Global Elevator and Escalator Market Size 2023, Growth, Key Players, Cost Models, Forecast by 2028

The global elevator and escalator market size reached US$ 145.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.

The latest research study "Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global elevator and escalator market size reached US$ 145.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.

 

Elevator and Escalator Market Size?

 

Elevator and escalator represent closed cabins and moving staircases, respectively, designed to carry people from one floor to another in a building. The elevators are operated by electric motors and are capable of vertical mobility solutions, whereas the escalators operate on motor-driven chains and facilitate a horizontal movement of the steps that move up and down on the tracks. Elevator and escalator systems are extremely beneficial for old citizens who face difficulty in climbing stairs. They even prove highly useful in carrying heavy weights and have the capacity to move a large number of people at the same time. Consequently, they find extensive applications across residential, industrial, and commercial establishments across the globe.

 

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Elevator And Escalator Market Trends and Drivers:

 

The increasing modernizing and renovation activities in various commercial spaces, such as offices, hotels, shopping malls, airports, and hospitals, for improved safety and aesthetic appeal are primarily driving the elevator and escalator market. In addition to this, the introduction of smart products that are integrated with big data analytics, predictive maintenance, the internet of things (IoT), artificial intelligence (AI), Wi-Fi Bluetooth, and long-term evolution (LTE) technologies to ensure faster and more reliable performance while reducing energy costs as compared to conventional systems, is acting as another significant growth-inducing factor. Moreover, the growing urbanization and the expanding global working population are further stimulating the market growth. Besides this, the rising investments by government bodies across countries to develop smart cities and promote significant improvements in existing infrastructures are anticipated to propel the elevator and escalator market over the forecasted period.

 

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Elevator And Escalator Market 2023-2028 Analysis and Segmentation:

 

Competitive Landscape:

 

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Canny Elevator Co. Ltd.
• Electra Elevators.
• Fujitec Co. Ltd.
• Gulf Elevators & Escalators Co. Ltd.
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.
• Johnson Lifts Private Limited
• Kleemann Group
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
• Schindler Holding Ltd.
• Sigma Elevator Company and Toshiba Elevator and Building Systems Corporation (Toshiba Corporation).

 

The report has segmented the market on the basis of 

 

Breakup by Type:

• Elevators
• Escalators
• Moving Walkways

 

Breakup by Service:

• New Installation
• Maintenance and Repair
• Modernization

 

Breakup by End Use:

• Residential
• Commercial
• Offices
• Hospitality
• Mixed Block
• Others

 

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Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

 

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

 

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

 

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About Us:

 

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

 

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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