Electric Elevator and Escalator Market Revenue was valued at USD 95 Billion in 2024 and is estimated to reach USD 130 Billion by 2033, growing at a CAGR of 4% from 2026 to 2033.
In 2022, the global electric elevator and escalator market was valued at approximately USD 83.86 billion, with projections indicating growth to USD 142.52 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.0%. The Asia Pacific region dominated the market, accounting for about 45% of the share, equating to USD 16.75 billion in 2024, and is anticipated to grow at a CAGR of 4.0%. This growth is driven by rapid urbanization and infrastructure development in countries like China and India. North America held a 20% share, approximately USD 7.45 billion, with a CAGR of 3.2%, influenced by infrastructure projects and modernization needs in older buildings. Europe captured 25% of the market, with a CAGR of 2.8%, driven by modernization efforts and a focus on energy efficient solutions in nations such as Germany, the UK, and France. In India, the elevator and escalator market was valued at USD 3,516.02 million in 2023 and is projected to reach USD 7,658.33 million by 2032, growing at a CAGR of 10.22%. This growth is fueled by rapid urbanization, infrastructure development, and the increasing construction of high rise buildings. The governments initiatives to develop smart cities and the demand for energy efficient solutions further contribute to market expansion. Additionally, the integration of advanced technologies like IoT and AI enhances user experience through predictive maintenance and improved safety. Geographically, the southern region of India holds the largest market share due to extensive urban development in cities like Bangalore, Chennai, and Hyderabad.
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Schindler
ThyssenKrupp
Mitsubishi
Kone Elevator
Fujitec
Omega
Hitachi
Hyundai
Otis
Bharat Bijlee
Yungtay Engineering
Zhejiang Meilun Elevator
Volkslift
Suzhou Diao
Canny Elevator
Ningbo Xinda Group
Dongnan Elevator
SJEC
SANYO
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Electric Elevator and Escalator Market
Electric Elevators
Escalators
Moving Walkways
Goods Lifts
Hydraulic Elevators
Traction Elevators
Machine Room-less (MRL) Elevators
Smart Elevators
Residential Buildings
Commercial Buildings
Industrial Facilities
Transportation Hub
Real Estate Developers
Construction Companies
Retail Chains
Public Transport Authorities
Maintenance and Repair
Installation and Commissioning
Modernization
Consulting Services
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Electric Elevator and Escalator Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Electric Elevator and Escalator Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Electric Elevator and Escalator Market, By Type
6. Global Electric Elevator and Escalator Market, By Application
7. Global Electric Elevator and Escalator Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Electric Elevator and Escalator Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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