Global Elevator And Escalator Market Size 2024, Forecast To 2033
11 Mar, 2024
The elevator and escalator market size has grown strongly in recent years. It will grow from $109.63 billion in 2023 to $118.48 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to supportive government initiatives, increased focus on energy-efficient elevators, and an increase in infrastructure investment. The elevator and escalator market size is expected to see strong growth in the next few years. It will grow to $161.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising construction of skyscrapers, a boost in construction spending, rising urbanization, and increasing smart cities. Major trends in the forecast period include focusing on the internet of things (IoT) technology, gearless technology-powered elevators, green home elevators, product innovations, and partnerships to reach new geographies and incorporate advanced technologies.
Global Elevator and Escalator Market Key Driver
The surge in infrastructure investment is set to drive the expansion of the elevator and escalator market in the foreseeable future. Infrastructure, encompassing the construction of real assets like bridges, roads, and buildings, has witnessed significant allocations for development. With the growing height of buildings, the demand for elevators and escalators has intensified, aiming to enhance efficiency and save time for individuals. In November 2021, the Indian Brand Equity Foundation reported that the central government allocated $1.89 billion in the union budget for infrastructure development. Additionally, the establishment of the National Bank for Financing Infrastructure and Development (NaBFID) in India, with a 13% share of total FDI inflows worth $81.72 billion designated for infrastructure activities, underscores the pivotal role of increasing infrastructure investments in propelling the elevator and escalator markets. The market sizes in 2023, 2024, and 2028 play a crucial role in understanding the evolving landscape of this industry.
Get A Free Sample Of The Global Elevator and Escalator Market ReportGlobal Elevator and Escalator Market Segments
The elevator and escalator market covered in this report is segmented –
1) By Product: Elevators, Escalators, Moving Walkway
2) By Business: New Equipment, Maintenance, Modernization
3) By Elevator Technology: Traction Elevator, Machine Room Less Traction Elevator, Hydraulic
4) By End User: Residential, Commercial, Institutional, Infrastructure, Other End Users
By Geography:The regions covered in the elevator and escalator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the elevator and escalator market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Elevator and Escalator Industry Players
Schindler Group, Otis Worldwide Corporation, Kone Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Toshiba Corporation, Fijutec Co. Ltd, Hyundai Elevator Ltd, Canny Elevator Co. Ltd., WINONE Elevator Co. Ltd, Symax Lift (China) Co. Ltd, Nantong Fuji Elevator Co. Ltd, Volkslift, Ningbo Hosting Elevator Co. Ltd, General Elevator Co. Ltd, SAIL Intelligent Elevator (Suzhou) Co. Ltd, Huzhou Fuji Elevator Co. Ltd, Suzhou Towards Elevator Co. Ltd, SEPL India Ltd, Orbis Elevator, IEC LIFTS, IFE Elevators CO. LTD, Orient Elevators, Expert Lift ltd, Liftronic, Brilliant Lifts Australia, Orbitz Elevators, Yusaki Elevator, Blue Star Elevators, Omega-Elevators, MAS Industries, Escon Elevators Pvt. Ltd, Sanei Manufacturing Co. Ltd, Vintec Elevator, TK Elevator, Thyssenkrupp AG, GMV Poland, Schmitt + Sohn, United Technologies, Nu-Line, Delta Elevator Co Ltd, AVT Beckett Elevators, True Canadian Elevator, Alphalift Ltd., Arabian Elevators & Engineering Co LLC, Gulf Tech Elevators LLC, Orient Lines Elevators, HAUSLIFT, Logan Davex, Trent Park Engineering
Get The Full Global Elevator and Escalator Market Report
Elevator and Escalator Market Overview
An elevator refers to a room-type machine that can accommodate some people at one time depending on its capacity. Escalators are moving stairs that carry people between different building levels. Elevators and escalators are mostly used in buildings to carry both passengers and freight up and down across various levels of a building.
Elevator and Escalator Global Market Report 2023 provides data on the global elevator and escalator market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The elevator and escalator market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.