Global Elevator and Escalator Market 2023-2030

Global Elevator and Escalator Market 2023-2030

Global Elevator and Escalator Market Size, Share & Trends Analysis Report by Technology (Hydraulic, Traction, and Machine Room-Less), by Type (Elevator, Escalator, and Moving Walkways), and by Application (Residential, Corporate Office, Hypermarkets, Malls, and Others) Forecast Period (2023-2030)

The global elevator and escalator market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. The market growth is attributed to factors such as the increasing large and multi-story complexes, rising need for foot traffic management at public places such as malls, and rising popularity for energy-efficient escalators and elevators. Owing to this such factors the market players are launching a space-saving design, advanced technologies for the elevator and escalator market to cater to the growing demand and stay competitive in the region. For instance, in May 2023, TK Elevator GmbH, a pioneer in the elevator industry launched the EOX in North America. The eco-efficient elevator platform was engineered to meet the demands of two- to 10-story buildings with its space-saving design, advanced technologies and reduced lead times. EOX came with features including Eco-mode reduces the elevator's speed and acceleration during low traffic times, enhanced in-car sensors monitor entrance safety and ride quality.

Segmental Outlook

The global elevator and escalator market is segmented based on its technology, type, and application. Based on technology, the market is segmented into hydraulic, traction and machine room-less. Based on the type, the market is segmented into elevator, escalator and moving walkways. Further, based on the application, the market is categorized into residential, corporate office, hypermarkets, malls and others (industrial). Among the technology, the hydraulic segment is anticipated to hold a prominent market share owing to the increase in preference for hydraulic elevators in low- and mid-rise buildings, as the installation cost of hydraulic elevators is less compared to traction elevators.

The Escalator Segment is Anticipated to Register Significant Growth During the Forecast Period

Among the type segments, the escalator segment is anticipated to register significant growth during the forecast period. Increasing urban population has accelerated the demand for commercial and institutional buildings, along with the rising importance of vertical transit systems for smooth function of buildings is propelling the segments’ growth. According to the World Bank, over 50% of the population lives in urban areas. By 2045, the world's urban population will increase by 1.5 times to 6 billion. Therefore, the rising demand to plan for growth and provide the basic services, infrastructure, and affordable housing expands the population’s need. Additionally, to tackle problems of traffic congestions, many governments across the globe are focused on development of efficient metro rail systems, thereby propelling the demand for market. According to the Washington Metropolitan Area Transit Authority, in September 2022, Metro completed installation of 27 new escalators with 13 more underway as part of the project. Further, Metro’s contractor KONE will install the escalators as part of an ongoing project to replace 130 escalators across the Metrorail system by 2028, helping to ensure the regional infrastructure remains in a state of good repair.

Regional Outlook

The global elevator and escalator market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, Asia-Pacific market is market is anticipated to grow over the forecast period, owing to the rise in the commercial and residential construction activities.

North America Region is Anticipated to Hold a Significant Share in the Global Elevator and Escalator Market

Among all the regions, the North America region is projected to witness significant share in the elevator and escalator market owing to the high number of existing buildings and the rising demand for retrofitting elevators and escalators, growing modern infrastructure and urbanization in the region. Additionally, owing to the growing real estate industry with new construction projects across various sectors in North America the government also actively investing in high-quality vertical transportation systems to enhance the appeal and functionality of the properties and improve accessibility. For instance, in July 2022, the US Department of Transportation’s Federal Aviation Administration (FAA) funded nearly $1 billion from Bipartisan Infrastructure Law funding to 85 airports across the country to improve terminals of all sizes. The grants expanded capacity at the nation’s airport terminals, increase energy efficiency, promote competition and provide greater accessibility for individuals with disabilities. Among them $10 million to replace aging elevators, escalators, and mechanical equipment, adding one elevator and three escalators, constructing new terminal and concourse restrooms, family restrooms, nursing rooms, and a Service Animal Relief Area, expanding terminal public areas, and ticket counter modifications. The project provided more amenities for passengers, increase capacity, achieve ADA compliance, improve energy efficiency, and improve accessibility.

Market Players Outlook

The major companies serving the global elevator and escalator market include Schindler Group, KONE Corp., Mitsubishi Electric Corp., Hitachi, Ltd., Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Otis Worldwide Corp., among others. These market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2022, Infosys Ltd., a global provider of next-generation digital services and consulting, entered into a strategic collaboration with TK Elevator, one of the world’s leading elevator companies based out of Düsseldorf, Germany. The global seven-year collaboration was an extension of the successful modernization of TK Elevator’s IT infrastructure in Europe and Africa.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global elevator and escalator market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who stands where’ in the market