The elevator and escalator market size is expected to be worth around U$ 66 billion by 2030 from US$ 31.5 Bn in 2020 and anticipated to grow at a CAGR of 6.8% during the forecast period 2021 o 2030.
Demand for skyscrapers is increasing globally, helping to boost the high-rise elevator & escalator market. Planners and developers are starting to turn to luxury residential towers due to the shrinking supply of land combined with increasing population. Big cities around the globe are increasingly adopting and building skyscrapers for commercial, mic block, and residential proposes. The aim of skyscrapers is steadily changing, from a show of wealth and decadence, to luxury office space. Additionally, high-rise buildings are now offering premium quality housing, providing a great quality of life.
Rising trend to modernize existing and aging infrastructure is observed in the elevator & escalator market in recent years. Aging of the existing installed base of elevators & escalators coupled with the need to comply with safety requirements of elevators & escalators are the key factors fueling the elevator & escalator market. Modernization of elevators and escalators increases their energy saving potential up to 70%, which is the major factor boosting market growth.
Significant Opportunity for Market
The integration of IoT with elevators & escalators is offering a potential growth opportunity to the global elevator & escalator market. IoT makes it possible for a product to collect, exchange, and analyze data with its operator, manufacturer, and other devices, which is highly relevant to the elevator & escalator industry. IoT enables modern elevators & escalators to anticipate traffic and respond in real-time intelligently, communicate with service teams, and allow passengers to summon the elevator & escalators via a mobile application. Moreover, by using a connected sensor in an elevator and escalator, the flow of passengers can be better managed by lessening wait time.
Growing Construction/Real Estate Sector: Key Trend of Elevator & Escalator Market
Commercial and mixed-block development trend is on the rise. In real estate, trends come and go. In recent years, the pendulum has shifted back to the mixed block. As a result, mixed block development has become increasingly popular. There has been a rise in the construction of mixed block high-rise buildings. Mixed block tall buildings can include residential blocks, offices, retail, serviced apartments, exhibition centers, hotels, casinos, etc. This is a factor driving the elevator & escalator market.
Stringent Government Regulations Expected to Hamper Growth of the Market
Stringent government regulations and policies governing the safety standards of elevators and escalators have compelled manufacturers to adhere to strict standards and certifications, and this is a challenge for the elevator & escalator market. Almost half of fatal elevator accidents involve workers engaged in maintenance or repairing of elevators. However, accidents involving passengers draw the maximum attention. Strict maintenance requirements and safety standards help keep elevators & escalators safe from these incidents. Manufacturers of elevators & escalators are required to abide by safety standards mandated by governments in different regions.
Next Gen Mobility Solutions Offering Time, Energy Efficiencies in Urban India
Automatic door solutions and human insight-driven designs are being preferred by users. Companies such as thyssenkrupp are gaining prominence in India for the next gen solutions namely MULTI, ropeless elevators, and their cloud-based predictive maintenance service.
Companies in the elevator & escalator market are increasing efforts to develop state-of-the-art systems that offer time and energy efficiencies. These modern solutions are being preferred for the urbanization and transformation of smart cities in India. Companies are broadening their revenue streams in passenger boarding bridges and intelligent gate systems.
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- The growing commercial construction at the global level is driving the commercial segment, in terms of end use. Both developing as well as developed countries are investing in high-rise commercial complexes, which are projected to be a positive factor driving the elevator & escalator market in the near future. The Increasing number of residential buildings will lead to new installations of elevators and escalators as well as maintenance services.
- In terms of elevator type, the passenger elevators segment accounted for the largest market share and is expected to maintain its dominance in the upcoming years. Majority of countries demand energy efficient passenger elevators. Developing countries investing in the real estate sector are anticipated to drive this market.
- In terms of escalator type, the step type segment held the highest market share. Modern step type escalators are made of metal. Earlier, wood was also used to manufacture them. These characteristics are driving the product demand among consumers.
- Presently, Asia Pacific dominates the global elevator & escalator market, followed by North America and Europe. China is the largest consumer of elevators and escalators globally. Rising number of high-rise buildings in Asia Pacific is driving the sales of elevators as well as escalators. Supportive government policies are encouraging companies to set up their manufacturing units in this region. The elevator & escalator market in India and China is projected to expand at a higher pace. A large number of global real estate companies is investing in residential and commercial sectors in these countries. The growing disposable income, coupled with huge population, is creating the need for elevators & escalators in crowded commercial places. Rising number of shopping malls, corporate buildings, and offices in Tier 1 and Tier 2 cities is expected to boost the demand for elevators and escalators.
- Europe is the second largest market for elevators & escalators globally. The availability of technologically advanced products coupled with high consumer spending on elevators and escalators over the past few years drives this market.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global elevator and escalator market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Key players operating in the global elevator & escalator market include Fujitec Co. Ltd., Hitachi, Ltd., Hyundai Elevator Co., Ltd., KONE Oyj, Mitsubishi Electric Corporation, Orona Group, Otis Elevator Company, Schindler Group, thyssenKrupp AG, and Toshiba Corporation.
By Product Type
By Elevator Type
- Passenger Elevators
- Freight Elevators
By Escalator Type
- Step Type
- Belt Type
By End Use
- Mixed Block
Market By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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This report focuses on elevator and escalator market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall elevator and escalator market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global elevator and escalator market.
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The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.