Elevator and Escalator Market: By Type (Elevators (passenger, freight, single, and double deck elevators), Escalator and Moving walkways), By Service (New installation, Maintenance & repair and Modernization), By End User (Residential, Commercial, Institutional, Infrastructure and Others) and Geography

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. 

Elevator and Escalator Market Key Development:

• In January 2022, 3Phase Elevator and Specialized Elevator Services Holdings inked an merger agreement to create largest nationwide independent union elevator services company in the United States
• In December 2017, Hitachi launched its new TX Series escalator for India, Asia and the Middle East that have a functional design that adapts to the unconscious movements of users