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With a predicted CAGR of 8.4 percent from 2024 to 2031, the market for elevators and escalators will go from an anticipated 152.15 billion USD in 2024 to 207.24 billion USD in 2031. The rising need for elevators and escalators in the residential, commercial, and infrastructural sectors is projected to drive the market for these products to new heights in the years to come.
During this time, the demand for elevators and escalators expanded significantly due to factors such as urbanization, more development, and the necessity to update and replace outdated infrastructure. An increasing number of smart systems have contributed to the worldwide need for vertical transportation solutions. More and more elevators and escalators are equipped with technology like the Internet of Things (IoT) and artificial intelligence (AI). Improvements in operational efficiency, predictive maintenance, and user experience were made possible by the developments. Elevators and escalators were developed and adopted due to the growing concern for sustainability. Producing goods that complied with accessibility and safety standards also became an important factor for producers.
Rapid urbanization is being propelled by the large-scale exodus of rural residents to urban centers across the globe, with a focus on Asia, Africa, and the Middle East. Urban populations are expected to reach 60% by 2031 and 68% by 2050, according to the UN. More than half of Asia's population now calls a city home, and comparable patterns are emerging in the Middle East and Africa. Urbanization has reached a saturation point in Europe, Latin America, and the Caribbean, but new megacities are springing up all over the world, such as Seoul, Tokyo, and Mexico City, and they require cutting-edge infrastructure, particularly effective vertical mobility. Elevators and escalators are expected to see a boom in demand due to the increased urbanization and construction of high-rise buildings.
Because of the potential for catastrophic harm or even death, the implementation of safety regulations is of the utmost importance in the elevator and escalator industry. A lack of proper maintenance, risky procedures, or poorly chosen products all have a role in the occurrence of accidents. The industry faces a major obstacle in the form of maintenance concerns, which include issues with level and expense. Despite the fact that elevators in the US process billions of trips per year, an average of 30 people die in these accidents, demonstrating how critical it is to take precautions to avoid them. The expenditures associated with identifying outdated equipment and non-compliant items are limiting market expansion, but they are vital.
To differentiate their products and stay ahead of the competition, manufacturers are constantly working on new technology. The most cutting-edge technology in vertical transportation is heading our way: smart elevators. Elevator speed is becoming more important in high-rise buildings as a means to reduce waiting times, as buildings continue to climb in height. 'Housing for all' and other smart city projects in the future will require skyscrapers with improved transportation options. At an astounding 504 meters (1,654 ft), the Burj Khalifa boasts the tallest service elevator in the world. The increasing need for high-rise structures is driving the need for smart elevators, which are designed to be both fast and energy efficient. This architectural feat is in line with that requirement.
As a result, there has been a dramatic increase in the demand for infrastructure development, particularly the construction of high-rise buildings and infrastructure, as well as the need to meet the housing demands of the growing population, as more and more people leave rural areas for urban centers. By the end of 2031, the urban population is expected to surpass the predicted period ending in 2028, according to statistics pertaining to the UN Department of Economic and Social Affairs. During the forecast year of 2021–2031, this estimated figure is anticipated to reach 68% by the conclusion of the future forecast year of 2050, driving demand in the elevators and escalators market.
The market for elevators and escalators is growing because more and more money is being invested in infrastructure projects for both commercial and residential areas. There are a number of causes that are contributing to the rise in demand for elevators and escalators. These include the following, urbanization, population growth, and changing lifestyle patterns. Consequently, the global elevator and escalator market has been experiencing a CAGR boost due to these and other associated variables in recent years.
Report Coverage
Global Elevator & Escalator research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Elevator & Escalator report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Elevator & Escalator competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Elevator & Escalator market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Elevator & Escalator market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Elevator & Escalator market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
KONE Corporation, Sigma Elevator Company, Otis Elevator Company, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd., Hyundai Elevator Co., Ltd
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Elevator & Escalator market based on the below-mentioned segments:
Global Elevator & Escalator Market, By Type
Elevators
Escalators
Moving Walkways
Global Elevator & Escalator market, By Services
New Installation
Maintenance & Repair
Global Elevator & Escalator Market, By Technology
Traction
Machine room-Less
Hydraulic
Global Elevator & Escalator market, Regional Analysis
During this time, the demand for elevators and escalators expanded significantly due to factors such as urbanization, more development, and the necessity to update and replace outdated infrastructure. An increasing number of smart systems have contributed to the worldwide need for vertical transportation solutions. More and more elevators and escalators are equipped with technology like the Internet of Things (IoT) and artificial intelligence (AI). Improvements in operational efficiency, predictive maintenance, and user experience were made possible by the developments. Elevators and escalators were developed and adopted due to the growing concern for sustainability. Producing goods that complied with accessibility and safety standards also became an important factor for producers.
