Global Elevators and Escalators Market (2020-2027): By Type (Elevators (Home, Cargo, and Passenger), Escalators (Moving Walks/Travelator & Moving Stairs)), By Service Type (Installation, Maintenance & Repair, and Upgradation), By Technology (Machine room-Less & Hydraulic, and Traction), By Applications (Residential Building, Commercial, and Industrial), End-use, By Regions (Asia Pacific, Eastern & Western Europe, North America, South America, Middle East & Africa, and Rest of the World), Growth, Opportunity, and Competitive Landscape
The burgeoning need for smart elevators is a fundamental reason that drives the exponential growth of the escalator and elevator market during the forecast period. Elevator Traffic management, power efficiency, advanced safety features, noise reduction, rich look and feel, and fewer travel times, hi-tech/smart elevators & escalators are also unified with a virtual assistant, access control systems, destination dispatch systems (DDS), excess load management in high rise buildings, air-condition, music system, and other electronic security systems like video surveillance and fire safety equipment. Due to such advantages, the inclination for intelligent elevators and escalators will surge at a rapid pace in the forthcoming years, which further boosts the global demand for the escalator and elevator market size.
According to Pheonix Research, The Elevator and Escalator Market was estimated at USD 120.03 billion in 2019 and is forecast to hit USD 179.96 billion by 2027, growing at a healthy CAGR of 6.26% during 2020-2027. The surging application of elevators and escalators at malls, hospitals, high-rise buildings, offices, airports, railway & metro stations, and other commercial buildings to provide comfort in transit is driving the market prosperity. The children and old age people are one more reason encouraging the new installation in the residential and public sectors. The flourishing construction sector emerging in the brisk need for elevators & escalators in the skyscraper, mid-rise, and low-rise buildings is, in addition, sustaining the market expansion in the coming years. The rise in per capita earnings and a hike in luxury & comfortable living are some social factors directly influencing the market growth emphatically.
By Service Type, The brand-new setup for elevators and escalators reported for prominent revenue share in the entire market worldwide in 2019, due to large-scale construction activities across various segments, like industrial and commercial. However, the demand for the upgradation and maintenance of elevators and escalators is requisite to increase accordingly over the coming years.
In terms of Technology, In 2019, hydraulic elevators led the market segment. Multiple benefits of hydraulic elevators are small space requirements, convenient installation, and low-cost maintenance. Traction elevators also gaining market revenue share owing to the lower cost of equipment and installation followed by machine room-less elevators.
Based on the Application, the Residential segment holds the highest revenue share in 2019. Spiraling construction of skyscrapers and mid-rise residential buildings is driving the market owing to the growing demand for luxury and comfortable living in tier-1 and tier-2 cities.
Based on regions, the Asia Pacific attended by India and China captures nearly 63% share of the overall market and has proven to be the most credible region in the elevators and escalators market globally. Europe along with North America regions is anticipated to witness concrete growth during the coming future.
Major players in the Elevators and Escalators Industry are Schindler, Otis, Hitachi, Toshiba Elevators and Building Systems Corporation, Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, Kone, and ThyssenKrupp and others.
The “Global Elevators And Escalators Market (2020-2027)” report provides a detailed analysis of the major strategies, industry models, and successional market shares of popular players in this outlook. Together with an exhaustive narration on the key determining market factors, segment-wise facts & figures, industry statistics pursuantly revenues, regional breakdown, and country-specific organic analysis are provided in the comprehensive report.
Target Audience
• Elevators Escalator, and Moving Walkway Manufacturers
• Raw Material Distributors and Suppliers
• Consulting Companies
• End Users
• Mega Construction Firms
Market Segmentation
By Type
Elevators (Home, Cargo, and Passenger)
Escalators (Moving Walks/Travelator & Moving Stairs)
By Service Type (Installation, Maintenance & Repair, and Upgradation)
By Technology (Machine room-less & Hydraulic, and Traction)
By Applications (Residential Building, Commercial, and Industrial)
End-use
By Regions (Asia Pacific, Eastern & Western Europe, North America, South America, Middle East & Africa, and Rest of the World)
Competitive Landscape