Elevator and Escalator Market Achieves USD 125.5 billion in 2023, Eyes 7.8% CAGR Surge Until 2030

Global Elevator and Escalator Market: In-Depth Analysis and Forecasts for 2024-2030

MarkNtel Advisors, a leading market research firm, has showed its latest study titled "Elevator and Escalator Market", offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.

The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.

Analysis and Insights into the Elevator and Escalator Market: 2024-2030

The Global Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 & is estimated to grow at a CAGR of around 7.8% during the forecast period, i.e., 2024-30. Most of the market expansion can be attributed to the rapid urbanization worldwide, resulting in the erection of more buildings and the modernization of age-old infrastructure in the coming years. According to the World Bank, 56% of the world’s population, i.e., 4.4 billion inhabitants, were residing in cities as of 2022. The urban population is on the verge of folding itself by 2050 to the extent that nearly 7 out of 10 people will be living in cities.

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What are the primary factors driving the growth of the Elevator and Escalator Market?

Increasing Investment in Construction Projects – The global elevator and escalator market is set to grow due to the rising construction of new residential and commercial properties in both developing and developed economies. Infrastructure-related projects are being invested in by over 40 developing countries, as per the UNCTAD Trade report. Additionally, numerous government initiatives from these nations aim to boost demand for elevators and escalators further during the forecast period. For instance,

India is planning to invest USD 1.4 trillion in residential and commercial infrastructure by 2025.

Furthermore, developing smart cities is also expected to augment the size & volume of the Global Elevator and Escalator Market. For instance,

The source of the Policy Forum stated that the Chinese government's investment in the smart city was USD 30.5 billion in 2019, and investment is expected to reach USD 60.2 billion by 2028.

In addition, the increasing construction of high-rise buildings in developed and developing countries drives the growth & expansion of the market.

Elevator and Escalator Market Segmentation:

The Elevator and Escalator market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.

By Type

Elevator
- Traction- Market Size & Forecast 2019-2030, (Thousand Units)
- Hydraulic- Market Size & Forecast 2019-2030, (Thousand Units)
- Machine Room Less- Market Size & Forecast 2019-2030, (Thousand Units)
Escalator
- Moving Walkway- Market Size & Forecast 2019-2030, (Thousand Units)
- Moving Stairs- Market Size & Forecast 2019-2030, (Thousand Units)

By Service

New Installation- Market Size & Forecast 2019-2030, (Thousand Units)
Modernization- Market Size & Forecast 2019-2030, (USD Million)
Maintenance- Market Size & Forecast 2019-2030, (USD Million)

By Application

Residential- Market Size & Forecast 2019-2030, (Thousand Units)
Commercial- Market Size & Forecast 2019-2030, (Thousand Units)
Industrial- Market Size & Forecast 2019-2030, (Thousand Units)

Geographical Analysis into the Elevator and Escalator Market:

The Elevator and Escalator market is categorized based regional:

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

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Competitive Landscape and Elevator and Escalator Market Share Analysis:

The competitive landscape of the Elevator and Escalator Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.

Fujitec Co. Ltd.
Hitachi Elevator Engineering Company
KONE
Canny Elevator Company Ltd.
Toshiba Elevator and Building Systems Corporation
Hyundai Elevator Co., Ltd.
Mitsubishi Electric Corporation
ORONA
Otis Worldwide Corporation
Schindler Holding Ltd.
ThyssenKrupp Elevator AG
SJEC Corp.
Walton Group
Sigma Elevators
Electra Elevators

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Questions Addressed in this Study

What factors are driving the Elevator and Escalator Market growth?
How is the Elevator and Escalator Market expected to grow over the next five years?
What are the key insights into the current trends in the Elevator and Escalator Market?
What is the current size of the Elevator and Escalator Market, and how is it projected to change in the future?
What is the future outlook for the Elevator and Escalator Market in terms of technological advancements and market expansion?

Why choose MarkNtel?

MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.