Global elevators and escalators market analysis and insights
The global Elevators & Escalators market estimated at US$73.17 billion in the year 2022 is now projected to grow at a CAGR of 5.10% and reach US$98.61 billion by 2028. This growth is primarily driven by the increasing adoption of these systems in residential, commercial, and industrial spaces. Many commercial locations such as offices, shopping malls, airports, hospitals, and hotels are undergoing modernization and renovation activities in order to improve safety standards, enhance aesthetic appeal, and meet the growing demands of users.
Rapid urbanization, along with an expanding global population, is driving the demand for vertical transportation solutions. As cities become more crowded, the need for efficient transportation within buildings becomes essential. Governments in many countries are investing in the development of smart cities. These initiatives involve the integration of advanced technologies and infrastructure improvements, including elevators and escalators, to enhance urban living standards and improve overall efficiency. Also, significant improvements in existing infrastructure, especially in emerging economies, are fueling the demand for elevators and escalators. Growing construction projects, such as high-rise buildings and transportation hubs, contribute to market growth.
Leading market players are actively engaged in research and development activities to introduce innovative solutions, improve performance, and enhance user experience. They are introducing smart elevators and escalators which are integrated with technologies such as predictive maintenance, big data analytics, IoT, AI, Bluetooth, Wi-Fi, and LTE. They offer improved speed, reliability, energy efficiency, and operational safety. This continuous focus on R&D strengthens the overall market growth.
Elevators and escalators regional market insights
North American elevators & escalators market is expected to grow significantly over the forecast period 2022-2028. This can be attributed to the owing to the significant investments in the construction industry, and the presence of major manufacturing players in the region. United States contributed around 78% of the total North American elevators & escalators market. It is estimated to have a market value of US$8.46 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 4.22% and 2.95% respectively over the 2022-2028 period.
Asia Pacific elevators & escalators market is anticipated to witness an upsurge owing to the rapid industrialization and urbanization. Increasing demand from residential and commercial construction sectors in countries such as China, Japan, India and Indonesia in the region coupled with rising disposable income of middle class is expected to boost the elevators & escalators market with a significant pace over the forecast period. China is expected to dominate the Asia-Pacific market and reach a market size of US$24.19 billion by 2028.
Within Europe, Germany, France, Italy and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 4.39% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.
Key players
Key players profiled in the report include Canny Elevator Co., Ltd.; Fujitec Co., Ltd.; Hitachi Ltd.; Hyundai Elevators Co., Ltd.; Johnson Lifts Private Limited; Kleemann Hellas S.A.; KONE Corporation; Mitsubishi Electric Corporation; Otis Worldwide Corporation; Savaria Corporation; Schindler Group; Shanghai Mitsubishi Elevator Co., Ltd. (SMEC); Sigma Elevator Company Limited; SJEC Corporation; TK Elevator Holding GmbH; Toshiba Elevator and Building Systems Corporation, among others.
Competitive Landscape
July 12,2023 – Schindler will provide 150 additional elevators and escalators to the latest development phase of Masar, the urban destination in the city of Makkah. The mixed-use development, which includes hotels, restaurants, and shops, will cover an area of 1.2 million square meters.
June 08, 2023 – Otis Worldwide Corp. introduces the Gen3 Core elevator, the newest member of the Gen3™ family of digitally native elevators, designed specifically for North America’s growing two-to-six story building segment.
Elevators and escalators market scope
- By type
- Elevators
- Escalators
- Moving walkway
- By application
- Passenger
- Freight
- Others
- By end-use segment
- Residential
- Nonresidential
- Commercial
- Institutional buildings
- Medical & healthcare
- Entertainment and sports facilities
- Transportation buildings
- Others
- By service
- New installation
- Maintenance and repair
- Others
- By region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
| Report Attribute | Details |
| No. of Pages | 294 |
| Published | July-2023 |
| Forecast Period | 2022-2028 |
| Estimated Market Size in 2022 | US$73.17 billion |
| Forecasted Market Size by 2028 | US$98.61 billion |
| CAGR | 5.10% |
| Regions Covered | North America, South America, Europe, Asia Pacific, Middle East and Africa |
| Companies Mentioned | Canny Elevator Co., Ltd.; Fujitec Co., Ltd.; Hitachi Ltd.; Hyundai Elevators Co., Ltd.; Johnson Lifts Private Limited; Kleemann Hellas S.A.; KONE Corporation; Mitsubishi Electric Corporation; Otis Worldwide Corporation; Savaria Corporation; Schindler Group; Shanghai Mitsubishi Elevator Co., Ltd. (SMEC); Sigma Elevator Company Limited; SJEC Corporation; TK Elevator Holding GmbH; Toshiba Elevator and Building Systems Corporation, among others. |
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
Research Methodology