Rapid urbanization is being propelled by the large-scale exodus of rural residents to urban centers across the globe, with a focus on Asia, Africa, and the Middle East. Urban populations are expected to reach 60% by 2031 and 68% by 2050, according to the UN. More than half of Asia's population now calls a city home, and comparable patterns are emerging in the Middle East and Africa. Urbanization has reached a saturation point in Europe, Latin America, and the Caribbean, but new megacities are springing up all over the world, such as Seoul, Tokyo, and Mexico City, and they require cutting-edge infrastructure, particularly effective vertical mobility. Elevators and escalators are expected to see a boom in demand due to the increased urbanization and construction of high-rise buildings.
Because of the potential for catastrophic harm or even death, the implementation of safety regulations is of the utmost importance in the elevator and escalator industry. A lack of proper maintenance, risky procedures, or poorly chosen products all have a role in the occurrence of accidents. The industry faces a major obstacle in the form of maintenance concerns, which include issues with level and expense. Despite the fact that elevators in the US process billions of trips per year, an average of 30 people die in these accidents, demonstrating how critical it is to take precautions to avoid them. The expenditures associated with identifying outdated equipment and non-compliant items are limiting market expansion, but they are vital.
To differentiate their products and stay ahead of the competition, manufacturers are constantly working on new technology. The most cutting-edge technology in vertical transportation is heading our way: smart elevators. Elevator speed is becoming more important in high-rise buildings as a means to reduce waiting times, as buildings continue to climb in height. 'Housing for all' and other smart city projects in the future will require skyscrapers with improved transportation options. At an astounding 504 meters (1,654 ft), the Burj Khalifa boasts the tallest service elevator in the world. The increasing need for high-rise structures is driving the need for smart elevators, which are designed to be both fast and energy efficient. This architectural feat is in line with that requirement.
As a result, there has been a dramatic increase in the demand for infrastructure development, particularly the construction of high-rise buildings and infrastructure, as well as the need to meet the housing demands of the growing population, as more and more people leave rural areas for urban centers. By the end of 2031, the urban population is expected to surpass the predicted period ending in 2028, according to statistics pertaining to the UN Department of Economic and Social Affairs. During the forecast year of 2021–2031, this estimated figure is anticipated to reach 68% by the conclusion of the future forecast year of 2050, driving demand in the elevators and escalators market.
The market for elevators and escalators is growing because more and more money is being invested in infrastructure projects for both commercial and residential areas. There are a number of causes that are contributing to the rise in demand for elevators and escalators. These include the following, urbanization, population growth, and changing lifestyle patterns. Consequently, the global elevator and escalator market has been experiencing a CAGR boost due to these and other associated variables in recent years.
Report Coverage
Global Elevator & Escalator research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Elevator & Escalator report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Elevator & Escalator competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Elevator & Escalator market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | KONE Corporation, Sigma Elevator Company, Otis Elevator Company, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd., Hyundai Elevator Co., Ltd |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Elevator & Escalator Market from 2021 to 2031.
- Market Forecast for Elevator & Escalator Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Elevator & Escalator competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Elevator & Escalator
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Elevator & Escalator market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Elevator & Escalator market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
KONE Corporation, Sigma Elevator Company, Otis Elevator Company, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd., Hyundai Elevator Co., Ltd
Primary Target Market
- Market Players of Elevator & Escalator
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Elevator & Escalator market based on the below-mentioned segments:
Global Elevator & Escalator Market, By Type
Elevators
Escalators
Moving Walkways
Global Elevator & Escalator market, By Services
New Installation
Maintenance & Repair
Global Elevator & Escalator Market, By Technology
Traction
Machine room-Less
Hydraulic
Global Elevator & Escalator market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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