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Escalators and Moving Walkways Market Poised to Hit $24.07 Billion by 2029 with Accelerating Growth Trends
Escalators and Moving Walkways
Escalators and Moving Walkways Market Size Growth Forecast: What to Expect by 2025?
The market size for escalators and moving walkways has witnessed consistent growth in the past few years. The value is predicted to increase from $18.44 billion in 2024 to $19.13 billion in 2025, marking a compound annual growth rate (CAGR) of 3.7%. The upward trend during the historic period was due to factors such as urbanization and high population density in metropolitan areas, growth of commercial and public infrastructure projects, enlargement of airports, malls, and transit centers, emphasis on passenger comfort and movement, and higher attention to safety and accessibility norms.
How Will the Escalators and Moving Walkways Market Size Evolve and Grow by 2029?
Expectations are high for significant growth within the escalators and moving walkways market in the upcoming years. The market forecast projects a rise to $24.07 billion in 2029, with a compound annual growth rate (CAGR) of 5.9%. Various factors contribute to the anticipated growth, including the growing adoption of escalators and moving walkways in smart cities, modernization and upgrades to current transport infrastructure, surging demand for high-capacity and robust escalators, expansion of mass transit systems, and emphasis on touchless, hygienic escalator solutions. Key trends for the future include the utilization of IoT and smart connectivity, energy-saving and regenerative drive systems, aesthetic and integrative design innovations, UV-C and touchless disinfection methods, durability-boosting advanced materials, and remote monitoring coupled with predictive maintenance.
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What Drivers Are Propelling the Growth of Escalators and Moving Walkways Market Forward?
The global growth of the escalators and moving walkways market will be spurred on by the thriving commercial real estate sector. This sector involves the development of commercial facilities, including large-scale residential properties and businesses, that utilize escalators and moving walkways to transport people and goods across different floors. For example, CBRE Group, Inc., an American enterprise specializing in commercial real estate services and investments, reported a record investment of USD 1.3 trillion in global commercial real estate in 2021, marking a 55% rise from 2020. Additionally, the yearly investment volume in the United States saw a substantial rise by 83% to more than USD 775 billion in 2021. Hence, the thriving global commercial real estate sector contributed by increased investment is propelling the escalator and moving walkway markets' growth.
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Which Emerging Trends Are Transforming the Escalators and Moving Walkways Market in 2025?
Major firms operating in the escalators and moving walkways market are increasingly focusing on product innovation as a primary trend to maintain their market positions. For example, Otis Elevator Sdn Bhd, a transportation company based in Malaysia, launched its digitally-connected Gen3TM elevator in August 2024, aiming to transform the elevator-riding experience through advanced connectivity features. The Gen3 elevator is integrated with the Otis ONE IoT digital platform, allowing for real-time monitoring of equipment health and performance. This integration enables proactive maintenance, reducing downtime. The Gen3 elevator caters to a variety of buildings such as residential, commercial, and medical, offering both machine room and machine roomless options. Noteworthy features of the Gen3 include the Otis eView display for infotainment, Compass 360 technology for improved travel efficiency, and energy-efficient components like LED lighting and regenerative drives.
What Are the Key Segments in the Escalators and Moving Walkways Market?
The escalators and moving walkwaysmarket covered in this report is segmented -
1) By Product: Escalators, Moving Walkways
2) By Application: Public Transit, Airport, Retail, Institutional, Other Applications
Subsegments:
1) By Escalators: Commercial Escalators, Residential Escalators, Industrial Escalators
2) By Moving Walkways: Horizontal Moving Walkways, Inclined Moving Walkways
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Who Are the Key Players Shaping the Escalators and Moving Walkways Market's Competitive Landscape?
Major companies operating in the escalators and moving walkways market include Kone Oyj, ?t?? ?l?v?t?r ??m??n?, Schindler Group, Mitsubishi Electric Corporation, Fujitec Co. Ltd., ThyssenKrupp AG, Sigma Elevator Co. Ltd., Hyundai Elevator Co. Ltd., Toshiba Corporation, Hitachi Ltd., Canny Elevator Co. Ltd., Kleemann Hellas SA, Shanghai Mitsubishi Elevator Co. Ltd., Ningbo Xinda Group Co. Ltd., Guangdong Huasheng Electrical Appliances Co. Ltd., Sicher Elevator Co. Ltd., Shenyang Brilliant Elevator Co. Ltd., Hangzhou Xizi Elevator Co. Ltd., Suzhou Ostar Elevator Co. Ltd., Sodimas, Excel Elevator and Escalator Corp., Elevator Technology (Shenyang) Co. Ltd., Vintec Elevators Private Limited, Anlev Elex Elevator Co. Ltd., Sematic Group
What Geographic Markets Are Powering Growth in the Escalators and Moving Walkways Market?
North America was the largest region in the escalators and moving walkway market in 2024. The regions covered in the escalators and moving walkways market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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