Elevator & Escalator Market Size was valued at USD 88.59 billion in 2023 and the total Market revenue is expected to grow at 7.5% from 2023 to 2032, reaching nearly USD 167.62 billion.
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 is a product of in-depth research and analysis by our team of expert market analysts. It covers key factors shaping the Elevator & Escalator Market, including industry competition, consumer trends, and technological innovations. This report serves as a strategic resource for industry professionals, enabling informed decision-making and a competitive edge in a dynamic market. With comprehensive insights and actionable intelligence, the Elevator & Escalator Market Report provides valuable opportunities for growth and success in the industry.
Competitive Analysis
The Elevator & Escalator Market is highly competitive, with key players focusing on innovation, strategic partnerships, and mergers and acquisitions to strengthen their market positions. Notable companies include:
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)
Key Benefits for Stakeholders
The Elevator & Escalator Market Report offers stakeholders a comprehensive suite of benefits, including quantitative analysis of market segments, trends, estimations, and dynamics from 2024 to 2032. It provides insights into key drivers, restraints, and opportunities, supported by Porter's Five Forces analysis for strategic decision-making. The report's segmentation analysis identifies market opportunities, while revenue mapping of major countries by region offers a detailed financial perspective. Additionally, it includes benchmarking and positioning of market players, along with an analysis of regional and global trends, key players, and growth strategies.
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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Drivers & Restrains
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.
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