Elevator and Escalator Market Size - By Industry Vertical, By Type, By Service, By End User - Regional Outlook, Competitive Strategies and Segment Forecasts to 2032

Elevator and Escalator Market Size - By Industry Vertical, By Type, By Service, By End User - Regional Outlook, Competitive Strategies and Segment Forecasts to 2032

Global Elevator and Escalator Market Overview:

According to SPER Market Research, the Global Elevator and Escalator Market is estimated to reach USD 19.65 billion by 2032 with a CAGR of 4.76%.

Due to escalating industrialisation and a considerable rise in the older population, it is projected that the worldwide escalator industry would grow quickly in the years to come. Escalator manufacturing is one of the sectors that has reaped the benefits of emerging technology. The market is anticipated to be driven by constantly expanding architectural and building activity. In a wide range of verticals, such as residential, industrial, and commercial structures, escalators are frequently utilised. Residential complexes, train stations, metro stations, hospitals, business buildings, malls, and educational institutions are among the places where they are frequently put. Escalator installation in high-rise and mid-rise buildings is now essential for the growth of the construction industry.

Impact of COVID-19 on the Global Elevator and Escalator Market

An unusual and challenging global health disaster was caused by the corona virus pandemic. Most of the major economies enforced a severe and sudden countrywide lockdown to stop all financial activity in the area as a safety precaution. In the labor-intensive and extremely unstable construction industry, the abrupt closure had a significant negative impact. This aspect also decreased the amount of new building and modernization work done, which hindered worldwide market growth and sales. The market expansion was hindered by the decreased cash liquidity, uncertainties surrounding governmental investments, and gloomy attitudes of existing potential investors.

Scope of the Report:

Report Metric Details
Market size available for years 2019-2032
Base year considered 2021
Forecast period 2022-2032

Segments covered By Industry Vertical, By Type, By Service, By End User

Regions covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Companies Covered Electra Ltd., FUJITA, Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., KONE Corporation, Mitsubishi Electric Corporation, Omega Elevators, OTIS Worldwide Corporation, Schindler, ThyssenKrupp AG, TK Elevator, Toshiba Corporation, United Technologies.

Global Elevator and Escalator Market Segmentation:

By Industry Vertical: Based on the Industry Vertical, Global Escalator Market is segmented as; Commercial, Public Transit, Others.

By Type: Based on the Type, Global Escalator Market is segmented as; Multi-Parallel, Parallel, Walkway, Others.

By Service: Based on the Service, Global Escalator Market is segmented as; Maintenance & Repair, Modernization, New Installation.

By End User: Based on the End User, Global Escalator Market is segmented as; Commercial (Hospitality, Mixed Block, Offices, Others), Residential.

By Region: The escalators market is likely to be dominated by Asia-Pacific, which is predicted to account for a greater market share. Given that rising nations like China and India are expected to become emerging markets, the area presents tremendous development prospects as the fastest-growing market. The development of the residential, commercial, institutional, and infrastructural industries, among other things, are driving the rise of the elevators and escalators market in this area. Other elements that contribute to the expansion of this region include the rising population and economic development.