Market Insights

As per recent research by MarkNtel Advisors, 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.

Global 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. For instance,

• India is planning to invest USD 1.4 trillion in residential and commercial infrastructure by 2025.

Furthermore, developing smart cities is also expected to augment the size & volume of the Global Elevator and Escalator Market. For instance,

• The source of the Policy Forum stated that the Chinese government's investment in the smart city was USD 30.5 billion in 2019, and investment is expected to reach USD 60.2 billion by 2028.

In addition, the increasing construction of high-rise buildings in developed and developing countries drives the growth & expansion of the market.

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Market Segmentation and Consumer Behavior:

By Type

• Elevator

  • Traction- Market Size & Forecast 2019-2030, (Thousand Units)

  • Hydraulic- Market Size & Forecast 2019-2030, (Thousand Units)

  • Machine Room Less- Market Size & Forecast 2019-2030, (Thousand Units)

• Escalator

  • Moving Walkway- Market Size & Forecast 2019-2030, (Thousand Units)

  • Moving Stairs- Market Size & Forecast 2019-2030, (Thousand Units)

 By Service

• New Installation- Market Size & Forecast 2019-2030, (Thousand Units)

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

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

 By Application

• Residential- Market Size & Forecast 2019-2030, (Thousand Units)

• Commercial- Market Size & Forecast 2019-2030, (Thousand Units)

• Industrial- Market Size & Forecast 2019-2030, (Thousand Units)

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Elevator and Escalator Market Geographical Analysis:

By Region:

• North America

• South America

• Europe

• The Middle East & Africa

• Asia-Pacific

Key Players and Competitive Strategies in the Elevator and Escalator Market

Several prominent players dominate the Elevator and Escalator Market, including:

• 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.

• Walton Group

• Sigma Elevators

• Electra Elevators

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Questions Addressed in this Study

1.What factors are driving the Elevator and Escalator Market growth?

2.How is the Elevator and Escalator Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Elevator and Escalator Market?

4.What is the current size of the Elevator and Escalator Market, and how is it projected to change in the future?

5.What is the future outlook for the Elevator and Escalator Market in terms of technological advancements and market expansion?

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