USD 79.7 billion
Elevator And Escalator Market Size, Share, Growth Analysis, By Product(Elevators, Escalator, Moving Walkway), By Business(New Equipment, Maintenance, Modernization), By Application(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQSG20I2014 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
90
|Figures:
76
Elevator And Escalator Market Insights
Global Elevator And Escalator Market size was valued at USD 79.7 billion in 2019 and is poised to grow from USD 83.86 billion in 2023 to USD 212.017 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).
Elevator and escalator 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. For instance, some of the urban projects where manufacturers are keen to contribute are White Magnolia Tower, Raffles City, Xujiahui Center, One Manhattan West, and Lakhta Center. Additionally, it is anticipated that the market would develop as a consequence of manufacturers putting more emphasis on providing products with greater safety.
An unusual and challenging global health disaster was caused by the COVID-19 pandemic. Most of the major economies enforced a severe and sudden nationwide lockdown to stop all financial activity in the area as a safety precaution. The labor-intensive and highly volatile construction industry was hard-hit by the abrupt closure. 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 public investments, and gloomy attitudes of existing potential investors.
US Elevator And Escalator Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Escalatar
Fastest Growth
Moving Walkway
Growth Rate
6.7% CAGR
Global Elevator and Escalator Market, 2024-2031 ($ Bn)
Country Share for Asia Pacific Region- 2024-2031 (%)
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Elevator And Escalator Market Segmental Analysis
The global elevator and escalator market is segmented based on product, business, application, and region. Based on product, the Elevator and Escalator Market is segmented into elevators, escalator, and moving walkway. On the basis of business, the Elevator and Escalator Market can be bifurcated into new equipment, maintenance and modernization. Based on application, the Elevator and Escalator Market is segregated into residential, commercial, and industrial. The regional insights of the Elevator and Escalator Market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Elevator and Escalator Market Analysis by Product
The market's fastest-growing category is anticipated to be escalators as a result of rising demand from changing infrastructure. The increased demand from commercial infrastructures, such as shopping centers, business parks, and others, is to blame for this. Additionally, the need for escalators and moving walkways is increasing as a result of the expanding aircraft infrastructure development. For instance, the US$ 775 million redevelopment of Stansted Airport in the United Kingdom is anticipated to be finished by 2021. Furthermore, due to their widespread market penetration, the need for elevators is projected to expand steadily.
Elevator and Escalator Market Analysis by Application
Elevators and escalators are often used in commercial buildings including shopping malls, office buildings, and co-working spaces. The commercial sector is being driven by the rising trend toward eco-efficiency, flexible design, and safety. Additionally, during the past several years, the demand for numerous co-working spaces has increased due to the rise in self-employment. Therefore, changing investments in office space are furthermore anticipated to support market expansion.
More residential development projects are expected to fuel market expansion. China is estimated to spend more than US$ 13 trillion on buildings by 2030, according to the World Resources Institute. Due to the increasing need for freight transport across many verticals, the industrial sector helps drive market expansion.
Global Elevator and Escalator Market By Product , 2024-2031(%)
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Elevator And Escalator Market Regional Insights
Due to a sharp increase in demand from the major nations and developing regions like India and Southeast Asia, Asia Pacific is predicted to dominate the global market. According to the results of the regional study, China has made a substantial contribution to the rise in market revenue and currently maintains a sizable market share for elevators and escalators.
Over the forecast period, North America is estimated to increase at a respectable rate. A significant factor in the industry's growth, particularly in the United States, is the efforts made by international manufacturers to establish their presence in the local market. Through smart mergers and acquisitions of the leading domestic players, a number of well-established global market players are attempting to advance their operations and build a strong client base in the region.
The need for elevators is growing throughout South America as low to mid rise commercial complexes, office buildings, and infrastructure projects for residential areas are built. Additionally, the market is being stimulated by services provided in the infrastructures of shopping malls and multiplexes, which are being built at an increasing rate.
Global Elevator and Escalator Market By Geography, 2024-2031
- Largest
- Fastest
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Elevator And Escalator Market Dynamics
Elevator and Escalator Market Driver
- It is estimated that the market will expand as a result of developing economies' increased infrastructure spending. Additionally, the UNCTAD Trade and Development report covers over 40 developing nations with a focus on infrastructure initiatives. As a result, the market is anticipated to be driven by the growing government initiatives from various emerging nations to drive their economies, which are likely to result in the development of bridges, dams, and urban infrastructure growth such as roads, schools, ports, and airports. In the next five years, India, for instance, expects to invest US$ 1.4 trillion in infrastructure.
