Elevator and Escalator Market Poised for Robust Growth, Forecasted to Expand at 7.8% CAGR from 2024-30

MarkNtel Advisors has released its latest report highlighting strong growth in The Global Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 & is estimated to grow at a CAGR of around 7.8% during the forecast period, i.e., 2024-30.

Report Coverage

This report offers a comprehensive analysis of the Elevator and Escalator Market, providing valuable insights across historical trends, current dynamics, and future forecasts.

• Base Year: 2023
• Forecast Years: 2024-30
• Historical Years: 2019-22

Elevator and Escalator Market Overview

Most of the market expansion can be attributed to the rapid urbanization worldwide, resulting in the erection of more buildings and the modernization of age-old infrastructure in the coming years. According to the World Bank, 56% of the world’s population, i.e., 4.4 billion inhabitants, were residing in cities as of 2022. The urban population is on the verge of folding itself by 2050 to the extent that nearly 7 out of 10 people will be living in cities.

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Elevator and Escalator Market Segmentation Outlook

The Elevator and Escalator is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Type

• Elevator
  • Traction
  • Hydraulic
  • Machine Room Less
• Escalator
  • Moving Walkway
  • Moving Stairs

By Service

• New Installation
• Modernization- Market Size & Forecast 2019-2030, (USD Million)
• Maintenance- Market Size & Forecast 2019-2030, (USD Million)

By Application

• Residential
• Commercial
• Industrial

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Elevator and Escalator Market Driver

Increasing Investment in Construction Projects – The global elevator and escalator market is set to grow due to the rising construction of new residential and commercial properties in both developing and developed economies. Infrastructure-related projects are being invested in by over 40 developing countries, as per the UNCTAD Trade report. Additionally, numerous government initiatives from these nations aim to boost demand for elevators and escalators further during the forecast period. 

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Top Elevator and Escalator Market Brands & Their Strategic Market Positioning

MarkNtel Advisors Research identifies Fujitec Co. Ltd., Hitachi Elevator Engineering Company, KONE, Canny Elevator Company Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, ORONA, Otis Worldwide Corporation, Schindler Holding Ltd., ThyssenKrupp Elevator AG, SJEC Corp., Sigma Elevators, Walton group, Electra Elevators and Others as key players shaping the market landscape.

Elevator and Escalator Market News

• In 2023: Fujitec Singapore Corp. Ltd., a subsidiary of Fujitec Co. Ltd., finished revamping 19 elevators in Singapore's One Raffles Place (previously known as OUB Center). The updated elevators come with cutting-edge features such as faster speed and innovative systems that reduce travel time, providing enhanced comfort and stability to the passengers.
• In 2023: Hitachi Elevator Engineering Company, a Hitachi Ltd. subsidiary, successfully acquired its biggest deal in Hong Kong, which involves 160 elevators, escalators, and moving walks for Sun Hung Kai Properties Limited's Hong Kong West Kowloon Station complex. These products are being produced by Hitachi Elevator (China) Co., Ltd., consisting of 115 out of a total of 22 high-speed elevators that will be delivered by December 2024.
• In 2023: the Finnish multinational elevator and escalator corporation, KONE, declared the introduction of its latest lift innovation, the KONE MonoSpace 600. This state-of-the-art technology is intended to be more economical and environmentally friendly.

Key Questions Answered in the Report

• What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
• How the industry has been evolving, and which segments would dominate the market during the forecast period?
• What are the key opportunity areas that companies foresee in the coming years 2030?
• Who are the key players in the market, and what are their competitive strengths?
• What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?

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