Us Elevator And Escalator Solution Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
Elevator And Escalator Solution Market was valued at USD 90 Billion in 2022 and is projected to reach USD 130 Billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030.
The United States elevator and escalator market is experiencing significant growth, driven by urbanization, technological advancements, and increased infrastructure investments. In 2022, the market was valued at approximately USD 19.49 billion and is projected to reach USD 30.16 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.61% during the forecast period. This expansion is largely due to the rising demand for efficient vertical transportation solutions in both residential and commercial sectors.
One of the primary factors contributing to this growth is the surge in multifamily construction projects. As urban populations increase, there's a heightened need for high-density housing, leading to more high-rise residential buildings equipped with modern elevators. In the second quarter of 2023 alone, the U.S. multifamily housing sector saw the addition of 91,400 newly constructed units, reflecting a 2.1% increase compared to the previous year.
Technological innovations are also reshaping the industry. The integration of Internet of Things (IoT) and Artificial Intelligence (AI) into elevator systems allows for real-time monitoring and predictive maintenance, enhancing reliability and user experience. Features such as touchless controls and energy-efficient designs are becoming standard, aligning with the growing emphasis on sustainability and user convenience.
However, the industry faces challenges, particularly concerning aging infrastructure. With approximately 1 million elevators facilitating about 2.55 billion miles of travel annually, maintenance has become a pressing issue. A significant portion of these elevators requires modernization to meet current safety and efficiency standards. Notably, about 80% of reliability problems can be addressed by replacing or upgrading door systems, highlighting a critical area for improvement.
Government initiatives are playing a pivotal role in addressing these challenges. The Biden administration's infrastructure plan, allocating USD 2 trillion by 2030, emphasizes the enhancement of public transportation and infrastructure. This investment is expected to create substantial opportunities for elevator and escalator companies, particularly in the modernization and maintenance sectors.
In the commercial domain, the tourism industry's resurgence has led to increased demand for elevators and escalators in hotels, airports, and public facilities. As of the second quarter of 2023, there were 5,572 hotel construction projects in the pipeline, comprising a total of 660,061 rooms. This growth necessitates the installation of advanced vertical transportation systems to accommodate the influx of visitors.
Despite these advancements, the industry must navigate a complex regulatory environment. A patchwork of state regulations and union rules often complicates maintenance and modernization efforts. Advocates suggest that establishing federal standards for elevator maintenance could streamline processes and enhance safety across the board.
In conclusion, the U.S. elevator and escalator market is poised for robust growth, driven by urban development, technological innovation, and strategic infrastructure investments. Addressing existing challenges through modernization and regulatory reforms will be essential in ensuring the industry meets the evolving needs of the population.
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Inovance Technology
Mitsubishi Electric
TE Con​​nectivity
Fujitec
AKE Elevators and Escalators
Weidmüller
Toshiba
Nidec Kinetek Elevator Technology (Wuxi) Corporation.
Otis
Schindler Group
ThyssenKrupp
Kone
Hitachi
Hyundai
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. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. 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 Elevator And Escalator Solution Market
Elevators
Escalators
Moving Walkways
Access Lifts
Freight Elevators
Residential
Commercial
Industrial
Infrastructure
Hospitality
Hydraulic
Traction
Pneumatic
Machine Room Less (MRL)
Smart Elevators
Installation
Maintenance and Repair
Modernization
Consultation
Emergency Services
Property Developers
Architects and Designers
Government Bodies
Facility Managers
Retail Chains
Global (United States, Global 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 Elevator And Escalator Solution 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 Elevator And Escalator Solution Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Elevator And Escalator Solution Market, By Type
6. Global Elevator And Escalator Solution Market, By Application
7. Global Elevator And Escalator Solution Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Elevator And Escalator Solution Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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