PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1218823
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1218823
Elevator and Escalator Market Forecasts to 2028 - Global Analysis By Product (Moving Walkway, Escalators and Elevators), Technology (Hydraulic, Traction and Machine room-Less), Solution, End User and By Geography
According to Stratistics MRC, the Global Elevator and Escalator Market is accounted for $86.6 billion in 2022 and is expected to reach $142.9 billion by 2028 growing at a CAGR of 8.7% during the forecast period. Elevators, or lifts, carry passengers and freight up and down; escalators are moving staircases from one story of a building to the next; and moving sidewalks carry people horizontally or at a slight incline. The market is expanding as a result of increased investment in residential and commercial infrastructure projects in both developing and developed economies. It is projected that the product will develop as more of the largest and tallest commercial projects are constructed in various regions.
According to the stats belonging to the UN Department of Economic and Social Affairs, the urban population is likely to comprise 60% of the world population. This tentative number is expected to reach 68% by the end of the 2050.
Market Dynamics:
Driver:
Increasing urbanization
The urbanization rate across the globe has witnessed a significant demand, owing to higher employment and educational opportunities in urban regions. The size of commercial buildings has also increased to house more people. In addition, the rise in purchasing power of masses in developing countries has significantly increased the number of shopping malls. Escalators can be installed within the same space as staircases and have less noise and vibration levels. These technical advantages further increase the market expansion.
Restraint:
Rise in casualties
The industry is expected to be affected by the growing worries about elevator and escalator accidents. There are a lot of incidents where maintenance and repair workers are caught between the moving parts. However, it is predicted that the incidents would decrease as workplace safety and security measures and training become more stringent. Therefore, the increasing concerns about elevator and escalator accidents are expected to impact the market.
Opportunity:
IoT Integration into elevators & escalators
Leading players are integrating advanced technologies such as IoT into the products. Manufacturers and operators are benefitting with IoT integration since it is helping the personnel in collecting, analyzing, and exchanging data. Additionally, IoT integration has helped elevators and escalators in anticipating traffic and in responding in real-time with high accuracy. Thus, rise in demand for IoT-integrated elevators and escalators is boosting growth in market
Threat:
High cost of installation
There has been a high cost of installation of control systems in an elevator that is likely to hinder the growth of the market. The market customers are not willing to pay this amount for high end access control systems owing to the hampered ability of the customers to go for high expenses. Additionally, there has been a high cost of integration of access control systems is soaring high due to the rising need for skilled technical consultants. This might hamper the market.
COVID-19 Impact
The sudden outbreak of COVID-19 has had a huge and devastating impact on the construction and building sector, especially the one that was dealing with the growing size of the elevators and escalators market. The market labourers have returned to their hometowns due to the unavailability of work and hence, there is no source of income. The market consumers are also unwilling to invest important funds in infrastructure properties due to economic uncertainty and the growing economic and financial crisis.
The escalator segment is expected to be the largest during the forecast period
The escalator segment is estimated to have a lucrative growth, due to the high demand from commercial infrastructures, including shopping malls, commercial parks, and others. Furthermore, technological advancements have enhanced the safety and power efficiency of escalators, thereby increasing its popularity. Moreover, the rising aerospace infrastructure development results in the rise in demand for escalators.
The commercial segment is expected to have the highest CAGR during the forecast period
The commercial segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increasing residential construction activities. Elevators and escalators have a high penetration in commercial centers such as malls, retail centers and co-working places. The increasing shift toward eco-efficiency, flexible design and safety is driving the segment.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the increase in population, urbanization, and industries. The market players have initiated their efforts to establish a strong and effective supply chain across the market. The fast paced development and increasing development of high rise buildings and skyscrapers are the factors driving the region growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the rising development of advanced products by Europe-based manufacturers. Moreover, there is an increasing investment coupled with increased expenditure in the infrastructure sector drives the market demand in this region. Furthermore, the renovation and development of high-rise buildings are further expected to provide new growth opportunities for the market in this region.
