Global Escalators and Elevators Market Report and Forecast 2023-2028

Global Escalators and Elevators Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global escalators and elevators market is projected to grow at a CAGR of 5.8% between 2023 and 2028. Aided by the urbanisation, an upswing in real estate developments, and heightened emphasis on building accessibility, the market is expected to reach a value of approximately USD 181.34 billion by 2028.

Escalators and elevators have been integral components in the design and structure of modern buildings, primarily in urban environments. These mechanisms provide efficient vertical transportation in high-rise buildings, shopping centres, transit systems, and other multi-level infrastructures. Beyond mere convenience, they are essential for enabling accessibility, particularly for the elderly and those with mobility challenges.

Urbanisation stands as a driving force for the global escalators and elevators market growth. As cities around the globe witness a surge in population and developmental projects, the demand for multi-story buildings is similarly on the rise. Consequently, there is a growing necessity for the inclusion of escalators and elevators to facilitate the movement of people within these structures.

Furthermore, the escalating demand for residential, commercial, and industrial properties, coupled with rapid infrastructural advancements, has ushered in a wave of opportunities for the escalator and elevator industry. The importance of accessibility standards, which mandate the installation of elevators in certain building types, has further reinforced the sector's growth trajectory.

As per the escalators and elevators market analysis, the technological evolution in the realm of escalators and elevators has also contributed significantly to market expansion. Innovations such as smart elevators equipped with touchless technologies, energy-efficient systems, and advanced safety features are steadily gaining traction. These advancements not only cater to modern architectural demands but also align with the global shift towards sustainability and energy conservation.

Moreover, the global emphasis on improving transportation networks, particularly in metros and airports, has spurred the installation of escalators and elevators to ensure smooth passenger flow. As these transport hubs expand and modernise, the demand for advanced vertical transportation solutions is set to soar.

Another pivotal aspect bolstering the escalators and elevators market demand is the refurbishment and modernisation of older buildings. Many structures built in the latter part of the 20th century are now undergoing significant renovations. Upgrading older escalator and elevator systems to modern standards, both in terms of efficiency and safety, presents a substantial market segment.

In addition to the factors mentioned, the maintenance and service segment of escalators and elevators cannot be overlooked. Regular maintenance is crucial for ensuring the safety and longevity of these systems. Given their widespread use and the imperative nature of their functionality, there exists a continuous demand for their repair, maintenance, and upgrade, further impacting the escalators and elevators market outlook.

Market Segmentation

The market can be divided based on type, service, end use, and region.

Market Breakup by Type

• Escalator
• Elevators
• Moving Walkways
• Others

Market Breakup by Service

• Modernisation
• New installation
• Maintenance and Repair

Market Breakup by End Use

• Residential
• Commercial
• Institutional
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global escalators and elevators market. Some of the major players explored in the report by Expert Market Research are as follows:

• Mitsubishi Electric Corporation
• Toshiba Corporation
• Schindler Group
• Thyssenkrupp AG
• Hyundai elevator Co.,Ltd
• Fujitec Co., Ltd.
• KONE Elevator India Private Limited
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.