Press release
Elevators and Escalators Market to Witness Steady Growth Amid Urban Development and Technological Advancements, Reaching USD 187.1 Billion by the year 2034
Elevators and Escalators Market
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Elevators and Escalators Market are:
• Rapid urbanization has led to an increase in the construction of high-rise buildings with smart vertical transit systems.
• Retrofitting and Modernization Needs among consumers
• Advancements in material science
The following are the primary obstacles to the Elevators and Escalators Market's expansion:
• High Initial Installation Costs
• Rise in Regulatory Compliance
• Labor Shortages and Skilled Workforce
Future expansion opportunities for the global Elevators and Escalators Market include:
• Continued advancements in technology
• Increasing emphasis on sustainability
• Growth of e-commerce and the construction of large distribution centers
Market Analysis:
Ongoing investments in the development of public infrastructure, including railway stations, shopping centers, and airports, are anticipated to drive the demand for lifts and escalators during the forecast period. Additionally, the growth of the lifts and escalators market is primarily fueled by increasing demand across key end-use sectors such as residential, commercial, and healthcare. Moreover, the tourism industry plays a significant role in boosting the need for lifts and escalators, particularly in high-traffic areas, to enhance the convenience and comfort of visitors in various countries.
List of Prominent Players in the Elevators and Escalators Market:
• Aaron Industries Ltd.
• Cibes Lift Group Ab
• Eita Elevator
• Electra Elevators
• Escon Elevators
• Expedite Technologies
• Fujitec Co., Ltd
• Glarie Elevator Group
• Hitachi Ltd
• Hyundai Elevator
• Hyundaielevator Co., Ltd
• Johnson Elevator Co., Ltd
• Kleemann
• Kone Corporation
• Leo Elevators
• Mitsubishi Electric Corporation
• Orona
• Otis Elevator
• Schindler Group
• Shenyang Yuanda Intellectual Industry Group Co., Ltd
• Sigma Elevator Company
• Stannah Group
• Thyssenkrupp Ag
• Toshiba Elevators And Building Systems Corporation
• Trio Elevators Co (India) Private Limited
• United Technologies
• Walton Group
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Recent Developments:
• In November 2022, 3Phase Elevator joined with Elevator Industries, a market leader in Sacramento, CA, that offers testing services, maintenance, and repair.
• In December 2023, TK Elevator, a forward-thinking worldwide elevator industry leader, announced the introduction of its new house elevator concept, 'Enta Villa.'Enta Villa is specifically developed for multi-floor residences and villas in the company's home country of India, where demand for luxury housing and leisure items is increasing rapidly. Using German precision engineering, the lift smoothly merges the most recent technical breakthroughs with an efficient compact design and refined aesthetics to provide a blend of safety, comfort, and high style.
• In September 2022, KONE India inaugurated the world's largest passenger lift at Jio World Centre in Mumbai. The five-stop lift weighs 16 tonnes and spans 25.78 square metres. It has been tested for optimal people flow analysis, quality, and built-in safety features. Key characteristics include regenerative drive, standby solutions, high-rise lifting technology, touchless signaling, a car operation panel, QR codes, and a landing call station.
Elevators and Escalators Market Dynamics:
Market Drivers: Increasing Urbanization Driving Growth in High-Rise Construction
As the global construction market continues to expand, construction companies worldwide are prioritizing energy efficiency while pursuing green building certifications such as the Building Research Establishment Environmental Assessment Method (BREEAM) and Leadership in Energy and Environmental Design (LEED) for their projects. This heightened focus on reducing overall energy consumption is contributing to the growth of the lifts and escalators market.
Challenges: High Capital Investment for Installation
The elevator and escalator market faces several challenges that may hinder its growth and development. One of the primary obstacles is the significant upfront cost of installation, particularly in high-rise buildings. The substantial initial investment required for these systems can pose a barrier to some projects, potentially leading to delays or cancellations. Overcoming these challenges necessitates strategic planning, ongoing innovation, and adaptability to evolving market dynamics.
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North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American elevators and escalators market is expected to capture a significant revenue share and experience robust growth at a high compound annual growth rate (CAGR) in the coming years. Several factors contribute to the expansion and development of this market. North America is at the forefront of technological innovation, which plays a crucial role in advancing the elevator and escalator sector. Key drivers include the integration of advanced technologies such as smart elevators, IoT connectivity, and energy-efficient systems. Additionally, the rapid urbanization in North American cities, particularly those experiencing population growth, is increasing the demand for vertical transportation solutions in commercial, residential, and mixed-use developments.
Segmentation of Elevators and Escalators Market-
By Type-
• Elevator
o Passenger Elevator
Bed Elevator
Service Elevator
Observation Elevator
Residential Elevator
o Freight Elevator
Dumbwaiters
Vehicle Elevators
o Others
• Escalator
• Moving Walkways
By Service:
• New installation
• Maintenance & repair
• Modernization
By Elevator Technology-
• Traction Elevator
• Machine Room Less Traction Elevator
• Hydraulic
By End-Use-
• Residential
• Commercial
• Institutional
• Infrastructure
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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