Global Elevator And Escalator Market Size, Share, Growth Analysis, By Product(Elevators, Escalator), By Business(New Equipment, Maintenance), By Application(Residential, Commercial) - Industry Forecast 2022-2028

Global Elevator and Escalator Market size was valued at USD 79.7 billion in 2021 and is poised to grow from USD 83.86 billion in 2022 to USD 212.017 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).

The global elevator and escalator market is expected to witness steady growth in the coming years due to the increasing demand from residential and commercial sectors. The market is driven by factors such as rising urbanization, aging population, and rapid infrastructural developments in emerging economies. The market is highly competitive, with key players investing heavily in research and development to introduce innovative products and expand their market presence.

Top-down and bottom-up approaches were used to estimate and validate the size of Elevator and Escalator market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The global elevator and escalator market is segmented based on product, business, application, and region. Based on product, the Elevator and Escalator Market is segmented into elevators, escalator, and moving walkway. On the basis of business, the Elevator and Escalator Market can be bifurcated into new equipment, maintenance and modernization. Based on application, the Elevator and Escalator Market is segregated into residential, commercial, and industrial. The regional insights of the Elevator and Escalator Market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.

Driver

The expected growth of the market is attributed to the rise in infrastructure spending in developing economies. The UNCTAD Trade and Development report highlights over 40 developing nations that are prioritizing infrastructure initiatives, indicating that the market is likely to benefit from government-led efforts to boost their economies. These efforts are expected to result in the development of various infrastructure projects, including bridges, dams, roads, schools, ports, and airports. For example, India is planning to invest around US$ 1.4 trillion in infrastructure over the next five years.

Restrain

The elevator and escalator sector is anticipated to experience an impact due to increasing concerns about accidents. Instances have occurred where maintenance personnel get trapped between the moving components of elevators and escalators. Nevertheless, it is projected that such incidents would decrease as safety measures and training in the workplace become stricter. Furthermore, manufacturers are expected to enhance product quality and enforce rigorous safety regulations, which would result in increased market revenue.

Trend

Established businesses are increasingly focusing on producing sustainable products in order to attract environmentally conscious customers. This involves incorporating features such as LED lighting, recycled materials, and water-soluble paints in the design of green elevators. To cater to the growing demand for magnetic motors among consumers, market vendors are exploring alternatives to rope and pulley systems. The popularity of eco-friendly products is also prompting businesses to invest in them. As an example, KONE has received high Singapore green building product certificates for its TransitMaster 140 escalator, KONE S MonoSpace, and KONE 3000 TranSys elevators.