players in Global Elevator and Escalator Market Share Information:- The elevator and escalator global market is a highly competitive place with several major players operating worldwide. Some of the major players operating in the global elevator and escalator market include Otis Elevator Company, Schindler Group, KONE Corporation, Thyssenkrupp AG, Mitsubishi Electric, and others. The companies listed are investing in research & development, adding innovative products to their portfolios and signing partnerships to expand their influence in the marketplace.

Otis Elevator Company: A global leader in the elevator and escalator industry, Otis is a part of the United Technologies Corporation. Otis has been at the cutting edge of innovation with its smart elevator systems and predictive maintenance technologies. Adding to sustainability, Otis has made energy efficiency a priority for its products to cater to customers with high demand for sustainable solutions.

Schindler Group: Schindler is a major market player, known for its energy-efficient elevators and escalators. The firm has been pouring money into technologies like IoT-enabled elevators and escalators equipped with remote monitoring functionality. Schindler's focus on green and sustainable vertical transportation solutions has been a key driver of this success in both mature and emerging markets.

KONE Corporation: KONE is known for advances in elevator and escalator technology like the KONE UltraRope technology for buildings and KONE's emphasis on digitalization. It is a move that will strengthen the goes-go market and attract customers with intelligent, connected products for global footprints. KONE has also been concentrating on making its systems energy-efficient, in order to address increasing environmental pressures.

Thyssenkrupp AG: Thyssenkrupp launched some innovations such as the revolutionary MULTI elevator system for both horizontal and vertical transport using magnetic levitation. By concentrating on smart technologies, predictive maintenance, and sustainability, the company has strengthened its market position and grown on a global level.

Mitsubishi Electric -AMP Mitsubishi Electric maintains a top market share in the highCCAPF headline mobile exchange leading with energy-efficient systems and advanced scalability technologies. They provide high-efficiency elevators and escalators for modern buildings and urban settings that decrease energy consumption and maintenance costs.

These companies heavily rely on M&A and Collaboration to strengthen their markeplace. Looking at Schindler buying more companies that focus on service rather than just the equipment will help, and KONE putting top dollar on digitalization and green technologies indicate that if organizations want to adapt to ever evolving consumers needs plus the need to fulfil strict environmental laws, they'd have to keep up with the competition.

Conclusion

As urbanization continues to penetrate around the globe, bringing with it higher digital technological advances, robust growth in the overall elevator and escalator market is expected to be witnessed in the coming years. There are growth opportunities due to the high demand for energy-efficient smart and sustainable vertical transportation solutions in residential, commercial, and industrial applications. Having the top companies like Otis, Schindler, KONE, Thyssenkrupp, and Mitsubishi Electric at the helm, the elevator market in both developed and developing nations is bound to reach new heights. The industry is undoubtedly going to evolve with the demand of smarter, more sustainable vertical transport solutions and this will push innovative smart technologies-driven companies to the top.

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