North America Elevator and Escalator Market (2024-2030) | Outlook, Analysis, Trends, Companies, Growth, Forecast, Industry, Revenue, Value, Size & Share
Market Forecast by Countries (United States, Canada), By Types (Elevator, Escalator, Moving Walkways), By Services (Maintenance & Repair, New Installation, Modernization), By End-User (Residential, Commercial, Public) And Competitive Landscape
| Product Code: ETC059168 | Publication Date: Jul 2024 | Updated Date: Jul 2024 | Product Type: Report | |
| Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 | |
North America Elevator And Escalator Market Highlights
| Report Name | North America Elevator And Escalator Market |
| Forecast period | 2024-2030 |
| CAGR | 7% |
| Growing Sector | Commercial |
Topics Covered in the North America Elevator And Escalator Market Report
The North America Elevator And Escalator Market report thoroughly covers the market by Countries, Types, End-User, and Services. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
North America Elevator And Escalator Market Synopsis
The North America elevator and escalator market is experiencing significant growth due to rapid urbanization and the development of high-rise buildings. The advancements in technology have made elevators and escalators more efficient and reliable, thus driving the market. The government has implemented regulations and taken measures to deal with the challenges faced by the market.
According to 6Wresearch, the North America Elevator And Escalator Market size is expected to grow at a significant CAGR of 7% during 2024-2030. The growth of the market is mainly due to an increase in urbanization and industrialization projects. There is a growing need for efficient vertical transportation systems to move people and goods between different floors of buildings. With the large number of ageing infrastructure in North America, there is a requirement for modernizing the elevator and escalator systems. With advancements in technology, elevators and escalators have become more energy-efficient, safer, and faster. These technological developments have led to an increase in demand for modern vertical transportation systems, especially in high-rise buildings. Governments are implementing strict regulations regarding safety standards for elevators and escalators. This has led to an increase in demand for advanced and safe vertical transportation systems, thus driving market growth.
The high installation cost of elevators and escalators makes it challenging for small businesses and building owners to invest in these systems. Moreover, maintenance and repair costs can also be expensive, which prevents potential buyers. A highly skilled workforce is required for maintaining, installing and repairing elevators and escalators. This is another challenge for the market. Another challenge for the market is the limited amount of space available for the installation of elevators and escalators due to urbanization. Moreover, the safety of passengers is a major concern for the elevator and escalator industry. Accidents related to these systems can have severe consequences, leading to a negative perception of the market.
North America Elevator And Escalator Industry Leading Players
The North America elevator and escalator market is highly competitive, with the presence of significant players such as Otis Elevator Company, KONE Corporation, Thyssenkrupp AG, Schindler Group, and Mitsubishi Electric Corporation. These companies have a strong presence in the region and offer a wide range of elevator and escalator products to cater to various applications in commercial, residential, and industrial sectors. Otis Elevator Company is one of the leading players in the market, with over 160 years of experience in manufacturing elevators and escalators. KONE Corporation is another major player in the region, known for its innovative and eco-friendly solutions. Thyssenkrupp AG has a significant presence in North America, offering advanced mobility solutions through its elevator and escalator divisions. Schindler Group and Mitsubishi Electric Corporation are also prominent players in the region, with a wide range of products and services offered to meet the growing demand for vertical transportation systems.
North America Elevator And Escalator Market Government Regulations
The government has taken various measures to boost the elevator and escalator market in North America. The Occupational Safety and Health Administration (OSHA) in the United States has regulations in place for the installation, maintenance, and operation of elevators and escalators to ensure the safety of workers and users. The Americans with Disabilities Act (ADA) also mandates that all public buildings must have accessible vertical transportation systems for individuals with disabilities. Additionally, government initiatives promoting energy efficiency have led to the development of green building standards, which often require the installation of energy-efficient elevators and escalators. These regulations play a crucial role in shaping the industry and driving manufacturers towards sustainable solutions.
