Elevators & Escalators Market worth USD 207.4 billion by 2028, at a CAGR of 6.4%, says MarketsandMarkets™

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Chicago, Feb. 15, 2024 (GLOBE NEWSWIRE) — The Elevators & Escalators Market are estimated to be USD 152.1 billion in 2023 and is projected to reach USD 207.4 billion by 2028, at a CAGR of 6.4% between 2023 and 2028, as per the recent study by MarketsandMarkets™. A growing awareness of energy efficiency and environmental impact has led to the development of eco-friendly and technologically advanced elevators and escalators, further propelling the market forward. The constant evolution of architectural trends and the need for enhanced accessibility also contribute to the sustained growth of the escalators and elevators market.

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351 – Market Data Tables 
50 –   Figures  
294 – Pages  

List of Key Players in Elevators & Escalators Market:        

  1. Schindler Group (Switzerland)
  2. Otis (US)
  3. KONE Corporation (Finland)
  4. Hitachi Ltd. (Japan)
  5. Hyundai Elevator Co. Ltd. (South Korea)
  6. Fujitec Co. Ltd.  (Japan)
  7. Toshiba Elevators and Building Systems Corporation (Japan)
  8. Mitsubishi Electric Corporation (Japan)
  9. TK Elevator (Germany)
  10. SJEC Corporation (China)

Drivers, Opportunities and Challenges in Elevators & Escalators Market 

  1. Driver: Increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization
  2. Restraint: High maintenance cost
  3. Opportunity: Development of innovative technologies and rising demand for smart elevators
  4. Challenge: Compliance with standards and regulations

Key Findings of the Study: 

  1. The elevator type segment is estimated to lead the elevators and escalators market during the forecast period. 
  2. Machine-room-less traction elevator technology is the major elevator technology in the global elevators and escalators market. 
  3. Residential is projected to lead the Elevators and Escalators market. 
  4. Asia Pacific is expected to witness the fastest growth in the Elevators and Escalators market during the forecast period.

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Based on type, the elevators segment is projected to register the highest CAGR during the forecast period. Elevators have emerged as the fastest-growing segment in the escalators and elevators market, fueled by a surge in urbanization, increasing construction of high-rise buildings, and a growing emphasis on vertical mobility solutions. The demand for elevators is propelled by the need for efficient transportation within modern structures, ranging from commercial complexes and residential buildings to public infrastructure. Technological advancements, including smart and energy-efficient elevator systems, further contribute to their rapid adoption.

Based on service, the new installation is projected to register the highest CAGR during the forecast period. New installation services have emerged as the fastest-growing segment in the escalators and elevators market, reflecting the global demand for advanced vertical transportation solutions. As urbanization and infrastructure development continue at a rapid pace, there is a heightened need for innovative elevator and escalator installations in newly constructed buildings and structures. As urban landscapes evolve and vertical mobility demands intensify, this segment’s rapid growth underscores the industry’s commitment to technological advancements that address the evolving needs of modern infrastructure.

Based on Elevator Technology, the machine-room-less traction elevators is projected to register the highest CAGR during the forecast period. Machine-room-less traction elevators have emerged as the fastest-growing segment in the escalators and elevators market, driven by their innovative design and space-saving advantages. These elevators eliminate the need for a traditional machine room by integrating the traction system directly into the elevator shaft, making them particularly appealing in both new construction and retrofit projects where space optimization is critical.

Based on end-use industry, the residential sector is projected to register the highest CAGR during the forecast period. The residential sector has emerged as the fastest-growing segment in the escalators and elevators market, fueled by a surge in urbanization, population density, and the construction of high-rise residential buildings. With a growing emphasis on luxury and convenience in modern living, residential developers are increasingly incorporating advanced elevator technologies to enhance the overall appeal and accessibility of their properties.

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Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period. The Asia Pacific region has emerged as the fastest-growing market for escalators and elevators due to a confluence of factors driving unprecedented urbanization and infrastructure development. Rapid population growth, particularly in densely populated urban centers, has fueled the construction of high-rise buildings and megastructures, thereby escalating the demand for vertical transportation solutions. Government initiatives, robust economic growth, and increasing disposable incomes in countries like China and India have led to a surge in real estate investments and urban redevelopment projects, where elevators and escalators play a crucial role.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]

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