Market Forecast By Types (Elevator, Escalator, Moving Walkways), By Services (Maintenance & Repair, New Installation, Modernization), By End-User (Residential, Commercial, Public), By Regions (Asia Pacific, Middle East, North America, Latin America, Europe, Africa) And Competitive Landscape. And Competitive Landscape
Product Code: ETC150142 | Publication Date: Jul 2022 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 |
Report Name | Global Elevator and Escalator Market |
Forecast period | 2024-2030 |
CAGR | 7.5% |
Growing Sector | Commercial, Industrial, and Residential |
The Global Elevator and Escalator Market Report thoroughly covers the market By Regions, By Types, By Services, and By End-User. The Global Elevator and Escalator Market Outlook report provides an unbiased and detailed analysis of the ongoing Global Elevator and Escalator Market trends, opportunities/high growth areas, and market drivers. This would help the stakeholders devise and align their market strategies according to the current and future market dynamics.
Global Elevator And Escalator Market is experiencing significant growth, driven by rapid urbanization and the consequent rise in high-rise constructions. With increasing population densities in urban areas, the demand for efficient vertical transportation solutions has soared. Technological advancements, such as smart elevators equipped with destination control systems and energy-efficient designs, are further propelling the Global Elevator and Escalator Market Growth. Additionally, the growing emphasis on safety and compliance with stringent building codes is encouraging the modernization and maintenance of existing systems.
According to 6Wresearch, the Global Elevator and Escalator Market size is expected to grow at a robust pace, reaching at a CAGR of 7.5% during 2024-2030. One of the primary growth factors is the surge in high-rise residential and commercial buildings fueled by rapid urbanization. Trends such as the integration of IoT and AI in elevator systems are playing a significant role in market expansion, offering enhanced efficiency, predictive maintenance, and improved user experiences. However, challenges such as high installation costs and the complexity of upgrade processes can impede market progress. Additionally, stringent government regulations and the need for compliance with safety standards pose significant hurdles. Despite these challenges, emerging opportunities in infrastructure development across developing nations, coupled with the need to modernize aging elevator systems in mature markets, provide further opportunities for growth. The industry is also seeing a rise in demand for eco-friendly solutions and energy-efficient systems that align with global sustainability goals, paving the way for innovative and greener vertical transportation solutions.
Government initiatives play a pivotal role in shaping the landscape of Global Elevator and Escalator Market. Numerous countries are implementing policies and regulations to promote urbanization and improve infrastructure, leading to increased demand for vertical transportation systems. Governments are also focusing on ensuring safety standards and energy efficiency in these installations, which drives technological advancements within the industry. Incentives and subsidies for green buildings further boost the market as developers seek to incorporate eco-friendly elevators and escalators into their designs.
The future of the Global Elevator and Escalator Market looks promising, with several trends poised to influence its growth. The rising focus on smart cities will increase the demand for advanced and connected elevator systems that integrate seamlessly with building management systems. High-rise buildings, especially in urban areas, remain a significant driver as they necessitate robust vertical transportation solutions. Moreover, the adoption of artificial intelligence and the Internet of Things (IoT) in elevators and escalators will revolutionize predictive maintenance and user experience, offering enhanced efficiency and reliability.
The global elevator and escalator market share is dominated by several key players who drive innovation and set industry standards. Companies like Otis Elevator Company, Schindler Group, ThyssenKrupp AG, and KONE Corporation are at the forefront, constantly pushing the envelope with cutting-edge technologies and comprehensive service offerings. These leading players are instrumental in shaping market dynamics through strategic partnerships, mergers, and acquisitions, and they maintain strong regional and international market presences.
According to Dhaval, Research Manager, 6Wresearch, elevators are the highest revenue-generating segment in the Elevator and Escalator market. Additionally, moving walkways have witnessed significant growth in the global market due to the expansion of airports, malls, hospitals, commercial buildings.
The residential segment leads the market by having the largest share of the revenue. Various government projects that aim at developing the infrastructure of a country, rise in the construction of multistoried buildings and increasing population has positively influenced the Global Elevator and Escalator market. On the other hand, the global commercial end-user segment is expected to see a decline in the revenue generated from Elevator and Escalator market due to slow growth in construction activities worldwide.
