Elevator and Escalator Market
Elevator and Escalator Market Size, Share & Trends Analysis Report by Technology (Hydraulic, Traction, and Machine Room-Less), by Type (Elevator, Escalator, and Moving Walkways), and by Application (Residential, Corporate Office, Hypermarkets, Malls, and Others) Forecast Period (2023-2030) Update Available - Forecast 2024-2030
Elevator and escalator market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. The market growth is attributed to factors such as the increasing large and multi-story complexes, rising need for foot traffic management at public places such as malls, and rising popularity for energy-efficient escalators and elevators. Owing to this such factors the market players are launching a space-saving design, advanced technologies for the elevator and escalator market to cater to the growing demand and stay competitive in the region. For instance, in May 2023, TK Elevator GmbH, a pioneer in the?elevator industry launched the EOX in North America. The eco-efficient elevator platform was engineered to meet the demands of two- to 10-story buildings with its space-saving design, advanced technologies and reduced lead times. EOX came with features including Eco-mode?reduces the elevator's speed and acceleration during low traffic times, enhanced in-car sensors monitor?entrance safety and ride quality.
Segmental Outlook
The global elevator and escalator market is segmented based on its technology, type, and application. Based on technology, the market is segmented into hydraulic, traction and machine room-less. Based on the type, the market is segmented into elevator, escalator and moving walkways. Further, based on the application, the market is categorized into residential, corporate office, hypermarkets, malls and others (industrial). Among the technology, the hydraulic segment is anticipated to hold a prominent market share owing to the increase in preference for hydraulic elevators in low- and mid-rise buildings, as the installation cost of hydraulic elevators is less compared to traction elevators.
The Escalator Segment is Anticipated to Register Significant Growth During the Forecast Period
Among the type segments, the escalator segment is anticipated to register significant growth during the forecast period. Increasing urban population has accelerated the demand for commercial and institutional buildings, along with the rising importance of vertical transit systems for smooth function of buildings is propelling the segments’ growth. According to the World Bank, over 50% of the population lives in urban areas. By 2045, the world's urban population will increase by 1.5 times to 6 billion. Therefore, the rising demand to plan for growth and provide the basic services, infrastructure, and affordable housing expands the population’s need. Additionally, to tackle problems of traffic congestions, many governments across the globe are focused on development of efficient metro rail systems, thereby propelling the demand for market. According to the Washington Metropolitan Area Transit Authority, in September 2022, Metro completed installation of 27 new escalators with 13 more underway as part of the project. Further, Metro’s contractor KONE will install the escalators as part of an ongoing project to replace 130 escalators across the Metrorail system by 2028, helping to ensure the regional infrastructure remains in a state of good repair.
Regional Outlook
The global elevator and escalator market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, Asia-Pacific market is market is anticipated to grow over the forecast period, owing to the rise in the commercial and residential construction activities.
Global Elevator and Escalator Market Growth by Region 2023-2030
North America Region is Anticipated to Hold a Significant Share in the Global Elevator and Escalator Market
Among all the regions, the North America region is projected to witness significant share in the elevator and escalator market owing to the high number of existing buildings and the rising demand for retrofitting elevators and escalators, growing modern infrastructure and urbanization in the region. Additionally, owing to the growing real estate industry with new construction projects across various sectors in North America the government also actively investing in high-quality vertical transportation systems to enhance the appeal and functionality of the properties and improve accessibility. For instance, in July 2022, the US Department of Transportation’s Federal Aviation Administration (FAA) funded nearly $1 billion from Bipartisan Infrastructure Law funding to 85 airports across the country to improve terminals of all sizes. The grants expanded capacity at the nation’s airport terminals, increase energy efficiency, promote competition and provide greater accessibility for individuals with disabilities. Among them $10 million to replace aging elevators, escalators, and mechanical equipment, adding one elevator and three escalators, constructing new terminal and concourse restrooms, family restrooms, nursing rooms, and a Service Animal Relief Area, expanding terminal public areas, and ticket counter modifications. The project provided more amenities for passengers, increase capacity, achieve ADA compliance, improve energy efficiency, and improve accessibility.
Market Players Outlook
The major companies serving the global elevator and escalator market include Schindler Group, KONE Corp., Mitsubishi Electric Corp., Hitachi, Ltd., Fujitec Co., Ltd., Hyundai Elevator Co., Ltd., Otis Worldwide Corp., among others. These market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2022, Infosys Ltd., a global provider of next-generation digital services and consulting, entered into a strategic collaboration with TK Elevator, one of the world’s leading elevator companies based out of Düsseldorf, Germany. The global seven-year collaboration was an extension of the successful modernization of TK Elevator’s IT infrastructure in Europe and Africa.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global elevator and escalator market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who stands where’ in the market
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Hitachi, Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Hyundai Elevator Co., Ltd.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. KONE Corp.,
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Schindler Group
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Otis Worldwide Corp.