Future Insights of the Market
The North America elevator and escalator market is expected to witness steady growth in the coming years. This growth is driven by various factors such as technological advancements, increasing urbanization and construction activities, and rising demand for energy-efficient solutions. The adoption of smart and connected elevators and escalators is also on the rise in the region, offering advanced features such as remote monitoring and control, predictive maintenance, and energy management. With an ageing population and a growing need for accessibility, there is also a growing demand for specialized elevator systems that cater to specific needs.
Market Segmentation by Types
According to Ravi Bhandari, Research Head, 6Wresearch, elevators are dominating the market as they are widely used in high-rise buildings for ease of transport and convenience
Market Segmentation by Services
Based on the services, maintenance and repair hold a major percentage of the market share. Regular maintenance is crucial for ensuring the safe and efficient operation of elevators and escalators.
Market Segmentation by End-Users
In terms of end-users, commercial spaces account for a significant share in the market due to the widespread use of vertical transportation systems in shopping malls, offices, hotels, airports, and other public spaces.
Key Highlights of the Report:
- 10 Years of Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
North America Elevator and Escalator Market (2024-2030); FAQs
Some of the major players operating in the North America elevator and escalator market include Otis Elevator Company, KONE Corporation, Thyssenkrupp AG, Schindler Group, and Mitsubishi Electric Corporation.
The key factors driving the growth of the market due to transportation of goods on different floors, ageing infrastructure, and modern transportation systems.
The commercial end-user holds the highest market share.
The key challenges faced by the market are the high installation costs, lack of skilled labour, and lack of space.
6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
| 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 North America Elevator and Escalator Market Overview |
| 3.1 North America Regional Macro Economic Indicators |
| 3.2 North America Elevator and Escalator Market Revenues & Volume, 2020 & 2030F |
| 3.3 North America Elevator and Escalator Market - Industry Life Cycle |
| 3.4 North America Elevator and Escalator Market - Porter's Five Forces |
| 3.5 North America Elevator and Escalator Market Revenues & Volume Share, By Countries, 2020 & 2030F |
| 3.6 North America Elevator and Escalator Market Revenues & Volume Share, By Types, 2020 & 2030F |
| 3.7 North America Elevator and Escalator Market Revenues & Volume Share, By Services, 2020 & 2030F |
| 3.8 North America Elevator and Escalator Market Revenues & Volume Share, By End-User, 2020 & 2030F |
| 4 North America Elevator and Escalator Market Dynamics |
| 4.1 Impact Analysis |
| 4.2 Market Drivers |
| 4.3 Market Restraints |
| 5 North America Elevator and Escalator Market Trends |
| 6 North America Elevator and Escalator Market, 2020 & 2030F |
| 6.1 North America Elevator and Escalator Market, Revenues & Volume, By Types, 2020 & 2030F |
| 6.2 North America Elevator and Escalator Market, Revenues & Volume, By Services, 2020 & 2030F |
| 6.3 North America Elevator and Escalator Market, Revenues & Volume, By End-User, 2020 & 2030F |
| 7 United States Elevator and Escalator Market, 2020 & 2030F |
| 7.1 United States Elevator and Escalator Market, Revenues & Volume, By Types, 2020 & 2030F |
| 7.2 United States Elevator and Escalator Market, Revenues & Volume, By Services, 2020 & 2030F |
| 7.3 United States Elevator and Escalator Market, Revenues & Volume, By End-User, 2020 & 2030F |
| 8 Canada Elevator and Escalator Market, 2020 & 2030F |
| 8.1 Canada Elevator and Escalator Market, Revenues & Volume, By Types, 2020 & 2030F |
| 8.2 Canada Elevator and Escalator Market, Revenues & Volume, By Services, 2020 & 2030F |
| 8.3 Canada Elevator and Escalator Market, Revenues & Volume, By End-User, 2020 & 2030F |
| 9 North America Elevator and Escalator Market Key Performance Indicators |
| 10 North America Elevator and Escalator Market - Opportunity Assessment |
| 10.1 North America Elevator and Escalator Market Opportunity Assessment, By Countries, 2020 & 2030F |
| 10.2 North America Elevator and Escalator Market Opportunity Assessment, By Types, 2020 & 2030F |
| 10.3 North America Elevator and Escalator Market Opportunity Assessment, By Services, 2020 & 2030F |
| 10.4 North America Elevator and Escalator Market Opportunity Assessment, By End-User, 2020 & 2030F |
| 11 North America Elevator and Escalator Market - Competitive Landscape |
