Escalators & Moving Walkways Market Size - By Product (Escalators [Parallel, Multi-Parallel], Moving Walkways), By Application (Public Transit, Airports, Retail, Institutional) & Global Forecast, 2023 - 2032

Escalators & Moving Walkways Market Size - By Product (Escalators [Parallel, Multi-Parallel], Moving Walkways), By Application (Public Transit, Airports, Retail, Institutional) & Global Forecast, 2023 - 2032

Global Escalators & Moving Walkways Market is projected to grow remarkably over 2023-2032 owing to increasing population and urbanization in developing countries. Moreover, the upsurge in tourism activities and the vertical expansion of the existing skyline are likely to complement product uptake in the upcoming years.

The number of people using public transportation and visiting commercial spaces has risen significantly in the post-pandemic scenario. As per resources, retail shopping malls in India have observed the highest growth since 2019, with 31 new shopping malls planned to open in 2023. Escalators and moving walkways help manage the increasing passenger traffic by facilitating smooth and efficient movement, reducing congestion, and improving overall customer experience.

The key players in the escalators & moving walkways market are focusing on strategic partnerships and mergers to attain a competitive edge. For instance, in May 2023, Otis Elevator Company, an elevator and escalator manufacturer, launched Otis ONE IoT service platforms in the Middle East region including UAE, Kuwait, Qatar, Bahrain, and the Kingdom of Saudi Arabia. With this, the company aims to expand its vertical mobility business in smart city projects worldwide.

The escalators & moving walkways market is bifurcated based on product of application, application, and region.

With respect to the product of application, the industry is classified into escalators and moving walkways. The moving walkways market is primed to depict a remarkable CAGR between 2023 and 2032. Many cities are investing in improving their public transportation infrastructure to address traffic congestion and promote sustainable mobility. Moving walkways are being integrated into metro stations, bus terminals, and other transit hubs to enhance connectivity and provide seamless passenger transfer.

From the application perspective, the escalators & moving walkways market is divided into public transit, airports, retail, institutional, and others. The public transit segment is projected to reach over $5 billion by the end of 2032 as these mechanical devices help passengers to travel easily in railway stations, subways, metro stations, and bus stations. Escalators play a crucial role in public transit owing to their minimum wait time and continuous traffic flow.

Regionally, the North America escalators & moving walkways market could be worth $3 billion by 2032. The presence of high-rise skyscrapers and well-equipped buildings and commercial spaces in countries such as the U.S. are fueling product adoption. Moreover, fast-paced infrastructure development in several parts of Canada will further support regional industry growth.