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 News

  • 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.
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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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