The global elevator & escalator market was valued at around USD 71.68 billion in 2019 and expanding over USD 114.90 billion by 2027, anticipated to expand at a compound annual growth rate (CAGR) of 6.3% during period 2020 to 2027.
The rising need for mass rapid transit alongside the increasing focus of state towards high rise infrastructures is anticipated to propel the expansion of worldwide elevators and escalators market. Additionally, continuous investment for the development of infrastructure publicly places, for instance, railway station, shopping malls, airports, etc. is further projected to extend the demand for elevators and escalators during the projection period. Furthermore, the main factors pouring the expansion of the elevators and escalators market is that the growing demands from the end-use sectors like residential, commercial, hospitals, etc. Moreover, tourism is another sector which increases the demand for elevators and escalators in places of importance for the convenience and convenience of the tourists visiting the respective nations.
The dearth of skilled labour for after-sales maintenance is anticipated to hinder the expansion of elevators and escalators market. Furthermore, a rise within the consumption of energy and power by elevators and escalators is projected to impede the expansion of the market over the forecast period. Moreover, a high initial cost of installation of the elevators and escalators may be a key factor restraining the market growth.
Furthermore, the current concern over the spread of the novel coronavirus is also expected to have a negative impact on the elevator & escalator market. The construction industry is one among those industries who once flourishing with augmented investments, are harshly suffering from the suspension of the development activities within the wake of the continued COVID-19 contagion. The scarcity of laborers along side potential supply chain blockages of materials and equipment is anticipated to cause project postponements within the currently funded projects and should cause condensed spending within the forthcoming projects.
Depending on the product, the global elevator & escalator market is classified into elevators, escalators, & moving walkways. The escalators segment is anticipated to be the fastest-growing segment in the market. This is accredited to the increasing demand from the commercial infrastructures comprising shopping malls, commercial parks, and several others.
Furthermore, the escalating aerospace infrastructure development is resulting in the rise in demand for escalators and moving walkways. Moreover, the demand for elevators is projected to experience stable growth as a result of their high saturation in the market.
Based on the business, the global elevator & escalator market is categorized into new equipment, maintenance, and modernization. Among these, the new equipment segment has considerably contributed to the growth of the market revenue and is anticipated to remain dominant during the forecast period. This is attributed to the changing demographics, rise in urbanization, and rise in construction activities. Further, maintenance and modernization of the existing equipment is projected to showcase substantial growth over the projection period.
Depending on the application, the global elevator & escalator market is characterized into residential, commercial, and industrial. Escalators and elevators have a high penetration in the commercial centers, for example, malls, retail centers, and co-working places. The rising shift towards flexible design, safety, and eco-efficiency is driving the commercial segment. However, the upsurge in self-employment has led to the demand for multiple co-work places over the past few years. Hence, evolving investments in office space are further anticipated to contribute to the growth of the escalator and elevator market.
In addition, the industrial segment is contributing to the elevator & escalator market growth because of the increasing demand for freight transport needs across various verticals. Furthermore, increasing residential construction activities are further projected to propel market demand.
The Asia Pacific region is projected to grow at a significant growth rate in the global elevators and escalators market over the projection period. The growth of this regional market is accredited owing to improvements and advancements in the construction industry. Furthermore, the region is anticipated to continue with its regional pre-eminence over the forecast timeframe. In addition, the Asia Pacific region is a manufacturing hub. The growing number of a high rise in building infrastructure and the growth of smart cities is expected to further boost the industry growth in the region over the prediction period.
Europe region is expected to have a significant revenue share in the elevators and escalators market. The vendors in the region are implementing IoT in the elevators and escalators since it reduces operating costs significantly. Additionally, IoT integration in elevators and escalators also upsurges the service efficiency as it diminishes the downtime effectively. Such factors are anticipated to drive the elevators and escalators market growth across the world over the forecast period.
Key Companies & Market Share Insights
At present, several corporations with widespread network and innovative products are striving to offer services that are better suited to meet rising requirements in the developed and developing nations across the world.
Some of the significant players in the elevator & escalator market include:
Report Scope of the Elevator and Escalator Market
|Market Size||USD 114.90 Billion by 2027|
|Growth Rate||CAGR of 6.3% from 2021 to 2027|
|Largest Market||Asia Pacific|
|Fastest Growing Market||Europe|
|Forecast Period||2021 to 2027|
|Segments Covered||Product, Application, Business, Region|
|Companies Mentioned||Otis Elevator Company, Kone Corporation, Schindler Group, Hitachi, Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Elevators and Building Systems Corporation|
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2016 to 2027. This research study analyzes market thoroughly by categorizing global elevator and escalator market report on the basis of different parameters including product, business, application, and region:
By Regional Outlook
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