Elevator & Escalator Market: Trends and Growth Forecast for 2024

The global elevator & escalator market size was valued at USD 88.59 billion in 2023. The market is projected to grow from USD 94.05 billion in 2024 to USD 167.62 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period.

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Industry developments of elevator & escalator market:

• • Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
  • TK Elevator GmbH launched the new EXO Renew Series of elevators for low-rise and high-rise residential buildings. It is versatile, designed for using 100% green electricity and requires 28% less energy compared to other models.
  • Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd, received an order of 538 elevators for large-scale residential housing projects in Gurgaon, India. These elevators would be manufactured and supplied from a high-rise elevator manufacturing facility based in Chennai, India. This order would be completed by the end of 2025.
  • Schindler signed a partnership with Umm AI Qura, based in Saudi Arabia, to provide 150 elevator orders for installation at Makkah, Saudi Arabia. This order includes 65 Schindler 5000 series elevators, 44 Schindler 7000 series elevators, and five elevators for the platform. These elevators help to improve passenger transportation from restaurants and hotels. 
  • Hitachi Ltd introduced a new touchless operating panel for monitoring and controlling elevators and escalators. It has features such as enabling touchless use, a simplified method, and operating through a numerical pad.

Top Companies of elevator & escalator market:

• • • Fujitec Co. Ltd (Japan)
    • Hitachi Ltd (Japan)
    • Hyundai Elevator Co Ltd (South Korea)
    • Kone Corporation (Finland)
    • Mitsubishi Electric Corporation (Japan)
    • Otis Worldwide Corporation (U.S.)
    • Schindler (Switzerland)
    • SJEC Corporation (China)
    • TK Elevator GmbH (Germany)
    • Toshiba Corporation (Japan)

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Elevator & Escalator Market Segmentation

Elevator and Escalator Market Share, Size & Industry Analysis by Product (Elevators, Escalators, and Moving Walkways), By Business (New Equipment, Maintenance, and Modernization), By Application (Residential, Commercial, and Industrial), and Regional Forecast Between, 2024-2032

Reasons to buy this report:

The present state of the market, trends, growth areas, and competitive dynamics in the elevator & escalator market are all thoroughly examined in this report. It helps companies to see areas for expansion and improvement while pointing out possible difficulties and dangers. The report’s evaluation of product portfolios and business segments helps stakeholders make better-informed investments and market strategies.

Developing successful success strategies in the elevator & escalator market can be facilitated and decision-making greatly enhanced by having a solid understanding of the industry dynamics described in the report. All things considered, this report is a great resource for anyone looking for in-depth knowledge about this quickly evolving industry.

Regional Atributes:

• • • North America (By Product, By Business, By Application, and By Country)
      • U.S. (By Product)
      • Canada (By Product)
    • Europe (By Product, By Business, By Application, and By Country)
      • Germany (By Product)
      • U.K. (By Product)
      • France (By Product)
      • Italy (By Product)
      • Turkey (By Product)
      • Rest of Europe
    • Asia Pacific (By Product, By Business, By Application, and By Country)
      • China (By Product)
      • India (By Product)
      • Japan (By Product)
      • South Korea (By Product)
      • Southeast Asia (By Product)
      • Rest of Asia Pacific
    • Middle East & Africa (By Product, By Business, By Application, and By Country)
      • GCC (By Product)
      • South Africa (By Product)
      • Rest of the Middle East & Africa
    • Latin America (By Product, By Business, By Application, and By Country)
      • Brazil (By Product)
      • Mexico (By Product)
      • Rest of Latin America

Table of Contents:

• • • Introduction
      • Research Scope
      • Market Segmentation
      • Research Methodology
      • Definitions and Assumptions
    • Executive Summary
    • Market Dynamics
      • Market Drivers
      • Market Restraints
      • Market Opportunities
    • Key Insights
      • Key Industry Developments – Merger, Acquisitions, and Partnerships
      • Porter’s Five Forces Analysis
      • SWOT Analysis
      • Technological Developments
      • Value Chain Analysis

TOC Continued…!

Elevator & Escalator Market Drivers and restrains:

• • • Driver: Rapid UrbanizationAs cities expand and high-rise buildings become more common, the demand for elevators and escalators increases to facilitate vertical transportation in residential, commercial, and public buildings.
    • Driver: Technological AdvancementsInnovations in elevator and escalator technology, such as smart controls, energy-efficient systems, and advanced safety features, drive market growth by offering improved performance and user experience.
    • Driver: Increasing Focus on AccessibilityThe growing emphasis on accessibility in public and private buildings leads to greater demand for elevators and escalators that accommodate people with disabilities and ensure compliance with regulatory standards.
    • Restraint: High Installation and Maintenance CostsThe substantial costs associated with installing and maintaining elevators and escalators can be a barrier for some property developers and building owners, impacting overall market adoption.
    • Restraint: Space and Design ConstraintsDesign limitations and the need for dedicated space for elevator shafts and escalator systems can pose challenges in existing buildings and retrofitting projects, potentially restricting market growth in certain areas.

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