The elevator and escalator market size was valued at USD 153.3 billion in 2023 and is expected to reach USD 272.2 billion by 2032, at a CAGR of 6.6%.
FORT COLLINS, Colo., April 27, 2024 (Globe Newswire) —
The increased use of elevators and escalators is primarily driven by their aesthetic appeal and benefits.
of Demand for elevators and escalators Its popularity is growing due to its functional benefits and aesthetic appeal in a variety of environments. Elevators facilitate vertical movement within a building, while escalators provide convenient horizontal and vertical movement. This is especially beneficial for people who have mobility issues or cannot easily navigate stairs.
The elevator and escalator market is an important segment of the construction and building equipment industry. This includes a variety of elevators, including hydraulic, traction, and machine room-less, as well as parallel, double, and walkway escalators. These systems are applied in a variety of environments, including residential buildings, commercial spaces, retail stores, hotels, airports, subways, and other public areas.
Innovation in this area is driving the adoption of smart, energy-efficient elevators that leverage Internet of Things (IoT) technology to improve performance and provide predictive maintenance. Customization options and improved design aesthetics are gaining traction, enabling customized solutions that meet specific user needs and architectural requirements.
The elevator and escalator market is poised to grow steadily due to urbanization, infrastructure development, and continuous technological advancements. As cities expand and modernize, demand for efficient vertical and horizontal transportation solutions will remain strong, driving further innovation and investment in this area.
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Segmentation overview:
The elevator and escalator market is segmented into elevator technology, type, service, end use, and region.
Elevators will account for a significant market share during the forecast period.
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Based on type, the market is segmented into elevators, escalators, and moving walkways. Elevators account for a significant share in the type segment of the elevator and escalator market. Elevators are essential for vertical transportation in high-rise buildings, including residential, commercial, and industrial buildings. Increasing urbanization, high-rise construction activity and the need for efficient mobility solutions in cities are increasing the dominance of elevators in this segment.
The commercial sector is expected to register significant growth in 2023 and achieve even greater exposure in the coming years.
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Based on end use, market segmentation includes residential, commercial, industrial, institutional, etc. The commercial sector accounts for a significant share of the end-use segment of the elevator and escalator market. This can be attributed to the increasing number of high-rise buildings, shopping malls, office spaces, and other commercial facilities that require efficient vertical transportation solutions. Increasing urbanization and the need for improved accessibility in public spaces are further increasing the dominance of this segment.
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Highlights of the Elevator and Escalator Market Report:
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Asia Pacific has become a leading region for elevators and escalators due to increased urbanization, construction activities, and government investments in infrastructure development.
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Notable players in the Elevator and Escalator market report include Otis Worldwide Corporation, Schindler Group, KONE Corporation, Mitsubishi Electric Corporation, Fujitec Corporation, Hitachi, Ltd., Hyundai Elevator Corporation, Toshiba Corporation, ThyssenKrupp Includes AG. , Sigma Elevator Company, Kleemann Hellas SA, and others.
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