A CAGR of 5.3% is anticipated for the global elevator and escalator market over the course of the forecast period as a result of the increasing demand. By 2032, its estimated value will have risen from US$138,234.5 million in 2022 to US$ 232,656.1 million. It is anticipated that the market share for lifts and escalators will increase as a result of the growth of the building and construction industries.
The demand for lifts and escalators is also anticipated to increase during the forecast period due to ongoing investments in infrastructure improvements at public locations such as airports, shopping malls and train stations.
Tourism is another sector which encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries.
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A key factor affecting the growth of the elevators and escalators market negatively is its high initial cost of installation. Moreover, lack of skilled labour for the after sales maintenance is expected to hamper the growth of elevators and escalators market. Furthermore, escalation in consumption of energy and power by elevators and escalators is anticipated to retard the growth of the market during the forecast period.
One of the major factors driving the growth of the elevators and escalators market is the increasing demand from the end use sectors like residential, commercial, hospitals, etc. Additionally, increasing focus of government towards high rise infrastructures coupled with increasing need of rapid transit are expected to fuel the growth of global elevators and escalators market.
Elevators and Escalators Market: Segmentation
The global elevators and escalators market can be viewed as two separate niches too, namely elevators market and escalators market. Elevators, on the basis of its capacity are segmented into 450 kg to 1150 kg, 1150 kg to1500 kg and 1500 kg to 2000 kg. On the other hand, escalators are further segmented into moving walkway and moving stairs escalators.
Global elevators and escalators market can be segmented on the basis of carriage type, application and region. On the basis of carriage type, the elevators and escalators market is segmented into passenger and freight. On the basis of application, the market is segmented into commercial, residential, hotels, transportation, parking and hospital. On the basis of regions, the global elevators and escalators market is segmented into North America, Asia Pacific excluding Japan (APEJ), Latin America, Western Europe, Eastern Europe, Japan and Middle East & Africa (MEA).
Elevators and Escalators Market: Region-wise Outlook
Based on regions, Asia Pacific led by China and India, holds about 65% share in total ageing population of the world and is expected to be the most prominent revenue generation region in the global elevators and escalators market. Europe followed by North America is expected to witness positive growth during the forecast period.
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Elevators and Escalators Market: Players
Some of the examples of the players identified in the global elevators and escalators market are as follows:
- Otis Elevator Company
- Kone Corporation
- Schindler Group
- Thyssenkrupp AG
- Fujitec
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- SJEC Corporation
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
Key Segments:
By Product:
- Hydraulic Elevators
- Traction Elevators
- Machine Elevators
- Room-Less Elevators
- Step Type Elevators
- Belt Type Elevators
- Cleat Type Elevators
- Spiral Elevators
- Vacuums
By Load:
- Passenger
- Freight
- Observation
By Installation:
- New System & Installation
- Retrofit
By End User:
- Residential
- Commercial
- Hostels
- Hospitals
- Infrastructure & Construction
- Transportation & Logistics
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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