Elevators and Escalators Market is Ready to Grow to US$ 229.0 Billion by 2030 With a Projected CAGR of 6.3%

The market for elevators and escalators was assessed at USD 134.46 billion in 2021 and is projected to expand to USD 229.0 billion by 2030 at a CAGR of 6.3% from 2022 to 2030.

Some of the key reasons for this growth are:
• The expanding construction sector worldwide is fueling the expansion of the elevators and escalators market.

• The increasing implementation of contemporary safety features in escalators, along with continuous technological progress, is driving market growth.

• The swift rise in escalator launches by key companies incorporating digital features is propelling industry growth.

• The launched digital platforms, solutions, and advanced portfolio are propelling the growth of the elevators and escalators market.

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What Are Elevators and Escalators?
Elevators and escalators are both vertical transportation devices that move people and goods between floors. Elevators are enclosed cabins, while escalators are moving staircases. They are powered by electric motors, and elevators use counterweights or traction cables to move up and down. Elevators are good for tall buildings and are often used in places where speed and accessibility are important. Elevators are also a good choice for people with mobility issues or those carrying large objects. Escalators are good for high-traffic areas like shopping centers and airports. Escalators are good for moving large crowds quickly and without waiting. Both elevators and escalators are used to transport people between floors of a building.

Key Players in Market:
Key players in the elevators and escalators market are broadening their presence by improving their escalator manufacturing and operational capabilities. A few of such key players include:
• Eita Elevator
• Electra Elevators
• Escon Elevators
• Fujitec Co.
• Ltd.
• Hitachi Ltd.
• Hyundai Elevator
• Kleemann
• Kone Corporation
• Mitsubishi Electric Corporation
• Orona
• Otis Elevator
• Schindler Group
• Sigma Elevator Company
• Thyssenkrupp AG
• and Toshiba Elevators And Building Systems Corporation

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Segmental Overview:
• The elevators and escalators market is segmented based on service, type, elevator technology, end-use, and region.

• The residential segment, based on end-use, is anticipated to be the largest contributor to the revenue share due to the increasing complexity of living standards in developing countries.

• Based on elevator technology, the traction segment held the largest market share because traction lifts are more effective than hydraulic lifts and suitable for all high-rise and mid-rise building types.

Elevators & Escalators Market, Type Outlook (Revenue - USD Billion, 2018 - 2030)
• Elevators
• Escalators
• Moving Walkways

Elevators & Escalators Market, Service Outlook (Revenue - USD Billion, 2018 - 2030)
• New Installation
• Maintenance & Repair
• Modernization

Elevators & Escalators Market, Elevator Technology Outlook (Revenue - USD Billion, 2018 - 2030)
• Traction
• Machine-Room-Less
• Hydraulic

Elevators & Escalators Market, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
• Residential
• Commercial
• Institutional
• Infrastructure
• Others

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Regional Analysis :
• North America
o Type Outlook
 Elevators
 Escalators
 Moving Walkways
o Service Outlook
 New Installation
 Maintenance & Repair
 Modernization
o Technology Outlook
 Traction
 Machine-Room-Less
 Hydraulic
o End-Use Outlook
 Residential
 Commercial
 Institutional
 Infrastructure
 Others

• Europe
o Type Outlook
 Elevators
 Escalators
 Moving Walkways
o Service Outlook
 New Installation
 Maintenance & Repair
 Modernization
o Technology Outlook
 Traction
 Machine-Room-Less
 Hydraulic
o End-Use Outlook
 Residential
 Commercial
 Institutional
 Infrastructure
 Others

• Asia Pacific
o Type Outlook
 Elevators
 Escalators
 Moving Walkways
o Service Outlook
 New Installation
 Maintenance & Repair
 Modernization
o Technology Outlook
 Traction
 Machine-Room-Less
 Hydraulic
o End-Use Outlook
 Residential
 Commercial
 Institutional
 Infrastructure
 Others

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