The report provides a detailed analysis of the following market segments
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Elevator and Escalator Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Elevator and Escalator Market Revenues & Volume, 2020 & 2030F |
3.3 Global Elevator and Escalator Market - Industry Life Cycle |
3.4 Global Elevator and Escalator Market - Porter's Five Forces |
3.5 Global Elevator and Escalator Market Revenues & Volume Share, By Countries, 2020 & 2030F |
3.6 Global Elevator and Escalator Market Revenues & Volume Share, By Types, 2020 & 2030F |
3.7 Global Elevator and Escalator Market Revenues & Volume Share, By Services, 2020 & 2030F |
3.8 Global Elevator and Escalator Market Revenues & Volume Share, By End-User, 2020 & 2030F |
4 Global Elevator and Escalator Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Elevator and Escalator Market Trends |
6 Global Elevator and Escalator Market, 2020-2030F |
6.1 Global Elevator and Escalator Market, Revenues & Volume, By Types, 2020-2030F |
6.2 Global Elevator and Escalator Market, Revenues & Volume, By Services, 2020-2030F |
6.3 Global Elevator and Escalator Market, Revenues & Volume, By End-User, 2020-2030F |
7 North America Elevator and Escalator Market, 2020-2030F |
7.1 North America Elevator and Escalator Market, Revenues & Volume, By Types, 2020-2030F |
7.2 North America Elevator and Escalator Market, Revenues & Volume, By Services, 2020-2030F |
7.3 North America Elevator and Escalator Market, Revenues & Volume, By End-User, 2020-2030F |
8 Latin America Elevator and Escalator Market, 2020-2030F |
8.1 Latin America Elevator and Escalator Market, Revenues & Volume, By Types, 2020-2030F |
8.2 Latin America Elevator and Escalator Market, Revenues & Volume, By Services, 2020-2030F |
8.3 Latin America Elevator and Escalator Market, Revenues & Volume, By End-User, 2020-2030F |
9 Europe Elevator and Escalator Market, 2020-2030F |
9.1 Europe Elevator and Escalator Market, Revenues & Volume, By Types, 2020-2030F |
9.2 Europe Elevator and Escalator Market, Revenues & Volume, By Services, 2020-2030F |
9.3 Europe Elevator and Escalator Market, Revenues & Volume, By End-User, 2020-2030F |
10 Asia Pacific Elevator and Escalator Market, 2020-2030F |
10.1 Asia Pacific Elevator and Escalator Market, Revenues & Volume, By Types, 2020-2030F |
10.2 Asia Pacific Elevator and Escalator Market, Revenues & Volume, By Services, 2020-2030F |
10.3 Asia Pacific Elevator and Escalator Market, Revenues & Volume, By End-User, 2020-2030F |
11 Middle East Elevator and Escalator Market, 2020-2030F |
11.1 Middle East Elevator and Escalator Market, Revenues & Volume, By Types, 2020-2030F |
11.2 Middle East Elevator and Escalator Market, Revenues & Volume, By Services, 2020-2030F |
11.3 Middle East Elevator and Escalator Market, Revenues & Volume, By End-User, 2020-2030F |
12 Africa Elevator and Escalator Market, 2020-2030F |
12.1 Africa Elevator and Escalator Market, Revenues & Volume, By Types, 2020-2030F |
12.2 Africa Elevator and Escalator Market, Revenues & Volume, By Services, 2020-2030F |
12.3 Africa Elevator and Escalator Market, Revenues & Volume, By End-User, 2020-2030F |
13 Global Elevator and Escalator Market Key Performance Indicators |
14 Global Elevator and Escalator Market - Opportunity Assessment |
14.1 Global Elevator and Escalator Market Opportunity Assessment, By Countries, 2020 & 2030F |
14.2 Global Elevator and Escalator Market Opportunity Assessment, By Types, 2020 & 2030F |
14.3 Global Elevator and Escalator Market Opportunity Assessment, By Services, 2020 & 2030F |
14.4 Global Elevator and Escalator Market Opportunity Assessment, By End-User, 2020 & 2030F |
15 Global Elevator and Escalator Market - Competitive Landscape |
15.1 Global Elevator and Escalator Market Revenue Share, By Companies, 2023 |
15.2 Global Elevator and Escalator Market Competitive Benchmarking, By Operating and Technical Parameters |
16 Company Profiles |
17 Recommendations |
18 Disclaimer |