The elevator and escalator market is expected to grow strongly, with a CAGR of 7.8% expected during 2024-30

A recent report published by MarkNtel Advisors highlights the strong growth of the global elevator and escalator market , with the market size estimated at $125.5 billion in 2023 and expected to grow at a CAGR of about 7.8% during the forecast period (i.e. 2024-30).

Report Scope

The Elevators and Escalators market is comprehensively analyzed, offering valuable insights into historical trends, current dynamics, and future forecasts.

• Base year: 2023
• Forecast years: 2024-30
• Historical Year: 2019-22

Elevator and Escalator Market Overview

Much of the market expansion can be attributed to the rapid global urbanization process, which will lead to the construction of more buildings and the modernization of old infrastructure in the coming years. According to the World Bank, as of 2022, 56% of the world's population, or 4.4 billion residents, live in cities. By 2050, the urban population will face shrinkage, and nearly seven in ten people will live in cities.

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Elevator and escalator market segment outlook

The elevator and escalator market is segmented into various segments that help in understanding the market structure, dynamics, and opportunities. These segments are generally based on the following factors:

By Type

• elevator
  • Traction
  • Hydraulic
  • No machine room
• Escalator
  • Moving walk
  • Moving stairs

By Service

• New Installation
• Modernization - Market size and forecast 2019-2030, (US$ million)
• Maintenance - Market size and forecast 2019-2030, (US$ million)

By Application

• Residential
• Commercial
• Industrial

By Region

• North America
• South America
• Europe
• Middle East and Africa
• Asia Pacific

Elevator and Escalator Market Drivers

Increasing Investment in Construction Projects - With the increasing construction of new residential and commercial properties in developing and developed economies, the global elevator and escalator market is expected to continue to grow. According to the trade report of UNCTAD, more than 40 developing countries are investing in infrastructure-related projects. In addition, the governments of these countries have also launched several initiatives aimed at further stimulating the demand for elevators and escalators during the forecast period.

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Top Elevators and Escalators Market Brands and Their Strategic Market Positioning

MarkNtel Advisors Research identifies companies such as Fuji-ta Corporation, Hitachi Elevator Engineering Co., Ltd., KONE Elevator, CANNY Elevator Co., Ltd., Toshiba Elevator & Building Systems Corporation, Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, ORONA, Otis Global Corporation, Schindler Holding AG, thyssenkrupp Elevator AG, Jiangnan Jiajie Elevator Co., Ltd., Sigma Elevator, Walton Group, and Electra Elevator as key players shaping the market landscape.

Elevator and Escalator Market News

• 2023: Fuji-Ta Singapore, a subsidiary of Fuji-Ta Corporation, completes the renovation of 19 elevators at One Raffles Place (formerly OUE Centre) in Singapore. The upgraded elevators are equipped with advanced features such as faster speeds and innovative systems to reduce passengers’ travel time, as well as improve comfort and stability.
• 2023: Hitachi Elevator Engineering, a subsidiary of Hitachi, Ltd., successfully won its largest deal in Hong Kong, supplying 160 elevators, escalators and moving walkways to Sun Hung Kai Properties' Hong Kong West Kowloon Station complex project. These products are manufactured by Hitachi Elevator (China) Co., Ltd., of which 115 are high-speed elevators produced by Hitachi Elevator (China) Co., Ltd., a total of 22 units, which will be delivered in December 2024.
• 2023: Finnish multinational elevator and escalator company KONE announces the launch of its latest elevator innovation, the KONE MonoSpace 600. This state-of-the-art technology is designed to be more economical and environmentally friendly.

Key questions answered in the report

• What is the market size (value and volume)? What are the current and future trends, growth factors, challenges, etc.?
• How is the industry evolving? Which segments will dominate the market during the forecast period?
• What are the main areas of opportunity that the company foresees in the future until 2030?
• Who are the key players in the market and what are their competitive advantages?
• What are the key growth drivers and challenges associated with the market? How will they impact the market during the forecast period?

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