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

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.