Elevator and Escalator Market Reaches USD Elevator and Escalator Billion in 2023, on Track for 7.8% CAGR by 2030

This comprehensive Global Elevator and Escalator Market report by “MarkNtel Advisors: Leading Market research Company” offers valuable insights into the current and future market landscape, providing clarity on potential challenges and strategies for optimal brand positioning. It features detailed market segmentation, in-depth analysis of key market players, emerging trends in consumer behavior and supply chain dynamics, and opportunities in new geographical markets. With the insights from this report, you can manage your marketing strategies for goods and services more effectively.

According to recent market analysis report, the Global Elevator and Escalator Market which was USD Elevator and Escalator billion in 2023, expected to grow at a CAGR of 7.8% during the forecast period of 2024 to 2030.

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Driving Force Behind the Growth of the Elevator and Escalator Market through 2030

Increasing Investment in Construction Projects – The global elevator and escalator market is set to grow due to the rising construction of new residential and commercial properties in both developing and developed economies. Infrastructure-related projects are being invested in by over 40 developing countries, as per the UNCTAD Trade report. Additionally, numerous government initiatives from these nations aim to boost demand for elevators and escalators further during the forecast period. For instance,

India is planning to invest USD 1.4 trillion in residential and commercial infrastructure by 2025.

Furthermore, developing smart cities is also expected to augment the size & volume of the Global Elevator and Escalator Market. For instance,

The source of the Policy Forum stated that the Chinese government's investment in the smart city was USD 30.5 billion in 2019, and investment is expected to reach USD 60.2 billion by 2028.

In addition, the increasing construction of high-rise buildings in developed and developing countries drives the growth & expansion of the market.

Market Segment Highlights:

By Type

Elevator
- Traction- Market Size & Forecast 2019-2030, (Thousand Units)
- Hydraulic- Market Size & Forecast 2019-2030, (Thousand Units)
- Machine Room Less- Market Size & Forecast 2019-2030, (Thousand Units)
Escalator
- Moving Walkway- Market Size & Forecast 2019-2030, (Thousand Units)
- Moving Stairs- Market Size & Forecast 2019-2030, (Thousand Units)

Between the two, the market share of elevators is much better than that of escalators in 2023. However, escalators are expected to grow substantially and emerge as the fastest-growing category in the market during the forecast period. It owes principally to the higher installation rate witnessed by the escalators, especially in the Middle East and Asian countries, owing to the higher infrastructural development, such as aerospace, entertainment, etc., in recent years.

By Service

New Installation- Market Size & Forecast 2019-2030, (Thousand Units)
Modernization- Market Size & Forecast 2019-2030, (USD Million)
Maintenance- Market Size & Forecast 2019-2030, (USD Million)

By Application

Residential- Market Size & Forecast 2019-2030, (Thousand Units)
Commercial- Market Size & Forecast 2019-2030, (Thousand Units)
Industrial- Market Size & Forecast 2019-2030, (Thousand Units)

Elevator and Escalator Market Regional Outlook:

North America
South America
Europe
The Middle East & Africa
Asia-Pacific.

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Elevator and Escalator Market Competition Analysis:

Some of the top Elevator and Escalator companies operating in the market are Fujitec Co. Ltd., Hitachi Elevator Engineering Company, KONE, Canny Elevator Company Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, ORONA, Otis Worldwide Corporation, Schindler Holding Ltd., ThyssenKrupp Elevator AG, SJEC Corp., Sigma Elevators, Walton group, Electra Elevators and others.

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