Elevator & Escalator Market Trends
In 2023, the Elevator & Escalator Market Share is reached USD 88.59 billion, and global Elevator & Escalator Market size is projected to reach USD 167.62 billion by 2032. The Elevator & Escalator growth sahre is projected to reach Compound annual growth rate 7.5% between 2023-2032.
The growing urbanization and expansion of high-rise buildings have significantly boosted the elevator and escalator market. Technological advancements such as energy-efficient motors, smart destination control systems, and IoT-enabled predictive maintenance enhance safety, efficiency, and user experience. Increasing demand for modernization and sustainable mobility solutions further drives market growth.
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The Elevator & Escalator Market Report provides stakeholders with a comprehensive range of benefits, including in-depth quantitative analysis of market segments, trends, forecasts, and dynamics from 2025 to 2032. It offers valuable insights into key drivers, restraints, and opportunities, supported by Porter's Five Forces analysis for strategic decision-making. The report’s segmentation analysis highlights market opportunities, while revenue mapping across major countries by region delivers a detailed financial outlook. Additionally, it features benchmarking and competitive positioning of market players, along with an assessment of regional and global trends, key industry participants, and growth strategies.
Top companies of Elevator & Escalator
Fujitec Co. Ltd (Japan)
Hitachi Ltd (Japan)
Hyundai Elevator Co Ltd (South Korea)
Kone Corporation (Finland)
Mitsubishi Electric Corporation (Japan)
Otis Worldwide Corporation (U.S.)
Schindler (Switzerland)
SJEC Corporation (China)
TK Elevator GmbH (Germany)
Toshiba Corporation (Japan)
Elevator & Escalator Market Research Objectives
Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).
To analysis the with respect to individual future prospects, growth trends and their involvement to the total market.
To analysis reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
To deliberately profile the key players and systematically examine their growth strategies.
Elevator & Escalator Market Drivers & Restrins
Drivers:
Increasing urbanization and construction of high-rise buildings driving the demand for elevators and escalators in residential and commercial sectors.
Growing focus on accessibility and safety regulations promoting the installation of modern elevator and escalator systems.
Restraints:
High initial installation and maintenance costs of elevators and escalators may limit adoption in some regions.
Space constraints in older buildings and retrofitting challenges hindering the implementation of new systems.
Recent Industry Developments
Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
TK Elevator GmbH launched the new EXO Renew Series of elevators for low-rise and high-rise residential buildings. It is versatile, designed for using 100% green electricity and requires 28% less energy compared to other models.
Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd, received an order of 538 elevators for large-scale residential housing projects in Gurgaon, India. These elevators would be manufactured and supplied from a high-rise elevator manufacturing facility based in Chennai, India. This order would be completed by the end of 2025.
Schindler signed a partnership with Umm AI Qura, based in Saudi Arabia, to provide 150 elevator orders for installation at Makkah, Saudi Arabia. This order includes 65 Schindler 5000 series elevators, 44 Schindler 7000 series elevators, and five elevators for the platform. These elevators help to improve passenger transportation from restaurants and hotels.
Hitachi Ltd introduced a new touchless operating panel for monitoring and controlling elevators and escalators. It has features such as enabling touchless use, a simplified method, and operating through a numerical pad.
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Research Methodology
Our research methodology combines both qualitative and quantitative approaches to provide you with a thorough market analysis. We begin by gathering data from trusted industry reports and databases (secondary research), followed by primary research through surveys and interviews with key experts. We then apply advanced statistical tools to analyze the data, uncover trends, and assess market dynamics. Additionally, we use market segmentation and Porter’s Five Forces analysis to evaluate competition. This approach ensures that the insights we provide are reliable, actionable, and tailored to support your decision-making process.
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