Global Elevator and Escalator Market

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 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.

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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).

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. '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'

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.

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.

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.

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Global Elevator and Escalator Market

Report ID: SQSG20I2014

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