Escalators & Moving Walkways Market Size, Share & Trends Analysis Report By Product (Escalators, Moving Walkways), By Business (New Equipment), By Application (Retail), By Region, And Segment Forecasts, 2023 - 2030

Escalators And Moving Walkways Market Growth & Trends

The global escalators and moving walkways market size is expected to reach USD 19.34 billion by 2030, expanding at 5.4% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is likely to be driven by rising urbanization as a result of industrialization, and infrastructure advancements in emerging economies are expected to aid industry expansion throughout the forecast period.

The increased interest in lowering energy usage in buildings will drive market demand for smart escalators. Furthermore, escalator manufacturers are producing energy-efficient escalators for mid and high-rise buildings. These escalators include smart controls, hardware, and other low-energy technologies. For instance, Mitsubishi Electric Corporation, produced Ryoden Dumbwaiter G-Series to deliver a more dependable and ecologically friendly model, in June 2021. The Ryoden Dumbwaiter G-Series has been used and proven simple to use in any environment.

Moreover, technological advancement in safety solutions makes escalators & moving walkways effective and accurate in handling emergencies; thereby driving the demand rapidly worldwide. For instance, in August 2022, Otis completed the project to rebuild 231 escalators across forty- two Singapore MRT stations on the East-West and North-South (NSEW) railway lines. Each escalator has been upgraded with additional safety features such as lighted arrows that indicate the direction each escalator is moving in and skirt deflectors, which act as obstacles between the escalator steps and the skirt panels, preventing passengers' feet or clothes from getting caught in the gap.

The global market demand for escalators & moving walkways is anticipated to grow owing to vital factors including a growing number of multi-story residential and commercial buildings, increasing urbanization, and development of the real estate sector across the globe. In addition, investments in infrastructure and commercial projects are further expected to propel the market expansion for escalators & moving walkways over the projected period.

For instance, in February 2022, Schindler signed an agreement with CitizenM hotel, the leading boutique hotel chain in the Netherlands, to install future vertical mobility solutions in the hotels. The agreement includes the maintenance and modernization of elevators and escalators in all of the group's current buildings throughout the world.

Escalators & moving walkways manufacturers continue to seek collaborations, mergers, and acquisitions to develop advanced and innovative solutions. In addition, manufacturers are also adopting several strategies such as new product development, and geographical expansion, to enhance their market penetration and cater to end-use industries.

For instance, in April 2022, Hitachi, a producer of heavy electronic equipment with headquarters in Japan, acquired Yungtay Engineering Co. in April 2022 for a total of USD 7.6 billion. Hitachi used the acquisition to integrate digital technologies such as IoT, which would aid in the development of new lift products. This acquisition also assists Hitachi in strengthening its lift and escalator operations in China and Asia. Yungtay Engineering Co. is a Taiwanese corporation that manufactures, distributes, and maintains elevators and escalators.

Escalators And Moving Walkways Market Report Highlights

• The demand for the escalators product segment accounted for 79.7% of the global revenue share in 2022. Escalators are widely used in places where a large number of people need to commute such as malls, airports, public transportation systems, exposition halls, hotels, and arenas
• The demand for maintenance business segment accounted for a 39.5% share of the global revenue in 2022. The maintenance of escalators and moving walkways consists of timely service of the walkways to prevent them from being damaged or unexpectedly halting operation. Furthermore, maintenance is essential to ensure proper operation of the walkway and prevents harm to travelers while utilizing the facility
• The airport application segment accounted for a 23.5% share of the global revenue in 2022. Escalators and walkways are critical to airport operations because they transport passengers from one location to another quickly and efficiently
• Asia Pacific region accounted for 41.0% of the global revenue share in 2022. The regional emphasis on building new airports and airport development projects across the area is driving demand for escalators and walkways. Furthermore, increased investments in infrastructure projects such as metro projects are expected to drive market demand throughout the forecast period
• For instance, in March 2022, Mitsubishi Electric Corporation acquired Motum AB, a Swedish company that primarily runs elevators and automatic doors in Sweden. Mitsubishi Electric intends to use this acquisition to expand its skills in servicing and modernizing elevators and escalators in Sweden and other countries outside of Europe

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