| 11.1 North America Elevator and Escalator Market Revenue Share, By Companies, 2023 |
| 11.2 North America Elevator and Escalator Market Competitive Benchmarking, By Operating and Technical Parameters |
| 12 Company Profiles |
| 13 Recommendations |
| 14 Disclaimer |
Market Forecast by Countries (United States, Canada), By Types (Elevator, Escalator, Moving Walkways), By Services (Maintenance & Repair, New Installation, Modernization), By End-User (Residential, Commercial, Public) And Competitive Landscape
| Product Code: ETC059168 | Publication Date: May 2021 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 |
North America Elevator and Escalator Market Highlights
| Report Name | North America Elevator and Escalator Market |
| Forecast period | 2024-2030 |
| CAGR | 8.7% |
| Growing Sector | Commercial Real Estate |
Topics Covered in North America Elevator And Escalator Market Report
The North America Elevator And Escalator Market Report thoroughly covers the market by countries, by types, by services, and by end-user. The North America Elevator And Escalator Market Outlook report provides an unbiased and detailed analysis of the ongoing North America 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.
North America Elevator And Escalator Market Synopsis
North America Elevator And Escalator Market is witnessing growth, driven by rapid urbanization and the proliferation of high-rise buildings. This market encompasses a wide range of products, including passenger elevators, freight elevators, and various types of escalators. Technological advancements such as energy-efficient solutions and smart elevators equipped with IoT-enabled predictive maintenance systems are reshaping the landscape. Major players in the industry are focusing on innovations to enhance safety, reliability, and user experience. Additionally, the increasing refurbishment activities of existing infrastructures contribute to the demand for modernization solutions.
According to 6Wresearch, the North America Elevator And Escalator Market size is projected to grow, reaching at a CAGR of 8.7% during the forecast period of 2024-2030. The growth of the market is projected to witness substantial growth driven by rapid urbanization, increasing infrastructural developments, and rising demand for advanced vertical transportation solutions in residential and commercial buildings. A significant trend shaping the industry is the adoption of smart technologies, such as IoT and AI, which enhance the efficiency and safety of elevators and escalators. Moreover, the aging infrastructure in many North American cities necessitates modernization and maintenance, further propelling market expansion.
However, the industry faces challenges such as fluctuating raw material prices and stringent regulatory standards that can impact manufacturing processes and costs. Despite these hurdles, emerging opportunities abound, especially with the growing emphasis on green building initiatives and energy-efficient systems, encouraging the adoption of next-generation elevators and escalators that cater to sustainability goals.
North America Elevator And Escalator Market: Leading Players
The North America Elevator And Escalator Industry is dominated by several key players that have established a strong presence through innovation, extensive service networks, and a commitment to safety. Some of the leading companies in this market include Otis Elevator Company, Schindler Group, KONE Corporation, and Thyssenkrupp AG. These industry giants continuously invest in advanced technologies and sustainable practices, ensuring their products remain at the forefront of efficiency and reliability.
North America Elevator And Escalator Market: Government Initiatives
Government initiatives in North America have played a crucial role in shaping the elevator and escalator market. Policies aimed at modernizing infrastructure and enhancing urban mobility have driven demand for advanced vertical transportation solutions. For example, various building codes and safety regulations mandate the installation of high-standard elevators and escalators in new and existing structures. Additionally, government incentives for energy-efficient systems are encouraging manufacturers to innovate and develop more sustainable products. These initiatives not only ensure public safety and compliance but also foster growth within the market. The rapid pace of technological advancements in the elevator and escalator industry has greatly influenced the North America Elevator And Escalator Market Growth. Manufacturers are constantly striving to develop more efficient, reliable, and sustainable solutions that can meet the diverse needs of their customers.