Key players in the market
Some of the key players profiled in the Elevator and Escalator Market include Mitsubishi Electric Corporation, Johnson Lifts Pvt. Ltd., ESCON Elevators Pvt Ltd., Toshiba Corporation, Fujitec Co. Ltd., Hitachi Ltd., Schindler Holding Ltd., ThyssenKrupp AG, KONE Corporation, Hyundai Elevator Co., Ltd., Otis Worldwide Corp., Electra Ltd., United Technologies, Orona Group, Sigma Elevator Company, Aritco Lifts AB, EMAK Elevator, Sanyo Elevator Co., Ltd., Stannah Lifts Holdings Ltd and Schumacher Elevator Company.
Key Developments:
In February 2021, Schindler signed a partnership agreement with citizenM hotels, the leading Netherlands-based boutique hotel chain, to provide service and modernization for escalators and elevators in all of the Group's existing buildings.
In October 2020, Hitachi Ltd. acquired a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator business. To date, Hitachi has acquired ~51% share in Yungtgay.
Products Covered:
- Moving Walkway
- Escalators
- Elevators
Technologies Covered:
- Hydraulic
- Traction
- Machine room-Less
Solutions Covered:
- Maintenance & Repair
- Modernization
- New Installation
End Users Covered:
- Hostels
- Hospitals
- Infrastructure & Construction
- Transportation & Logistics
- Residential
- Commercial
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 Technology Analysis
- 3.8 End User Analysis
- 3.9 Emerging Markets
- 3.10 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Elevator and Esclator Market, By Product
- 5.1 Introduction
- 5.2 Moving Walkway
- 5.3 Escalators
- 5.4 Elevators
6 Global Elevator and Esclator Market, By Technology
- 6.1 Introduction
- 6.2 Hydraulic
- 6.3 Traction
- 6.4 Machine room-Less
7 Global Elevator and Esclator Market, By Solution
- 7.1 Introduction
- 7.2 Maintenance & Repair
- 7.3 Modernization
- 7.4 New Installation
8 Global Elevator and Esclator Market, By End User
- 8.1 Introduction
- 8.2 Hostels
- 8.3 Hospitals
- 8.4 Infrastructure & Construction
- 8.5 Transportation & Logistics
- 8.6 Residential
- 8.7 Commercial
9 Global Elevator and Esclator Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Mitsubishi Electric Corporation
- 11.2 Johnson Lifts Pvt. Ltd.
- 11.3 ESCON Elevators Pvt Ltd.
- 11.4 Toshiba Corporation
- 11.5 Fujitec Co. Ltd.
- 11.6 Hitachi Ltd.
- 11.7 Schindler Holding Ltd.
- 11.8 ThyssenKrupp AG
- 11.9 KONE Corporation
- 11.10 Hyundai Elevator Co., Ltd.
- 11.11 Otis Worldwide Corp.
- 11.12 Electra Ltd.
- 11.13 United Technologies
- 11.14 Orona Group
- 11.15 Sigma Elevator Company
- 11.16 Aritco Lifts AB
- 11.17 EMAK Elevator
- 11.18 Sanyo Elevator Co., Ltd.
