The ‘Global Escalators and Elevators Market Growth, Share, Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global escalators and elevators market, assessing the market on the basis of its segments like type, service, end use, and region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Escalators and Elevators Market Share, Size, Trends, Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5.8%
A major driving factor in the global escalators and elevators market is the increase in infrastructure across developing cities. The rise in investments in infrastructure projects funded by various companies, governments, and institutes are leading to an enhanced demand for escalators and elevators. The development of buildings, residential areas, and commercial complexes as well as transportation infrastructure such as airports and railway stations, are anticipated to surge the market further. With rising population, there is a greater demand for movement aids such as escalators, elevators, and moving walkways to facilitate easier movement of large numbers of people.
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Development of smart cities and rising urbanisation to improve the quality of life is another factor that affects the global escalators and elevators market. The key features of such cities are the digitalisation and increased ease for residents and management, which is supported through use of escalators and elevators. Smart cities are harnessing advanced technologies that include installation of elevators that are laden with latest technologies and solutions to improve performance and safety. The development of smart cities leads to rise in residential and commercial spaces that will increase the number of escalators and elevators required.
The demand for tall residential complexes is on the rise in the urban cities due to increasing population as they provide an efficient source to accommodate a larger number of residents. Furthermore, the development of fully equipped residential complexes contributes to the growth of the global escalators and elevators market due to the necessity of elevators to access the floors in tall buildings. These residential complexes come equipped with everyday necessities and are growing in popularity as they offer immense facilities and improve the living standards of residents.
With rapid urbanisation, the construction of commercial spaces to accommodate various businesses and stores is also on the rise, which is leading to an increased demand for escalators and elevators. Malls, commercial shopping marts, and rapid transit train networks are equipped with escalators and elevators for better comfort and easier movement. Modernisation of old structures often includes upgrades to existing escalators and elevators or addition of new models. Expansion of offices in multi-storey buildings have further led to increased investment towards escalators and elevators and is expected to contribute to the market growth.
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The growing implementation of moving walkaways in airports, public transportation and museum exhibits are also enhancing the global escalators and elevators market share. Moving walkways are constructed like sidewalks and reduce the travel time during rush hours, thus ensuring that the heavy traffic doesn’t lead to overcrowding and the crowds can move in an organised manner.
Escalators and Elevators Industry Definition and Major Segments
Escalators and elevators are machines that are used to aid in the movement of people and goods between locations. Escalators are moving staircases used to carry people up and down between floors in any building or structure. Elevators, also known as lifts, are machines that transport people and freight between floors through a straight column. Installation of escalators and elevators makes the movement easier, particularly in tall multi-storey buildings.
On the basis of type, the market is classified into:
- Escalator
- Elevators
- Moving Walkways
- Others
Based on service, the market is segmented into:
- Modernisation
- New Installation
- Maintenance and Repair
On the basis of end use, the market is categorised into:
- Residential
- Commercial
- Institutional
- Others
Based on region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Escalators and Elevators Market Trends
Growing demand for sustainable products for the preservation of the environment is a key trend in the escalators and elevators market that has led to the rise in construction of green elevators. These elevators use source materials that are recyclable, LED lights, and water-soluble paints so that the production methods are low-impact and sustainable. Green elevators reduce energy consumption and can also return energy dissipated as heat back to the electrical system for better energy conservation. More market players have been coming up with innovative solutions to further the reach and demand of green elevators in the escalators and elevators market.
Skyscrapers worldwide are getting taller and grander which increases the need for faster and safer elevators and escalators in the buildings. IoT powered elevators are a growing trend in the escalators and elevators market as they allow performance monitoring and live maintenance, thus improving operational efficiency. Elevator operators have the flexibility to study the data on overall load, waiting period, safety circuit, and total traffic to make smarter decisions for better accommodation of the users. This also enables quicker service in case of technology malfunction, and improved maintenance schedules to give users a better experience.
KONE Elevator India Private Ltd., a subsidiary of KONE Corporation, a global leading company in the escalator and elevator sector, in May 2022, launched the world’s largest elevator at Jio World Centre, BKC, in Mumbai, India. This accomplishment was a result of months of collaboration, innovation, and planning, supported by 18 pulleys and 9 ropes for advanced safety and offers a seamless ride to the passengers.
At a regional level, the Asia Pacific is witnessing a steep rise in the global escalators and elevators market, supported by the growing population and rapid urbanisation in developing countries. With the increase in development of smart cities, countries like India and China are going through a fast-paced development leading to increased construction of skyscrapers and commercial spaces, thereby bolstering the demand for escalators and elevators.
Key Market Players
The major players in the global escalators and elevators market report are:
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Schindler Group
- Thyssenkrupp AG
- Hyundai elevator Co.,Ltd
- Fujitec Co., Ltd.
- KONE Elevator India Private Limited
- Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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