Elevator and Escalator Market Forecasts to 2028 – Global Analysis By Product (Moving Walkway, Escalators and Elevators), Technology (Hydraulic, Traction and Machine room-Less), Solution, End User and By Geography

Elevator and Escalator Market Forecasts to 2028 – Global Analysis By Product (Moving Walkway, Escalators and Elevators), Technology (Hydraulic, Traction and Machine room-Less), Solution, End User and By Geography

According to Stratistics MRC, the Global Elevator and Escalator Market is accounted for $86.6 billion in 2022 and is expected to reach $142.9 billion by 2028 growing at a CAGR of 8.7% during the forecast period. Elevators, or lifts, carry passengers and freight up and down; escalators are moving staircases from one story of a building to the next; and moving sidewalks carry people horizontally or at a slight incline. The market is expanding as a result of increased investment in residential and commercial infrastructure projects in both developing and developed economies. It is projected that the product will develop as more of the largest and tallest commercial projects are constructed in various regions.

According to the stats belonging to the UN Department of Economic and Social Affairs, the urban population is likely to comprise 60% of the world population. This tentative number is expected to reach 68% by the end of the 2050.

Market Dynamics:

Driver:

Increasing urbanization

The urbanization rate across the globe has witnessed a significant demand, owing to higher employment and educational opportunities in urban regions. The size of commercial buildings has also increased to house more people. In addition, the rise in purchasing power of masses in developing countries has significantly increased the number of shopping malls. Escalators can be installed within the same space as staircases and have less noise and vibration levels. These technical advantages further increase the market expansion.

Restraint:

Rise in casualties

The industry is expected to be affected by the growing worries about elevator and escalator accidents. There are a lot of incidents where maintenance and repair workers are caught between the moving parts. However, it is predicted that the incidents would decrease as workplace safety and security measures and training become more stringent. Therefore, the increasing concerns about elevator and escalator accidents are expected to impact the market.

Opportunity:

IoT Integration into elevators & escalators

Leading players are integrating advanced technologies such as IoT into the products. Manufacturers and operators are benefitting with IoT integration since it is helping the personnel in collecting, analyzing, and exchanging data. Additionally, IoT integration has helped elevators and escalators in anticipating traffic and in responding in real-time with high accuracy. Thus, rise in demand for IoT-integrated elevators and escalators is boosting growth in market

Threat:

High cost of installation

There has been a high cost of installation of control systems in an elevator that is likely to hinder the growth of the market. The market customers are not willing to pay this amount for high end access control systems owing to the hampered ability of the customers to go for high expenses. Additionally, there has been a high cost of integration of access control systems is soaring high due to the rising need for skilled technical consultants. This might hamper the market.

Covid-19 Impact

The sudden outbreak of COVID-19 has had a huge and devastating impact on the construction and building sector, especially the one that was dealing with the growing size of the elevators and escalators market. The market labourers have returned to their hometowns due to the unavailability of work and hence, there is no source of income. The market consumers are also unwilling to invest important funds in infrastructure properties due to economic uncertainty and the growing economic and financial crisis.

The escalator segment is expected to be the largest during the forecast period

The escalator segment is estimated to have a lucrative growth, due to the high demand from commercial infrastructures, including shopping malls, commercial parks, and others. Furthermore, technological advancements have enhanced the safety and power efficiency of escalators, thereby increasing its popularity. Moreover, the rising aerospace infrastructure development results in the rise in demand for escalators.

The commercial segment is expected to have the highest CAGR during the forecast period

The commercial segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increasing residential construction activities. Elevators and escalators have a high penetration in commercial centers such as malls, retail centers and co-working places. The increasing shift toward eco-efficiency, flexible design and safety is driving the segment.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increase in population, urbanization, and industries. The market players have initiated their efforts to establish a strong and effective supply chain across the market. The fast paced development and increasing development of high rise buildings and skyscrapers are the factors driving the region growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the rising development of advanced products by Europe-based manufacturers. Moreover, there is an increasing investment coupled with increased expenditure in the infrastructure sector drives the market demand in this region. Furthermore, the renovation and development of high-rise buildings are further expected to provide new growth opportunities for the market in this region.

Key players in the market

Some of the key players profiled in the Elevator and Escalator Market include Mitsubishi Electric Corporation, Johnson Lifts Pvt. Ltd., ESCON Elevators Pvt Ltd., Toshiba Corporation, Fujitec Co. Ltd., Hitachi Ltd., Schindler Holding Ltd., ThyssenKrupp AG, KONE Corporation, Hyundai Elevator Co., Ltd., Otis Worldwide Corp., Electra Ltd., United Technologies, Orona Group, Sigma Elevator Company, Aritco Lifts AB, EMAK Elevator, Sanyo Elevator Co., Ltd., Stannah Lifts Holdings Ltd and Schumacher Elevator Company.

Key Developments:

In February 2021, Schindler signed a partnership agreement with citizenM hotels, the leading Netherlands-based boutique hotel chain, to provide service and modernization for escalators and elevators in all of the Group’s existing buildings.

In October 2020, Hitachi Ltd. acquired a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator business. To date, Hitachi has acquired ~51% share in Yungtgay.

