Drivers and Trends Benefits Elevator and Escalator Market to Grow at 7.8% CAGR, projected to Reach USD 125.5 billion in 2023


 Introduction

The Global Elevator and Escalator Market is experiencing a dynamic shift, driven by technological advancements, evolving consumer preferences, and changing economic landscapes. This market has become a focal point for stakeholders, including manufacturers, suppliers, and investors, who are keen on exploring growth opportunities in this evolving industry. As businesses strive to adapt to these changes, understanding the market's key drivers, segmentation, and regional dynamics becomes crucial. This blog provides an in-depth analysis of the Elevator and Escalator Market, examining the market overview, dynamics, segment analysis, and regional projections.

Market Overview

The Global Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 & is estimated to grow at a CAGR of around 7.8% during the forecast period, i.e., 2024-30. Most of the market expansion can be attributed to the rapid urbanization worldwide, resulting in the erection of more buildings and the modernization of age-old infrastructure in the coming years.

Elevator and Escalator Market Dynamics

Several dynamics are shaping the Elevator and Escalator Market. On the demand side, the growing consumer focus on quality and sustainability is driving the need for advanced solutions. Additionally, technological innovations such as artificial intelligence, IoT, and data analytics are enhancing product capabilities and creating new opportunities for businesses. On the supply side, market players are intensifying competition by launching innovative products and expanding their geographic presence.

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Global Elevator and Escalator Market Opportunity:

Rising Adoption of Energy-Efficient Elevators & Escalators Presents Lucrative Opportunities – The major opportunity area emerging in the global elevator and escalator market is energy-efficient elevators and escalators. Elevators' energy consumption accounts for around 2% to 7% of the total energy consumption of the whole building. Thus, minimizing this energy loss remains a challenge for manufacturers. In a bid to tackle this, leading brands in the market are bringing their focus to developing energy-efficient elevators.

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Elevator and Escalator Market Segment Analysis

The Elevator and Escalator Market is segmented based on:

By Type

·         Elevator

·         Escalator

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)

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Elevator and Escalator Market Regional Projection

The Elevator and Escalator Market shows varied growth patterns across different regions:

By Region

·         North America

·         South America

·         Europe

·         The Middle East & Africa

·         Asia-Pacific

Key Players in the Market

Several key players dominate the Elevator and Escalator market, each striving to capture a larger share through product innovation, strategic partnerships, and expansion. Leading players include:

·         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

·         Others

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