Future Insights of the North America Elevator And Escalator Market
The North America Elevator And Escalator Market is poised for significant growth, driven by urbanization, technological advancements, and an aging population. The adoption of smart elevators, which incorporate IoT technologies for improved efficiency and user experience, is expected to see substantial uptake. Sustainability will remain a key focus, with increased demand for energy-efficient and eco-friendly solutions. Furthermore, ongoing investments in infrastructure, coupled with the need for modernization of existing systems, will drive the market forward. As cities expand and buildings reach new heights, the elevator and escalator market will continue to evolve, meeting the dynamic needs of its users.
Market Segmentation By Services
According to Ravi Bhandari, Research Head, 6Wresearch, the modernization segment is booming owing to the need to upgrade outdated systems to meet modern efficiency and safety standards. Maintenance and repair services also continue to grow steadily as they are essential for the long-term performance and safety of elevators and escalators.
Market Segmentation By End-User
By End-User, the commercial segment is expected to dominate the North America Elevator And Escalator Market Share. This is primarily due to the heightened demand for high-rise buildings and office spaces in urban areas. Companies are investing in modernizing their existing infrastructure to provide state-of-the-art facilities, improve energy efficiency, and ensure compliance with safety regulations.
Key Attractiveness of the Report
- 10 Years of Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- North America Elevator and Escalator Market Outlook
- Market Size of North America Elevator and Escalator Market, 2023
- Forecast of North America Elevator and Escalator Market, 2030
- Historical Data and Forecast of North America Elevator and Escalator Revenues & Volume for the Period 2020 - 2030
- North America Elevator and Escalator Market Trend Evolution
- North America Elevator and Escalator Market Drivers and Challenges
- North America Elevator and Escalator Price Trends
- North America Elevator and Escalator Porter's Five Forces
- North America Elevator and Escalator Industry Life Cycle
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Types for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Elevator for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Escalator for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Moving Walkways for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Types for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Elevator for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Escalator for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Moving Walkways for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Types for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Elevator for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Escalator for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Moving Walkways for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Services for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Maintenance & Repair for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By New Installation for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Modernization for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Services for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Maintenance & Repair for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By New Installation for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Modernization for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Services for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Maintenance & Repair for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By New Installation for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Modernization for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By End-User for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Residential for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Commercial for the Period 2020 - 2030
- Historical Data and Forecast of North America Elevator and Escalator Market Revenues & Volume By Public for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By End-User for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Residential for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Commercial for the Period 2020 - 2030
- Historical Data and Forecast of United States Elevator and Escalator Market Revenues & Volume By Public for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By End-User for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Residential for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Commercial for the Period 2020 - 2030
- Historical Data and Forecast of Canada Elevator and Escalator Market Revenues & Volume By Public for the Period 2020 - 2030
- North America Elevator and Escalator Market - Key Performance Indicators
- North America Elevator and Escalator Market - Import Export Trade Statistics
- North America Elevator and Escalator Market - Opportunity Assessment By Countries
- North America Elevator and Escalator Market - Opportunity Assessment By Types
- North America Elevator and Escalator Market - Opportunity Assessment By Services
- North America Elevator and Escalator Market - Opportunity Assessment By End-User
- North America Elevator and Escalator Market - Top Companies Market Share
- North America Elevator and Escalator Market - Top Companies Profiles
- North America Elevator and Escalator Market - Comparison of Players in Technical and Operating Parameters
- North America Elevator and Escalator Market - Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Countries
- United States
- Canada
By Types
- Elevator
- Escalator
- Moving Walkways
By Services
- Maintenance & Repair
- New Installation
- Modernization
By End-User
- Residential
- Commercial
- Public
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