Elevator and Escalator Market Size, Share | Growth, 2020-2027
Elevators and Escalators Market
The Elevators and Escalators Market was calculated around USD 117 billion in 2019 and is predicted to grow at a CAGR of 6.3% over the forecast period (2020-2027).
The factors driving the growth of Elevators and Escalators Market includes rapid growth in the construction industry across the globe, increasing deployment of elevators and escalators at malls, airports and railway stations and growing focus on developing environment friendly sustainable escalators and elevators around the world. According to the report published by Statista, the Global Construction Market was valued around USD 6.4 trillion in 2020 and is estimated to reach 14.4 trillion by the end of 2030, which will boost the market growth in the approaching years. Moreover, the rise in the geriatric population, increase in the launches of innovative products, growing concern related to safety and emerging need to reduce the energy consumption in buildings, are some of the additional factors supplementing the Global Elevators and Escalators Market. In addition, rising popularity of smart elevators, Government initiatives to promote the green building projects, rapid growth in the real estate sector and increasing investments by leading players on research and development, are further contributing towards the market growth.
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However, the growth of Elevators and Escalators market is hindered due to high installation costs of escalators.
The prominent players operating in the market are Fujitec Co., Toshiba Corporation, Ltd., Hitachi Ltd., Hyundai Elevator Co., Mitsubishi Electric Corporation, Thyssenkrupp AG, Ltd., Kone Corporation, United Technologies, Schindler Holding Ltd., and Electra Ltd., among others.
Based on Type, the Elevators segment is expected to hold the highest market share over the forecast period
Growing demand for passenger elevators in the commercial and residential complexes, is the major factor responsible for the segment’s growth.
Based on Application, the Non-commercial segment is anticipated to expand at a significant CAGR over the forecast period
Rise in the construction of high-rise buildings and growing demand for escalators at the residential areas, are some of the factors augmenting the segment’s growth.
Based on Region, the Asia-Pacific region is estimated to capture the largest market share during the forecast period
Rise in the construction activities, Government policies for supporting green buildings, economic growth in India, China, Indonesia, and South Korea, rising disposable incomes, improvements in the living standards and high population growth rates, are some of the important factors propelling the Elevator and Escalator Market size in Asia-Pacific.
Key Developments:
In 2019, Toshiba Elevator and Building Systems Corporation launched its Toshiba Elevator Limited Liability Company to strengthen its business operations in Vietnam.
In 2019, Mitsubishi Electric Corporation launched MELCO Elevator Lao Sole Co., Ltd., to expand its foothold in Laos.
Market Segmentation
Segmentation by Elevator Technology
Traction
Hydraulic
Machine Room-Less Traction
Segmentation by Type
ElevatorsPassenger ElevatorBed Elevator
Service Elevator
Observation Elevator
Residential Elevator
Freight ElevatorDumbwaiters
Vehicle Elevators
Others
Escalators
Moving Walkways
Segmentation by Application
Commercial
Non-commercial
Segmentation by Services
New Installation
Maintenance
Modernization
Segmentation by Building Type
Low Rise
Mid Rise
High Rise
Segmentation by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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