Skip to main content

Global Elevator and Escalator Market Size to Reach USD 267.92 Billion in 2032 | Emergen Research

Rising demand for reducing energy consumption in buildings is a major factor driving elevator and escalator Elevator and Escalator Market revenue growth

Vancouver, Oct. 03, 2023 (GLOBE NEWSWIRE) — The global elevator and escalator market size was USD 143.40 Billion in 2022 and is expected to register a revenue CAGR of 6.5% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for green buildings and energy-efficient products is a major factor driving the market revenue growth. Smart vehicle transportation systems, such as automated parking garages and vertical conveyors for cars, require effective ways to move people between different levels. Elevators become important in such buildings to ensure easy access to various floors hence driving the market revenue growth. Elevators also make it possible for individuals to transport products from one floor to another quickly and easily, because they were designed to raise a lot of weight. People who have discomfort or difficulties walking, with the help of escalators can walk for longer distances in relative comfort which is also driving the market revenue growth.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2294

Rising demand for reducing energy consumption in buildings is another factor contributing to revenue growth of the market. Elevators represent 3%-7% of a building’s energy consumption. Elevator manufacturers are manufacturing premium lifts that are particularly energy efficient for mid- and high-rise buildings that have enhanced controls, hardware, and other technologies that not only use less energy, but are also considerably more compact, efficient, and even produce electricity hence driving the market revenue growth. Energy-efficient elevators and escalators result in lower operating costs for building owners and operators, resulting in long-term financial savings.

However, high cost of installation and maintenance is a major factor that is restraining the market revenue growth. Electric escalators and lifts need specialized installation and maintenance, which is costly, especially for bigger buildings.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2294

Scope of Research

Report DetailsOutcome
Market size in 2022USD 143.40 Billion
CAGR (2023–2032)6.5%
Revenue forecast to 2032USD 267.92 Billion
Base year for estimation2022
Historical data2019–2021
Forecast period2023–2032
Quantitative unitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments coveredType, service, elevator technology, end-use, and region.
Regional scopeNorth America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scopeU.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiledSchindler, Otis,  ThyssenKrupp AG, KONE Corporation, Hitachi, Ltd., EITA Elevator, Electra Elevators, HYUNDAIELEVATOR CO., LTD., Toshiba Elevators and Building Systems Corporation, Sigma Elevator Company.
Customization scope10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global elevator and escalator market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

  • Schindler.
  • Otis.
  • ThyssenKrupp AG.
  • KONE Corporation.
  • Hitachi, Ltd.
  • EITA Elevator.
  • Electra Elevators.
  • Hyundaielevator Co., Ltd.
  • Toshiba Elevators and Building Systems Corporation.
  • Sigma Elevator Company

Strategic Development

  • On 13 December 2020, L&T Technology Services Limited, a leading global pure-play engineering services company, announced that it has been selected as one of Schindler’s key partners to provide innovative digital engineering capabilities. Schindler is a Swiss-based global leading provider of elevators, escalators, moving walks, and related services. L&T Technology Services provides product development, innovation, and engineering services and solutions to help Schindler speed its digitization and connection activities, according to the agreement.

Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2294

Some Key Highlights From the Report

  • The elevator segment accounted for largest revenue share in 2022. Elevators are becoming increasingly popular for use in one’s home or office as the cost of equipment and installation falls. Elevator technological advancements make travel faster and more dependable, eliminating the need for passengers to worry about breakdowns. It also makes it possible for individuals to transport products from one floor to another quickly and easily. They are built to transport heavy loads with ease because they are designed to hold a lot of weight. Therefore, all these factors are driving revenue growth of this segment.
  • The new installation segment accounted for a significantly large revenue share in 2022. Older buildings without elevators can require new installations to enhance accessibility and modernize building which is a major factor driving revenue growth of this segment. Moreover, technological advancements, such as energy-efficient systems, smart controls, and improved safety features, are creating high demand from builders and property owners looking for modern solutions which as a result is also contributing to revenue growth of this segment.
  • The traction elevator segment accounted for a significantly large revenue share in 2022. Elevator with traction lifts is commonly utilized in buildings with more than 60 feet of travel, up to the world’s most renowned skyscrapers, because of their smooth ride quality and ability to move at high speeds which is driving revenue growth of this segment. Moreover, rising demand for traction lifts since they are utilized in mid to high-rise structures such as business buildings, hotels, and condo/apartment complexes is also contributing to revenue growth of this segment.
  • The market in Asia Pacific accounted for largest revenue share in 2022. Rising construction of buildings equipped with smart vehicle transportation systems owing to growing urbanization is a major factor driving the market revenue growth in this region. Increasing populations in urban centers drive the construction of new residential, commercial, and mixed-use buildings, leading to higher demand for elevators and escalators. Innovations in elevator and escalator technology, including smart controls, energy-efficient systems, predictive maintenance, and touchless interfaces, can drive demand as building owners seek modern solutions which is another factor driving the market revenue growth in this region.

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/elevator-and-escalator-market
For the purpose of this report, Emergen Research has segmented the global elevator and escalator market on the basis of type, service, elevator technology, end-use, and region:

  • Type Outlook (Revenue, USD Billion; 2019–2032)
    • Elevator
    • Escalator
    • Moving Walkways
  • Service Outlook (Revenue, USD Billion; 2019–2032)
    • New Installation
    • Maintenance & Repair
    • Modernization
  • Elevator Technology Outlook (Revenue, USD Billion; 2019–2032)
    • Traction Elevator
    • Machine Room Less Traction Elevator
    • Hydraulic
  • End-Use Outlook (Revenue, USD Billion; 2019–2032)
    • Residential
    • Commercial
    • Institutional
    • Others
  • Regional Outlook (Revenue, USD Billion, 2019–2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • Spain
      • BENELUX
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Rest of MEA

Curated Reports You Shouldn’t Miss: Dive In Now!

Electric Vehicle (EV) Market, By Vehicle Type, By Range, By Price Range, By Battery Technology, By Charging Infrastructure, By Charging Infrastructure Type, By Infrastructure Provider, By Charging Speed, By Ownership Model, By Autonomous Capabilities, and By Region Forecast to 2032

Optical Waveguide Market By Type (Channel, Planar), By End-Use (Oil & Gas, Telecom & IT, Healthcare, Defense, Aerospace, BFSI, Others), By Propagation (Single, Multi), By Application, By Connectivity, By Material, By Refractive Index, By Region Forecasts to 2027

Quantum Cascade Laser Market By Fabrication Technology (Distributed Feedback, Fabry-Perot, Tunable External Cavities), By Packaging Type (HHL & VHL Package, C-Mount Package, To3 Package), By End-Use, and By Region, Forecasts to 2027

3D Printing Materials Market By Form (Powder, Filament, Liquid), By Product Type (Plastic, Metal, Ceramic), By End Users (Consumer electronics, Automotive, Medical, Industrial), By Application (Manufacturing, Prototyping), By Technology (FDM, SLS, SLA, DMLS) and Regions Forecasts to 2027

Wireless Audio Devices Market By Product (Wireless Headsets & Microphones, Sound Bars, Speaker systems), By Technology (Wi-Fi, Bluetooth, Airplay), By Application (Automotive, Consumer, Commercial), Forecasts to 2027

Ultraviolet Light Emitting Diode Market, By Technology (UV-A, UV-B, and UV-C), By Application, By End-Use, and By Region Forecast to 2030

Sensor Fusion Market, By Application (Smartphones, PCs/ Tablets, TV remote, and Others), By Technology (MEMS, Non-MEMS, and Others), By End-Use (Consumer Electronics, Automotive, and Others), and By Region Forecast To 2030

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Japanese Version: Elevator and Escalator Market

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights

Read our Press Release @ https://www.emergenresearch.com/press-release/global-elevator-and-escalator-market

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.