Elevators and Escalators

Elevators and Escalators

Global Elevators and Escalators Market to Reach US$107.2 Billion by 2030

The global market for Elevators and Escalators estimated at US$75.6 Billion in the year 2023, is expected to reach US$107.2 Billion by 2030, growing at a CAGR of 5.1% over the analysis period 2023-2030. Elevators, one of the segments analyzed in the report, is expected to record a 5.2% CAGR and reach US$97.4 Billion by the end of the analysis period. Growth in the Escalators segment is estimated at 4.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$8.5 Billion While China is Forecast to Grow at 6.5% CAGR

The Elevators and Escalators market in the U.S. is estimated at US$8.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$29.8 Billion by the year 2030 trailing a CAGR of 6.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.3% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.

Global Elevators and Escalators Market - Key Trends & Drivers Summarized

Elevators and escalators are essential components of modern urban infrastructure, facilitating the efficient movement of people within buildings and across transportation hubs. Elevators, which transport passengers and goods vertically between floors, are crucial in high-rise buildings, enabling quick and convenient access to different levels. They are equipped with advanced safety features, including emergency brakes, communication systems, and door sensors, to ensure passenger security. Escalators, on the other hand, provide continuous vertical transportation on inclined planes, commonly found in shopping malls, airports, and metro stations. Both systems are designed to handle large volumes of traffic smoothly and reliably, playing a vital role in maintaining the flow of people in densely populated environments.

The growth in the elevators and escalators market is driven by several factors. Urbanization and the proliferation of high-rise buildings are primary drivers, as the need for efficient vertical transportation systems becomes more critical in densely populated cities. The expansion of public transportation networks, such as subways and airports, also fuels demand for escalators and elevators to manage the high passenger flow. Additionally, technological advancements and the push for smart buildings have led to the adoption of more sophisticated and efficient systems. The aging population is another significant factor, increasing the need for accessible transportation solutions in residential and public buildings. Furthermore, the rising emphasis on safety and regulatory compliance has prompted the modernization and replacement of outdated systems with advanced, compliant technologies. These factors collectively underscore the robust growth trajectory of the elevators and escalators market, reflecting its crucial role in supporting urban mobility and infrastructure development.

Technological advancements have significantly improved the functionality and efficiency of elevators and escalators. Modern elevators are now equipped with destination control systems that optimize passenger distribution by grouping users with similar destinations, reducing wait times and energy consumption. Moreover, the integration of smart technologies, such as IoT and AI, allows for real-time monitoring and predictive maintenance, minimizing downtime and enhancing operational efficiency. Escalators have also seen innovations, including energy-saving features like variable speed drives and sensors that adjust speed based on passenger load. Additionally, both elevators and escalators are increasingly incorporating eco-friendly materials and energy-efficient designs to reduce their environmental footprint. These advancements not only enhance performance and user experience but also align with global sustainability goals.

Select Competitors (Total 211 Featured) -

• Canny Elevator Co., Ltd.
• Fujitec Co., Ltd.
• Hitachi Ltd.
• Hyundai Elevators Co., Ltd.
• Johnson Lifts Private Limited
• Kleemann Hellas S.A.
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Worldwide Corporation
• Savaria Corporation
• Schindler Group
• Shanghai Mitsubishi Elevator Co., Ltd. (SMEC)
• Sigma Elevator Company Limited
• SJEC Corporation
• TK Elevator Holding GmbH
• Toshiba Elevator and Building Systems Corporation

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