Products Covered:
• Moving Walkway
• Escalators
• Elevators

Technologies Covered:
• Hydraulic
• Traction
• Machine room-Less

Solutions Covered:
• Maintenance & Repair
• Modernization
• New Installation

End Users Covered:
• Hostels
• Hospitals
• Infrastructure & Construction
• Transportation & Logistics
• Residential
• Commercial

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements


1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Elevator and Esclator Market, By Product
5.1 Introduction
5.2 Moving Walkway
5.3 Escalators
5.4 Elevators
6 Global Elevator and Esclator Market, By Technology
6.1 Introduction
6.2 Hydraulic
6.3 Traction
6.4 Machine room-Less
7 Global Elevator and Esclator Market, By Solution
7.1 Introduction
7.2 Maintenance & Repair
7.3 Modernization
7.4 New Installation
8 Global Elevator and Esclator Market, By End User
8.1 Introduction
8.2 Hostels
8.3 Hospitals
8.4 Infrastructure & Construction
8.5 Transportation & Logistics
8.6 Residential
8.7 Commercial
9 Global Elevator and Esclator Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Mitsubishi Electric Corporation
11.2 Johnson Lifts Pvt. Ltd.
11.3 ESCON Elevators Pvt Ltd.
11.4 Toshiba Corporation
11.5 Fujitec Co. Ltd.
11.6 Hitachi Ltd.
11.7 Schindler Holding Ltd.
11.8 ThyssenKrupp AG
11.9 KONE Corporation
11.10 Hyundai Elevator Co., Ltd.
11.11 Otis Worldwide Corp.
11.12 Electra Ltd.
11.13 United Technologies
11.14 Orona Group
11.15 Sigma Elevator Company
11.16 Aritco Lifts AB
11.17 EMAK Elevator
11.18 Sanyo Elevator Co., Ltd.
11.19 Stannah Lifts Holdings Ltd
11.20 Schumacher Elevator Company
List of Tables
Table 1 Global Elevator and Esclator Market Outlook, By Region (2020-2028) ($MN)
Table 2 Global Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
Table 3 Global Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
Table 4 Global Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
Table 5 Global Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
Table 6 Global Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
Table 7 Global Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
Table 8 Global Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
Table 9 Global Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
Table 10 Global Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
Table 11 Global Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
Table 12 Global Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
Table 13 Global Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
Table 14 Global Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
Table 15 Global Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
Table 16 Global Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
Table 17 Global Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
Table 18 Global Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
Table 19 Global Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
Table 20 Global Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
Table 21 North America Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
Table 22 North America Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
Table 23 North America Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
Table 24 North America Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
Table 25 North America Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
Table 26 North America Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
Table 27 North America Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
Table 28 North America Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
Table 29 North America Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
Table 30 North America Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
Table 31 North America Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
Table 32 North America Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
Table 33 North America Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
Table 34 North America Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
Table 35 North America Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
Table 36 North America Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
Table 37 North America Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
Table 38 North America Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
Table 39 North America Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
Table 40 North America Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
Table 41 Europe Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
Table 42 Europe Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
Table 43 Europe Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
Table 44 Europe Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
Table 45 Europe Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
Table 46 Europe Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
Table 47 Europe Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
Table 48 Europe Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
Table 49 Europe Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
Table 50 Europe Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
Table 51 Europe Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
Table 52 Europe Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
Table 53 Europe Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
Table 54 Europe Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
Table 55 Europe Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
Table 56 Europe Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
Table 57 Europe Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
Table 58 Europe Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
Table 59 Europe Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
Table 60 Europe Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
Table 61 Asia Pacific Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
Table 62 Asia Pacific Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
Table 63 Asia Pacific Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
Table 64 Asia Pacific Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
Table 65 Asia Pacific Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
Table 66 Asia Pacific Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
Table 67 Asia Pacific Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
Table 68 Asia Pacific Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
Table 69 Asia Pacific Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
Table 70 Asia Pacific Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
Table 71 Asia Pacific Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
Table 72 Asia Pacific Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
Table 73 Asia Pacific Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
Table 74 Asia Pacific Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
Table 75 Asia Pacific Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
Table 76 Asia Pacific Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
Table 77 Asia Pacific Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
Table 78 Asia Pacific Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
Table 79 Asia Pacific Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
Table 80 Asia Pacific Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
Table 81 South America Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
Table 82 South America Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
Table 83 South America Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
Table 84 South America Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
Table 85 South America Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
Table 86 South America Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
Table 87 South America Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
Table 88 South America Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
Table 89 South America Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
Table 90 South America Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
Table 91 South America Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
Table 92 South America Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
Table 93 South America Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
Table 94 South America Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
Table 95 South America Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
Table 96 South America Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
Table 97 South America Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
Table 98 South America Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
Table 99 South America Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
Table 100 South America Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
Table 101 Middle East & Africa Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
Table 102 Middle East & Africa Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
Table 103 Middle East & Africa Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
Table 104 Middle East & Africa Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
Table 105 Middle East & Africa Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
Table 106 Middle East & Africa Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
Table 107 Middle East & Africa Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
Table 108 Middle East & Africa Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
Table 109 Middle East & Africa Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
Table 110 Middle East & Africa Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
Table 111 Middle East & Africa Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
Table 112 Middle East & Africa Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
Table 113 Middle East & Africa Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
Table 114 Middle East & Africa Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
Table 115 Middle East & Africa Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
Table 116 Middle East & Africa Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
Table 117 Middle East & Africa Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
Table 118 Middle East & Africa Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
Table 119 Middle East & Africa Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
Table 120 Middle East & Africa Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings