Elevator and Escalator Market Size, Share, Growth, and Industry Analysis, By Type(Elevator, Escalator, Moving Walkway), By Application (Residential Area, Commercial Office, Transportation Hub Area, Industrial Area and Others), and Regional Forecast To 2032

Updated On: 08 July 2024

Elevator and Escalator Market REPORT OVERVIEW

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The global elevator and escalator market size was USD 36420 million in 2022 and is projected to touch USD 50387 million by 2032, exhibiting a CAGR of 3.3% during the forecast period.

An elevator is a form of transportation device that effectively transports people or cargo between the levels of a multistory structure. In British English, it is also referred to as a lift. The majority of contemporary elevators are moved by electric motors through a network of cables and sheaves with the help of a counterweight (pulleys). The elevator, which made it possible to access higher structures, was a key factor in establishing the distinctive urban topography of many modern cities, particularly those in the United States, and it is expected to play a crucial role in the growth of cities in the future.

Elevators typically contain escalators and moving walkways. A moving stairway used in buildings, subways, and other heavily populated pedestrian areas to access different floors or levels is an escalator. A travelator, also known as a moving walkway or moving sidewalk, is a slow-moving conveyor system that carries people across a short- to medium-distance horizontal or incline surface. The moving walkway and the escalator vary in that the latter features stairs while the former is a flat or slanted apron without them.

COVID-19 Impact: Lockdown Shackled the Construction Industry and Affected the Manufacture

The elevator and escalator market is directly related to the building sector. The E&E market is directly impacted by even the smallest changes in the building sector, whether they are favourable or negative. Construction was initially impacted by the current COVID-19 epidemic, whose effects later expanded to other parts of the globe. The pandemic led to the temporary shutdown of manufacturing facilities and the closing of construction projects in numerous nations. It was challenging to complete the contracts for new projects and to carry on with work on current orders because of long-term restraints on people's freedom of movement. This had a particular effect on elevator manufacturers' new installation and modernization business segment.

LATEST TRENDS

"Growing Demand for Green and Energy Efficient Solutions to Expand the Market"

The elevator and escalator market share is anticipated to grow quickly as a result of rising demand for environmentally friendly and energy-efficient building solutions. Similar trends are being seen in the building industry, as evidenced by the European Green Building Council's publication of new regulations and EU policy directives. The creation of intelligent elevators aims to reduce the energy consumption of elevators and escalators, therefore lowering their carbon footprint. The development and demand for elevators are being driven by smart elevator manufacturers, who create elevators for medium and high-energy buildings with smart controls, hardware, and other low-power technologies.

Elevator and Escalator Market SEGMENTATION

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• By Type

Based on type, the elevator and escalator market is classified into elevator, escalator and moving walkaway.

Elevator type is the leading part of the type segment.

• By Application

Based on application, the elevator and escalator market is classified into Residential Area, Commercial Office, Transportation Hub Area, Industrial Area and others.

Residential area is the leading part of the application segment.

DRIVING FACTORS

"Increasing Investment in Infrastructure to Compel the Market Growth  "

The expansion of high-rise residential and commercial structures throughout India. The market will also be improved by the ongoing construction of high-rise structures in a variety of industries, including retail, transit, residential, and other industries. The rapid urbanization-driven growth in the number of high-rise commercial and residential buildings, as well as the increased government focus on providing better and upgraded infrastructural amenities, are the main drivers of the market for elevators and escalators. The government and private sectors' growing investments in the development of public infrastructure will also increase the elevator and escalator market growth.

"Development of Smart Cities to Exponentially Drive the Market Growth"

The elevator and escalator market is expanding as a result of technological progress and the quickening of skyscraper construction. Increased migration and population growth from rural regions into older cities has created an urgent demand for infrastructure development, as well as the erection of high-rise structures and infrastructure, which will be followed by the requirement to meet the housing needs of newcomers.

RESTRAINING FACTORS

"Certain Concerns Associated with the Rising Accidents to Repel the Market"

Accidents involving escalators and elevators have increased, creating worries that are expected to have a detrimental effect on demand for the machinery. This will probably further limit the expansion of the elevator and escalator business.

Elevator and Escalator Market REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market with Rising Demand and the Huge Market Share "

Elevators and escalators are projected to be most popular in the Asia Pacific area. During the anticipated period, the Asia Pacific region is anticipated to be driven by the expanding requirement from China and India. Numerous factors, such as easy availability to resources, reasonably priced labour, and stable regulatory systems in these developing countries, have an impact on the market. In the Asia Pacific region, China is predicted to grow at the quickest rate. It is anticipated that there will be more elevators and stairs in the region's residential, commercial, and infrastructure sectors, which will help the elevator and escalator industry flourish. Forecasting indicates that the growth of the middle class, industrial development, rising incomes, and shifting lifestyles will all contribute to an increase in demand for elevators and escalators market.

KEY INDUSTRY PLAYERS

"Notable Players to contribute towards the market growth"

The top notch players of the market share are implementing and applying varied front end and back end strategies  to exceed and expand their empire.

List of Market Players Profiled

• Otis (U.S.)
• Schindler Group (Switzerland)
• ThyssenKrupp (Germany)
• Kone (Finland)
• Mitsubishi Electric (Japan)
• Toshiba (Japan)
• Hitachi (Japan)
• Fujitec (Japan)
• Hyundai (India)
• Yungtay Engineering (China)
• Canny Elevator (China)
• Volkslift (Germany)

INDUSTRY DEVELOPMENT

• February 2021: In order to provide maintenance and upgrading for escalators and elevators in all of the Group's current properties, Schindler announced a partnership deal with citizenM hotels, the top boutique hotel chain based in the Netherlands.
• October 2020: To expand its elevator and escalator business, Hitachi Ltd. purchased a 9.99% stake in Yungtay Engineering (Taiwan). Hitachi has so far bought 51% of Yungtgay.

REPORT COVERAGE

The report covers the information on the advancement outlooks with new inventions and SWOT analysis.The market elements situation, with the development areas of the market in the upcoming years. Market segmentation information including the subjective and quantitative research including the effect of financial and strategy viewpoints are discussed in the report. The report also disseminates the information on the regional and nation level assessment incorporating the demand and supply dominators that are affecting the development of the market. The competitive landscape including market share of major players, along with the new research methodologies and strategies adopted by players for the  forecasted period is listed in the report.