Elevators & Escalators Market by Product Type (Elevators, Escalators), ElevationTechnology (Hydraulic, Traction), End-User - Global Forecast 2024-2030

Elevators & Escalators Market by Product Type (Elevators, Escalators), ElevationTechnology (Hydraulic, Traction), End-User - Global Forecast 2024-2030

The Elevators & Escalators Market size was estimated at USD 113.31 billion in 2023 and expected to reach USD 120.70 billion in 2024, at a CAGR 7.49% to reach USD 187.91 billion by 2030.

An elevator, also known as lift, is a vertical transportation system, while an escalator is a moving staircase designed to transport people between different levels of a building structure. The rapid construction of taller buildings and larger structures have increased the demand for elevators & escalators to move people and goods within these spaces efficiently. They save time and reduce the effort required in climbing stairs, resulting in faster transit times for individuals. The real estate industry is currently highly focused on expanding building aesthetics by adding automated and modernized systems, encouraging better deployment of vertical transportation systems. Elevators are crucial in providing access to upper floors for those with disabilities or limited mobility, such as wheelchair users, elderly individuals, or those carrying heavy luggage. Escalators are also useful for increasing accessibility in public spaces such as shopping malls and transportation hubs. However, their operational complications and safety risks are major concerns impeding their use by some end users. Market players are constantly working on upgrading the safety capacities of elevators & escalators according to international standards to ensure their reliability in buildings. Moreover, with government initiatives encouraging the establishment of smart and green buildings, the demand for energy-efficient and IoT-connected elevators & escalators is expected to rise.

Regional Insights

The elevators & escalators market in the Americas is advancing, driven by the expanding public-private investments in infrastructure development and the increasing popularity of vertical transportation in the innovative multi-Florey buildings in the region. Countries in the Americas are tremendously extending their development of smart elevators across shopping malls, schools, and universities, enabling the wider provision of high-quality and secure systems. The Asian region has seen tremendous growth in establishing high-rise buildings in urban centers, which has progressed the installation of elevators and escalators. The region has a strong presence of global players and has recently seen an influx of regional manufacturers catering to specific markets. The demand for high-speed elevators & escalators is increasing in skyscrapers and tall buildings in the region to ensure more efficient transportation. The EMEA market is highly competitive, with the presence of global players actively involved in the upgradation, modernization, maintenance, and installation of new elevators in commercial spaces and hospitals. With the region portraying a high interest in maintaining environmental sustainability and customer safety, the market players have ensured a growing emphasis on offering energy-efficient and secure systems. The Americas and European market have been guided by strict regulatory safety standards, which has emerged as a critical aspect of the regional manufacturers' offerings.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Elevators & Escalators Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rising investment in commercial & residential high-rise buildings
    • Increasing use of freight elevators for efficient material handling operations
    • Emphasis on modernization of public infrastructure
    • Market Restraints
      • Operational limitation and complex maintenance activities
      • Market Opportunities
        • Integration of advanced technologies in elevators & escalators systems
        • Government initiatives for the development of smart cities and green buildings
        • Market Challenges
          • Safety risks and hazards associated with using escalators & elevators
          • Market Segmentation Analysis
            • Product Type: Penetration of elevators & escalators across various to enable efficient vertical transportation
            • ElevationTechnology: Potential adoption of hydraulic elevators in low-rise buildings
            • End-User: Significant use of elevators & escalators in industrial sectors for heavy-duty applications
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Elevators & Escalators Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Elevators & Escalators Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Richardson Announces Plans To Expand Eight Elevators In Canada on the CPKC Network
              
              Richardson International, a global agribusiness and processing company, has recently announced plans to expand eight major elevators within its Canadian operations on the CPKC (Canadian Pacific Kansas City) network. This strategic move aims to enhance the company's vertical transportation capabilities and service an ever-growing demand for efficient escalator and elevator solutions across various business sectors.
              
              AEG Announces Investment in Trenton Elevator Co.
              
              The American Elevator Group (AEG) has recently invested in Trenton Elevator Co., a business providing installation, maintenance, and repair services for commercial and residential elevators. The addition of Trenton Elevator to their portfolio is a testament to their ongoing emphasis on expanding nationwide coverage.
              
              TK Elevator launches EOX, the eco-efficient and digitally native low- to mid-rise elevator designed to improve the overall customer experience
              
              TK Elevator has introduced the EOX, an eco-efficient elevator platform, in North America to cater to the needs of buildings ranging from two to ten stories. The EOX is equipped with advanced digital services, an in-car multimedia display, regenerative drive, eco-mode, and enhanced in-car sensors as standard features. It is manufactured in the United States using 100% renewable energy and designed, qualified, and tested at TK Elevator's LEED Gold Certified Innovation and Qualification Center in Atlanta. The EOX incorporates MAX, a cloud-based predictive maintenance solution that analyzes performance data to minimize elevator downtime.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Elevators & Escalators Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Elevators & Escalators Market, highlighting leading vendors and their innovative profiles. These include Aritco Lift AB, AVT Beckett, CA M&E Engineering Pte Ltd, Canny Elevator Co., Ltd., Chevalier International Holdings Limited., Delfar Elevator Co., Ltd., Delta Elevator Co. Ltd., Dong Yang Elevator (M) Sdn. Bhd., Eastern Elevator by American Elevator Group, EITA Elevator (M) Sdn. Bhd., Ele Tech Co., Ltd, Electra Elevators, Elite Elevators, Fuji Elevator Co.,Ltd., Fujitec Co., Ltd., Gylet Elevator, Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., Jordans Elevator (S) Pte Ltd, Kalea Lifts by Cibes Lift Group AB, Kleemann Hellas SA, Kone Corporation, Lifter Systems, Inc., Meyer Lift Pte. Ltd, Mitsubishi Electric Corporation, MXC Elevator Sdn Bhd, Myanmar Lift Group, Myanmar Sedate Trading Co., Ltd., Niche Elevator Sdn. Bhd, Ningbo Hosting Elevator Co., Ltd., OBEN Elevator Co., Ltd., Omega Elevators, Orona Group, Otis Worldwide Corporation, Panasonic Holdings Corporation, Pioneer Lift & Crane Co., Ltd., Potensi Terus Industries Sdn. Bhd., SANYO Elevator Sdn. Bhd., Savaria Corporation, Schindler Holding Ltd., ServoFlower Co.,Ltd., Siemens AG, Sigma Elevator Company, Smart Izumi Electronic Limited, Smartlift Group Co., Ltd, Southeast Elevator Inc., Tecno S.r.l., Teknix Elevators Pvt. Ltd., Thanh Phat Elevator Company Limited, ThyssenKrupp AG, Toshiba Corporation, TRANS Elevators (M) SDN BHD, WAGO GmbH & Co. KG, Wittur Holding GmbH, and Yaskawa Electric Corporation.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Elevators & Escalators Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Product Type
              • Elevators
                • Dumbwaiter
                • Freight Elevator
                • Passenger Elevator
                • Service Elevator
                • Escalators
                  • Belt-type Escalators
                  • Crisscross Escalator
                  • Curved Escalators
                  • Multi-Story Escalators
                  • Outdoor Escalators
                  • Parallel Escalator
                  • Stairway Escalators
                  • Wheelchair-accessible Escalator
                  • ElevationTechnology
                    • Hydraulic
                    • Traction
                    • End-User
                      • Commercial
                      • Industrial
                      • Residential
                      • Region
                        • Americas
                          • Argentina
                          • Brazil
                          • Canada
                          • Mexico
                          • United States
                            • California
                            • Florida
                            • Illinois
                            • New York
                            • Ohio
                            • Pennsylvania
                            • Texas
                            • Asia-Pacific
                              • Australia
                              • China
                              • India
                              • Indonesia
                              • Japan
                              • Malaysia
                              • Philippines
                              • Singapore
                              • South Korea
                              • Taiwan
                              • Thailand
                              • Vietnam
                              • Europe, Middle East & Africa
                                • Denmark
                                • Egypt
                                • Finland
                                • France
                                • Germany
                                • Israel
                                • Italy
                                • Netherlands
                                • Nigeria
                                • Norway
                                • Poland
                                • Qatar
                                • Russia
                                • Saudi Arabia
                                • South Africa
                                • Spain
                                • Sweden
                                • Switzerland
                                • Turkey
                                • United Arab Emirates
                                • United Kingdom
                                
                                
                                Please Note: PDF & Excel + Online Access - 1 Year