IMARC Group's report titled "Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" offers a comprehensive analysis of the industry, which comprises insights on the global elevator and escalator market forecast. The global market reached US$ 154.0 Billion in 2023. Looking forward, IMARC Group expects the elevator and escalator market to reach US$ 239.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.89% during 2024-2032.
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Factors Affecting the Growth of the Elevator and Escalator Industry:
- Thriving Construction Industry:
The growing demand for elevator and escalator systems on account of the thriving construction industry is offering a positive market outlook. In addition, there is a rise in the number of residential buildings, offices, complexes, airports, and shopping malls due to rapid urbanization across the globe. Apart from this, these systems provide enhanced convenience and mobility to people. Moreover, they assist in saving time by efficiently moving large number of people from one level of a building to another level, which is impelling the market growth.
- Technological Advancements:
Technological advancements in elevator and escalator systems, such as the integration of the Internet of Things (IoT) connectivity, to provide predictive maintenance solutions is bolstering the growth of the market. In addition, predictive maintenance technology monitors equipment health, minimizes downtime, and enhances the reliability of these systems. Besides this, energy-efficient features like regenerative drives and recover and reuse energy assist in reducing operating costs and environmental impact. These advancements enhance user experience, increase safety, and promote sustainability, making elevator and escalator systems essential in modern buildings and urban infrastructures.
- Rising Demand for Eco-Friendly Elevators and Escalators:
The rising demand for eco-friendly elevator and escalator systems to maintain environmental sustainability is strengthening the growth of the market. In line with this, eco-friendly models incorporate energy-efficient technologies, such as regenerative drives and light emitting diode (LED) lighting, to reduce power consumption. They can also minimize carbon emissions and lower operational costs for building owners. Additionally, the rising focus on green building practices and energy conservation is propelling the market growth. Furthermore, people are increasingly seeking environment-friendly solutions that align with modern sustainability standards.
Leading Companies Operating in the Global Elevator and Escalator Industry:
- 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
- Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)
Elevator and Escalator Market Report Segmentation:
By Type:
- Elevators
- Escalators
- Moving Walkways
Elevators represented the largest segment due to the rising number of high-end residential spaces.
By Service:
- New Installation
- Maintenance and Repair
- Modernization
New installation accounted for the majority of the market share as advanced elevator and escalator systems align with stringent safety regulations.
By End Use:
- Residential
- Commercial
- Offices
- Hospitality
- Mixed Block
- Others
Commercial holds the biggest market share due to the increasing number of office buildings, shopping malls, and airports.
Market 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
Asia Pacific enjoys a leading position in the elevator and escalator market on account of the rising demand for more advanced and comfortable elevator and escalator systems.
Global Elevator and Escalator Market Trends:
Key manufacturers are investing in research and development (R&D) activities to meet the safety requirements of people. The integration of features like redundant safety systems, emergency communication devices, and automatic rescue devices in elevator and escalator systems is impelling the market growth.
Regular maintenance is crucial to ensure the safety and reliability of these systems. Additionally, upgrading older systems with energy-efficient technology and improved safety features is a cost-effective solution. Furthermore, the rising focus on updating new elevator and escalator systems with advanced systems is propelling the market growth.
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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