Elevators and Escalators Market Scope Report

Global Elevators and Escalators Market Highlights Over 2023 - 2033

The global elevators and escalators market is estimated to garner a revenue of USD 100.0 Billion by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 80.o Billion in the year 2022. The growth of the market can be attributed to the rising demand for elevators and escalators for home usage followed by increasing disposable household income. As per the Bureau of Economic Analysis, the disposable personal income increased by USD 67.6 Billion accounting to 0.4 per cent.

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An escalator is a moving staircase that carries people from one floor to another in a building whereas elevators is a car that moves in a vertical way to carry passengers. They are useful in high-rise building to travel from one floor to another in a short amount of time. Moreover, the stairs are been replaced by them in order to provide comfort to people in public places such as metro and railway station, malls, and others. Therefore, the surging number of high-speed railway/metro projects is anticipated to increase the growth of the global elevators and escalators market. There are more than 35,000 high-speed railway lines in the Asia Pacific region as of 2020.

Global Elevators and Escalators Market: Growth Drivers and Challenges

Growth Drivers

• Growing Smart Cities Mission– With the growing smart cities mission, all the infrastructure is being replaced with new technologies and it is expected to boost the growth of the global elevators and escalators market. According to the Indian Brand Equity Foundation, the smart city mission in India will cover 100 cities that have been distributed among states/ Union Territories

• Increasing Spending by Developing Economies– As per the World Bank, the research and development expenditure in China has increased from 1.71 per cent in 2010 to 2.4 per cent in 2020.

• Rising Need to Develop Energy-Efficient Elevators– Elevators account for nearly 2 per cent to 10 per cent of a building’s energy consumption

• Rapid Urbanization & Industrialization– As per the United Nation, nearly 68 per cent of the total population is expected to live in urban areas by the end of 2050.

Challenges

• Concerns Related to Elevator and Escalator Accidents

• Stringent Rules and Regulations

• High Costs for the Installation

The global elevators and escalators market is segmented and analyzed for demand and supply by application into industrial, commercial, and residential. Out of these, the commercial segment is anticipated to hold the largest share over the forecast period owing to the high adaption in commercial places such as retail centers, malls, metros, and others. Moreover, it has been an increasing use for commercial buildings in order to provide comfort to the old aged population. There are more than 250 shopping malls operating in the eight major metropolitan areas of India in the year 2018.

Global Elevators and Escalators Market Regional Synopsis

Regionally, the global elevators and escalators market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 on the back of rising industrialization, increasing disposable income, and the presence of highly populous countries. According to the World Bank, the population in India and China has increased from 1.06 Billion and 1.26 Billion in 2000 to 1.39 Billion and 1.41 Billion in 2021.

Market Segmentation

Our in-depth analysis of the global elevators and escalators market includes the following segments:

Key Companies Dominating the Global Elevators and Escalators Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global elevators and escalators market that are included in our report are Hitachi Ltd., KONE Corporation, Fujitec Co., Ltd., Schindler Holding Ltd., thyssenkrupp AG, Hyundai Elevator, United Technologies Inc., Toshiba Corporation, Otis Worldwide Corporation, Electra Group, and others.

Global Elevators and Escalators Market: Latest Developments

• September, 2022: Hitachi Ltd., announced the order received for 40 units of high-speed elevators from Unity Group for the super-luxurious residential complex ‘The Amaryllis’ phase 2 in India

• August, 2022: Otis Worldwide Corporation announced the completion for refurbishment of more than 200 escalators in 42 MRT stations in Singapore.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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