- Elevators (passenger, freight, single, and double deck elevators),
- Escalator and Moving walkways
Elevator and Escalator Market size was valued at USD 78.60 billion in 2022 and is poised to grow with a CAGR of 6.2% over 2023-2029. Improvements in the construction industry, rapid urbanization and industrialization across developing countries, increased focus on reducing overall energy consumption levels, awareness about the need for energy-efficient residential elevators, proactive maintenance & modernization of equipment, increasing shift towards environmentally friendly products, and rising investment in commercial and residential infrastructure are some key factors fostering the market growth. However, factors such as uncertainty & risk around the global economy, compliance with standards and regulations, and high maintenance costs are inhibiting the market growth. In addition, the development of advanced technologies and the adoption of green building codes and energy-efficient products provide huge growth opportunities for the market. The global elevator and escalator market is surging owing to strategic alliances by key players for elevator and escalators to meet the demands of the customers in the market. In addition, the global market report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed the global market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global elevator and escalator market report include suppliers, manufacturers, marketers, policymakers, and service providers engaged in global elevator and escalator products.
Fastest Growing Market
Elevators segment accounted for larger revenue share in global elevator and escalator market with a CAGR of XX% and is expected to grow over the forecast years. Elevators or lifts are vertical transportation compartments housed in a shaft or platform for lowering and raising people or materials between floors or levels. Presence of elevators in the market has left unlimited scope for architects and construction houses to create buildings. They are generally motivated by electric motors that power counterbalance systems and traction cables or pump hydraulic fluid to elevate a cylindrical system. Majority of the multistoried buildings have lifts in order to allow ease of travel and wheelchair access laws. Ever-growing need for high-rise accommodation to deal with growing population will continue to drive the elevator segment.
The elevator and escalator market is projected to expand at a CAGR of 6.2% during the forecast period
Hitachi, Ltd,Hyundai Elevator Co., Ltd, KONE Oyj, Mitsubishi Electric Corporation, Orona Group, Otis Elevator Company
North America is the fastest-growing region in the elevator and escalator market