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Elevators represent 2% to 7% of the total energy consumed in the whole building and have a significant scope of improvement regarding energy consumption.Therefore, Energy-efficient Elevator and Escalator to Promote Market Growth.
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Industries such as oil & gas, petrochemical, manufacturing, energy & power, automotive need machines to lift heavy objects. Therefore, the demand for elevators is high in these industries. Manufacturers should work on improving the elevators by adding new features.
Elevator and Escalator Market Restraint
- 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 of escalators and elevators. However, it is predicted that the incidents during repair and maintenance activities would decrease as workplace safety and security measures and training become more stringent. Additionally, manufacturers' efforts to improve product quality and implement strict safety regulations are projected to boost market revenue.
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Elevator And Escalator Market Competitive Landscape
Key players are adopting the strategy of acquiring small regional players to strengthen their service offerings and develop their domestic presence. Furthermore, advancement in technologies and persistent research result in the development of innovative products and services. Developments in product offerings by global market players and merger & acquisition activities collectively intensify the competitive landscape of the market across different regions. For instance, KONE is searching for acquisitions across Europe. Acquisitions are done in accordance with assessments of their potential to strengthen and increase the company's position in the area.
Top Players in the Global Elevator and Escalator Market
- Otis Elevator Company
- Schindler Group
- KONE Corporation
- ThyssenKrupp Elevator AG
- Mitsubishi Electric Corporation
- Fujitec Co., Ltd.
- Hitachi, Ltd.
- Toshiba Elevator and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- LG Elevator Co., Ltd.
- Canny Elevator Co., Ltd.
- Sigma Elevator Company
- Yungtay Engineering Co., Ltd.
- Kleemann Hellas SA
- KLEEMANN Aufzüge GmbH
- Wittur Holding GmbH
- Orona S.Coop.
- Stannah Lifts Holdings Ltd.
- GEDA-Dechentreiter GmbH & Co. KG
- Aritco Lifts AB
Elevator and Escalator Market Recent Developments
- In November 2022, 3Phase Elevator, a leading independent elevator and escalator services provider, merged with Elevator Industries, a market leader in the Sacramento CA area that provides maintenance, repair, modernization and testing services.
- In August 2022, American Elevator Group (AEG), one of the fastest-growing groups of elevator providers in the U.S., confirmed its acquisition of Louisville, Kentucky-based Madden Elevator.
- In June 2021, TK Elevator completed the acquisition of Accurate Elevator, to strengthen its position in the local market. Additionally, TK Elevator has made five acquisitions in a row in the North American market thus far in 2021.
- In March 2021, KONE DX Class Elevators, which offer improved performance and extremely efficient operation of elevators, were introduced by Kone Corporation. Elevators that are digitally connected can improve elevator connection at various entrance levels and balance people flow while increasing productivity.
Elevator And Escalator Key Market Trends
- In order to draw in customers who care about the environment, established businesses are concentrating on creating sustainable products. LED lighting, recycled materials, and water-soluble paints are all features of green elevators. Additionally, since magnetic motors are becoming more and more well-liked by consumers, market vendors are concentrating on applying alternatives to rope and pulley systems. Additionally, the popularity of these eco-friendly items is encouraging businesses to invest. For example, KONE products including the TransitMaster 140 escalator, KONE S MonoSpace, and KONE 3000 TranSys elevators were awarded high-scoring Singapore green building product certificates.
Elevator And Escalator Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global elevator and escalator market is segmented product, business, application, and region. The market's fastest-growing category is anticipated to be escalators as a result of rising demand from changing infrastructure. Elevators and escalators are often used in commercial buildings including shopping malls, office buildings, and co-working spaces. The commercial sector is being driven by the rising trend toward eco-efficiency, flexible design, and safety. Due to a sharp increase in demand from the major nations and developing regions like India and Southeast Asia, Asia Pacific is predicted to dominate the global market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 79.7 billion |
| Market size value in 2031 | USD 212.017 billion |
| Growth Rate | 6.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Elevator And Escalator Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Elevator And Escalator Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Elevator And Escalator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Elevator And Escalator Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Elevator And Escalator Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Elevator And Escalator Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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