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global Elevator and Escalator Market by Technology
4.1.1. Hydraulic
4.1.2. Traction
4.1.3. Machine Room-Less
4.2. Global Elevator and Escalator Market by Type
4.2.1. Elevator
4.2.2. Escalator
4.2.3. Moving Walkways
4.3. Global Elevator and Escalator Market by Application
4.3.1. Residential
4.3.2. Corporate Office
4.3.3. Hypermarkets
4.3.4. Malls
4.3.5. Others (Industrial)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. 3Phase Elevator
6.2. Advance Lifts Inc.
6.3. Bonsdag Industries Pvt. Ltd.
6.4. Bucher Industries AG
6.5. Canny Elevator Co., Ltd.
6.6. CIRCOR International Inc.
6.7. Custom Elevator Manufacturing Inc.
6.8. Delta Elevator Co. Ltd.
6.9. Fujitec Co., Ltd.
6.10. GMV Polska Sp. z o.o.
6.11. Kleeman Hellas S.A.
6.12. Mitsubishi Electric Corp.
6.13. Orona S. Coop.
6.14. TK Elevator GmbH
6.15. Toshiba Elevator and Building Systems Corp.
1. GLOBAL ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
2. GLOBAL HYDRAULIC ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL TRACTION ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL MACHINE ROOM-LESS ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
5. GLOBAL ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
6. GLOBAL ELEVATOR MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL ESCALATOR MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
8. GLOBAL MOVING WALKWAYS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
10. GLOBAL ELEVATOR AND ESCALATOR FOR RESIDENTIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
11. GLOBAL ELEVATOR AND ESCALATOR FOR CORPORATE OFFICE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
12. GLOBAL ELEVATOR AND ESCALATOR FOR HYPERMARKETS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
13. GLOBAL ELEVATOR AND ESCALATOR FOR MALLS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. GLOBAL ELEVATOR AND ESCALATOR FOR OTHER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. GLOBAL ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
16. NORTH AMERICAN ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
17. NORTH AMERICAN ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
18. NORTH AMERICAN ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
19. NORTH AMERICAN ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
20. EUROPEAN ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
21. EUROPEAN ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
22. EUROPEAN ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
23. EUROPEAN ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
24. ASIA-PACIFIC ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
25. ASIA-PACIFIC ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY,2022-2030 ($ MILLION)
26. ASIA-PACIFIC ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
27. ASIA-PACIFIC ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
28. REST OF THE WORLD ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2022-2030 ($ MILLION)
29. REST OF THE WORLD ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
30. REST OF THE WORLD ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
1. GLOBAL ELEVATOR AND ESCALATOR MARKET SHARE BY TECHNOLOGY, 2022 VS 2030 (%)
2. GLOBAL HYDRAULIC ELEVATOR AND ESCALATOR MARKET SHARE BY REGION, 2022 VS 2030 (%)
3. GLOBAL TRACTION ELEVATOR AND ESCALATOR MARKET SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL MACHINE ROOM-LESS ELEVATOR AND ESCALATOR MARKET SHARE BY REGION, 2022 VS 2030 (%)
5. GLOBAL ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY TYPE, 2022 VS 2030 (%)
6. GLOBAL ELEVATOR MARKET SHARE BY REGION, 2022 VS 2030 (%)
7. GLOBAL ESCALATOR MARKET SHARE BY REGION, 2022 VS 2030 (%)
8. GLOBAL MOVING WALKWAYS MARKET SHARE BY REGION, 2022 VS 2030 (%)
9. GLOBAL ELEVATOR AND ESCALATOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022 VS 2030 (%)
10. GLOBAL ELEVATOR AND ESCALATOR FOR RESIDENTIAL MARKET SHARE BY REGION, 2022 VS 2030 (%)
11. GLOBAL ELEVATOR AND ESCALATOR FOR CORPORATE OFFICE MARKET SHARE BY REGION, 2022 VS 2030 (%)
12. GLOBAL ELEVATOR AND ESCALATOR FOR HYPERMARKETS MARKET SHARE BY REGION, 2022 VS 2030 (%)
13. GLOBAL ELEVATOR AND ESCALATOR FOR MALLS MARKET SHARE BY REGION, 2022 VS 2030 (%)
14. GLOBAL ELEVATOR AND ESCALATOR FOR OTHER APPLICATIONS MARKET SHARE BY REGION, 2022 VS 2030 (%)
15. GLOBAL ELEVATOR AND ESCALATOR MARKET SHARE BY REGION, 2022 VS 2030 (%)
16. US ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
17. CANADA ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
18. UK ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
19. FRANCE ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
20. GERMANY ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
21. ITALY ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
22. SPAIN ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
23. REST OF EUROPE ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
24. INDIA ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
25. CHINA ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
26. JAPAN ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
27. SOUTH KOREA ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
28. REST OF ASIA-PACIFIC ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
29. REST OF THE WORLD ELEVATOR AND ESCALATOR MARKET SIZE, 2022-2030 ($ MILLION)