- 11.19 Stannah Lifts Holdings Ltd
- 11.20 Schumacher Elevator Company
List of Tables
- 1 Global Elevator and Esclator Market Outlook, By Region (2020-2028) ($MN)
- 2 Global Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
- 3 Global Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
- 4 Global Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
- 5 Global Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
- 6 Global Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
- 7 Global Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
- 8 Global Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
- 9 Global Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
- 10 Global Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
- 11 Global Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- 12 Global Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
- 13 Global Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
- 14 Global Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
- 15 Global Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
- 16 Global Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
- 17 Global Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
- 18 Global Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
- 19 Global Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
- 20 Global Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
- 21 North America Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
- 22 North America Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
- 23 North America Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
- 24 North America Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
- 25 North America Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
- 26 North America Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
- 27 North America Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
- 28 North America Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
- 29 North America Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
- 30 North America Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
- 31 North America Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- 32 North America Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
- 33 North America Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
- 34 North America Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
- 35 North America Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
- 36 North America Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
- 37 North America Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
- 38 North America Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
- 39 North America Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
- 40 North America Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
- 41 Europe Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
- 42 Europe Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
- 43 Europe Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
- 44 Europe Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
- 45 Europe Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
- 46 Europe Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
- 47 Europe Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
- 48 Europe Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
- 49 Europe Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
- 50 Europe Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
- 51 Europe Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- 52 Europe Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
- 53 Europe Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
- 54 Europe Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
- 55 Europe Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
- 56 Europe Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
- 57 Europe Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
- 58 Europe Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
- 59 Europe Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
- 60 Europe Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
- 61 Asia Pacific Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
- 62 Asia Pacific Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
- 63 Asia Pacific Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
- 64 Asia Pacific Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
- 65 Asia Pacific Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
- 66 Asia Pacific Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
- 67 Asia Pacific Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
- 68 Asia Pacific Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
- 69 Asia Pacific Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
- 70 Asia Pacific Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
- 71 Asia Pacific Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- 72 Asia Pacific Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
- 73 Asia Pacific Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
- 74 Asia Pacific Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
- 75 Asia Pacific Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
- 76 Asia Pacific Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
- 77 Asia Pacific Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
- 78 Asia Pacific Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
- 79 Asia Pacific Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
- 80 Asia Pacific Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
- 81 South America Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
- 82 South America Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
- 83 South America Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
- 84 South America Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
- 85 South America Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
- 86 South America Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
- 87 South America Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
- 88 South America Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
- 89 South America Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
- 90 South America Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
- 91 South America Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- 92 South America Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
- 93 South America Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
- 94 South America Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
- 95 South America Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
- 96 South America Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
- 97 South America Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
- 98 South America Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
- 99 South America Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
- 100 South America Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
- 101 Middle East & Africa Elevator and Esclator Market Outlook, By Country (2020-2028) ($MN)
- 102 Middle East & Africa Elevator and Esclator Market Outlook, By Product (2020-2028) ($MN)
- 103 Middle East & Africa Elevator and Esclator Market Outlook, By Moving Walkway (2020-2028) ($MN)
- 104 Middle East & Africa Elevator and Esclator Market Outlook, By Escalators (2020-2028) ($MN)
- 105 Middle East & Africa Elevator and Esclator Market Outlook, By Elevators (2020-2028) ($MN)
- 106 Middle East & Africa Elevator and Esclator Market Outlook, By Technology (2020-2028) ($MN)
- 107 Middle East & Africa Elevator and Esclator Market Outlook, By Hydraulic (2020-2028) ($MN)
- 108 Middle East & Africa Elevator and Esclator Market Outlook, By Traction (2020-2028) ($MN)
- 109 Middle East & Africa Elevator and Esclator Market Outlook, By Machine room-Less (2020-2028) ($MN)
- 110 Middle East & Africa Elevator and Esclator Market Outlook, By Solution (2020-2028) ($MN)
- 111 Middle East & Africa Elevator and Esclator Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- 112 Middle East & Africa Elevator and Esclator Market Outlook, By Modernization (2020-2028) ($MN)
- 113 Middle East & Africa Elevator and Esclator Market Outlook, By New Installation (2020-2028) ($MN)
- 114 Middle East & Africa Elevator and Esclator Market Outlook, By End User (2020-2028) ($MN)
- 115 Middle East & Africa Elevator and Esclator Market Outlook, By Hostels (2020-2028) ($MN)
- 116 Middle East & Africa Elevator and Esclator Market Outlook, By Hospitals (2020-2028) ($MN)
- 117 Middle East & Africa Elevator and Esclator Market Outlook, By Infrastructure & Construction (2020-2028) ($MN)
- 118 Middle East & Africa Elevator and Esclator Market Outlook, By Transportation & Logistics (2020-2028) ($MN)
- 119 Middle East & Africa Elevator and Esclator Market Outlook, By Residential (2020-2028) ($MN)
- 120 Middle East & Africa Elevator and Esclator Market Outlook, By Commercial (2020-2028) ($MN)
