How Big is The elevator and escalator market?
IMARC Group, a leading market research company, has recently releases report titled “Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global elevators and escalator market size reached US$ 145.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.
An elevator is a permanent lifting vehicle that moves vertically in a specially prepared shaft and transports people or goods between floors of a building. On the other hand, an escalator is a moving staircase consisting of a conveyor belt of steps that move up and down along tracks, allowing people to traverse between different building levels easily. Elevators and escalators are operated at controlled speeds suitable for human safety and comfort. They are equipped with safety mechanisms like emergency brakes, alarm buttons, and sensors. They are also designed with features to assist those with disabilities, such as Braille buttons in elevators. They are manual and automatic and are available in various designs and finishes to match building aesthetics. They enable quick and easy movement and facilitate access for individuals with disabilities and mobility issues. They utilize less space than traditional stairways, allowing for a more effective building design. They provide a convenient option for transporting heavy loads or large groups of people and minimize the physical exertion required to move between floors. They are widely used at railway stations and airports to support the swift transportation of passengers and their luggage.
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Elevator And Escalator Market Trends and Drivers:
Rapid urbanization and the increasing construction activities of multi-story commercial and residential buildings represent one of the key factors catalyzing the demand for elevators and escalators to provide convenient vertical transportation. Modernization of airports and subway stations is resulting in the escalating demand for escalators and elevators for smooth passenger flow. Additionally, the growing aging population, which requires more accessible transit options within buildings, is positively influencing the market. Apart from this, there is a rise in green building practices, which is driving the demand for energy-efficient elevators and escalators across the globe. Furthermore, burgeoning tourism and the hotel industry are catalyzing the need for convenient vertical transport options, which is supporting market growth. Moreover, the increasing installation of escalators and elevators in hospitals and healthcare facilities to facilitate efficient vertical transportation for patients and staff is offering a favorable market outlook. Besides this, the integration of smart technologies like the Internet of Things (IoT) enhances functionality and efficiency, which is attracting new consumers. Furthermore, the expansion of educational campuses with multi-story buildings is boosting the demand for elevators and escalators. Moreover, the rising awareness of public safety in crowded areas is promoting the installation of escalators for controlled movement. Government of several countries are undertaking initiatives for affordable multi-story housing, which is catalyzing the demand for cost-effective elevators.
What is included in market segmentation?
The report has segmented the market into the following categories:
- Canny Elevator Co. Ltd.
- Electra Elevators.
- Fujitec Co. Ltd.
- Gulf Elevators & Escalators Co. Ltd.
- Hitachi Ltd.
- Hyundai Elevator Co. Ltd.
- Johnson Lifts Private Limited
- Kleemann Group
- KONE Corporation
- Mitsubishi Electric Corporation
- Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
- Schindler Holding Ltd.
- Sigma Elevator Company and Toshiba Elevator and Building Systems Corporation (Toshiba Corporation).
The report has segmented the market on the basis of
Breakup by Type:
- Elevators
- Escalators
- Moving Walkways
Breakup by Service:
- New Installation
- Maintenance and Repair
- Modernization
Breakup by End Use:
- Residential
- Commercial
- Offices
- Hospitality
- Mixed Block
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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