Elevator and Escalator Market Set to Scale New Heights, Projected to Surpass $183.40 billion by 2030

According to the Next Move Strategy Consulting, the elevator and escalator market size is anticipated to surpass $183.40 billion by 2030 reflecting a CAGR of 6.5% during the forecast period till 2030. This unprecedented growth is highlighting key drivers and trends steering the industry towards unprecedented heights.

Market Overview:

The elevator and escalator industry are experiencing a paradigm shift as urbanization, population growth, and infrastructural development propel the demand for efficient and sustainable mobility solutions. The Elevator and Escalator industry stands at the forefront of meeting these evolving needs, with several factors driving its upward trajectory.

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Key Market Drivers:

1. Urbanization and Infrastructure Development: Rapid urbanization, especially in emerging economies, is fostering the construction of high-rise buildings and expansive infrastructures. This surge in vertical constructions necessitates advanced and reliable vertical transportation systems, boosting the elevator and escalator market.

2. Technological Advancements: The industry is witnessing a surge in technological innovations, including smart elevators, energy-efficient systems, and advanced safety features. The integration of Internet of Things (IoT) technology and artificial intelligence is enhancing user experience, safety, and operational efficiency.

3. Sustainability Initiatives: Increasing environmental consciousness is driving demand for eco-friendly solutions in the vertical transportation sector. Elevator and escalator manufacturers are focusing on energy-efficient designs and sustainable materials, aligning with global sustainability goals.

4. Population Growth and Aging Infrastructure: The global population's continuous growth and the need to modernize aging infrastructure contribute to the steady demand for new installations and upgrades in the elevator and escalator market.

Market Segmentation:

The elevator and escalator market includes various segments, including:

Type: Based on type, the market is segmented into passenger elevator, freight elevator, and others.

Product: Based on product, the market is divided into elevators, escalators, and moving walkways.

Technology: Based on technology, the market is classified into traction, machine room-less traction, and hydraulic.

Service: Based on service, the market is categorised into new installation, maintenance repair, modernization, and others.

Application: Based on application, the market is bifurcated into residential, hypermarkets, malls, corporate office, and others.

Geographical Regions: Based on region, the market is analysed into North America, Europe, and Asia-Pacific, and Rest of World (RoW).

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Outlook and Future Prospects:

Growing new trends and innovations in elevators and escalators such as pneumatic elevators, smart lifts, and traction elevators, which are expected to create lucrative growth opportunities for the elevator and escalator market player.

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Nationwide lockdowns due to Covid 19 pandemic had a huge impact on the AEC market including labor intensive industries and reduced new constructions & modernized activities that hampered the growth of elevators and escalators market.

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Regional Dominance:

The Asia-Pacific region dominates the global elevator and escalator market, and its position is expected to be unchallenged in the coming years. This is attributed to a combination of favorable factors, such as the abundance of raw materials, inexpensive labor, and a less stringent regulatory framework compared to other regions.
Also, increasing demand for high-speed lifts owing to the construction of skyscrapers is significantly boosting the market.

On the other hand, North America is expected to witness a gradual increase in the elevator and escalator market, propelled by the expanding construction of commercial properties, encompassing shopping malls, hotels, hypermarkets, restaurants, and so forth.

Also, prevalence of industries such as automotive, energy and power, petrochemical and others that uses elevators or escalators to move heavy objects are driving the market sales in this region. Moreover, this region is expected to have high urbanization rate, improved living standards and increased expenditure in the infrastructure sector thus creating more demand of this market in this region.

Competitive Landscape:

The elevators and escalators industry comprises of various market players such as Kone, Hitachi, Ltd., Fujitec Co. Ltd., Hyundai Elevator Co., Ltd., Orona Group, Mitsubishi Electric Corporation, Otis Elevator Company, Schindler Group, ThyssenKrupp AG, and Toshiba Corporation. These manufacturers are actively indulging in product launches and R&D initiatives and product & technology innovations to enhance their product and increase their growth as well as geographical reach.

For instance, in May 2022, KONE India announced world's largest passenger elevator at Jio World Centre, Mumbai. A year before on October 2021, Kone launched the world's first digitally connected KONE DX Class Elevators with built-in connectivity that would provide its users experience to life through a combination of design, technology, new materials, apps, and services.

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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports. We assist multinational companies in gaining a competitive edge and expanding their industry presence by capturing a larger market share. Our research methodology combines primary research, secondary research, data mining, and data analytics to deliver reliable insights.

Over a decade, we have served over 1,000 global customers, including 90% of Fortune 500 companies. Our analysts constantly monitor high-growth markets and uncover hidden opportunities in various sectors. We offer top-quality syndicate and custom research reports across ten different industry verticals, catering to your unique business needs. Our industry-standard delivery solutions, from pre-consultation to after-sales services, ensure an exceptional client experience and support informed strategic decision-making.

This release was published on openPR.