Elevators and Escalators Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: CM241016 | Research Suite: Report (PDF) & Market Data (Excel)
Elevators, sometimes referred to as lifts, use a mechanical
system made up of cables, pulleys, or hydraulic cylinders to move individuals
and objects vertically between levels. In contrast, escalators are moving
staircases that are intended to move passengers up or down an inclination.
Modern architecture is not complete without escalators and elevators, which make
it easier for people and goods to move around buildings.
MARKET
OVERVIEW
The elevators and escalators market are valued at approximately USD 87.2 billion in 2023 and is projected to reach USD 172.5 billion by 2034 exhibiting a compound annual growth rate (CAGR) of 6.4% during the forecast period of 2024-2034. Elevators and escalators allow architects to develop larger buildings without compromising accessibility. They are primarily installed in apartment buildings, condominiums, and private residences to enhance convenience and accessibility.
GROWTH
DRIVERS
Modern elevator and escalator installations are required for
infrastructure development projects driven by the fast urbanization of the
world, especially in developing nations. This tendency is anticipated to
continue as more individuals move to cities in search of better living
conditions. The necessity for these systems rises as cities and populations
grow and there is an increasing demand for residential and commercial
skyscrapers.
MARKET
SEGMENTATION:
By Type
-
·
Elevators
o Passenger
Elevators
Ø
Bed Elevators
Ø
Service Elevators
Ø
Observation Elevators
Ø
Residential Elevators
o Freight
Elevators
Ø
Dumbwaiters
Ø
Vehicle Elevators
o Other
Elevator Types
·
Escalators
·
Moving Walkways
By
Service –
·
New Installation
·
Maintenance & Repair
·
Modernization
By
Technology-
·
Traction Elevators
·
Machine-Room-Less Traction Elevators
·
Hydraulic
By End
User -
·
Residential
·
Commercial
·
Institutional
·
Infrastructural
·
Other End-Use Industries
By
Region -
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Elevators
and Escalations Market By Type Segment Review:
In 2023, elevators are expected to account for a significant portion of the market share worldwide. There is a growing need for high-rise residential and commercial structures as cities expand and more people relocate into metropolitan areas. Because of this trend, elevators are required to get installed to facilitate movement within these structures.
Elevators
and Escalations Market By Services Segment Review:
The market share of elevators and escalators has
historically been mostly contributed by the new installation category.
Governments across the globe are making significant investments in
infrastructure projects that provide effective vertical transit systems. This
covers not just residences but also public transportation networks, like metro
stations.
Elevators
and Escalations Market By Technology Segment Review:
Owing to their efficiency and speed, traction elevators are
frequently utilized in mid-rise to high-rise structures. The industry for
traction elevators has grown steadily because of its smooth operation, energy
efficiency, and capacity to support larger loads than hydraulic systems.
Elevators
and Escalations Market By End User Segment Review:
The surge in high-rise apartment complexes and growing
urbanization have led to significant growth in the residential category.
Elevators are becoming increasingly necessary in multi-story residential
complexes as more people migrate into cities.
Elevators
and Escalations Market By Region Segment Review:
The elevator and escalator industry is expected to grow at
the fastest rate in the Asia-Pacific region because of the region's substantial
investments in infrastructure development, growing urbanization, and rising
population density.
Elevators
and Escalations Market Regional Synopsis:
The elevator and escalator industry in North America is
distinguished by a well-established infrastructure that has undergone
substantial modernization and integration of smart technologies. Because of the
strong demand for cutting-edge safety features and energy-efficient systems,
the region occupies a sizeable portion of the global market.
Due to strict building safety and accessibility rules,
Europe is one of the main markets for elevators and escalators. Eco-friendly
solutions are also becoming more popular in the European market, where many
manufacturers are concentrating on sustainable technologies.
Due to the historically fast construction of new
skyscrapers, the Asia Pacific region's market share is growing. Government
programs to enhance public transportation networks are also having a favorable
impact on this industry.
The market for elevators and escalators is expanding
throughout Latin America, although at a slower pace than in other regions.
Infrastructure projects have been harmed by economic fluctuations, but several
nations are investing in urban development that incorporates vertical transit
systems. It's also noteworthy that cities are pushing for renovation of their
current installations to increase accessibility.
The continent of Africa and the Middle East has potential to grow because of massive building initiatives related to urbanization initiatives. Several countries are making significant investments in commercial buildings and skyscrapers, which demand sophisticated elevator systems.
Elevators
and Escalations Market Key Challenges:
The need for maintenance on elevators and escalators rises
with their age, which drives up operating expenses. Modern systems are complicated
and frequently require specialist knowledge for maintenance and repairs, which
tend to be costly. In addition, the cost of replacement parts has been going
higher because of problems with the supply chain and a rise in the demand for
premium parts.
There is a lack of qualified specialists in the field who
are able to carry out the required upkeep and repairs. Building owners that
depend on these systems for effective vertical transportation are susceptible
to higher expenses because of service delays, longer equipment downtime, and
other consequences resulting from this scarcity.
Elevators
and Escalations Market Competitive Landscape:
The market for elevators and escalators is very competitive,
with both established worldwide firms and developing companies. A wide range of
factors, such as the development of technology, strategic alliances, mergers
and acquisitions, and the increasing focus on sustainability, all influence
this dynamic environment. Companies are making significant investments in research
and development to create systems with integrated IoT (Internet of Things)
capabilities that are smarter and more efficient. They frequently engage in
strategic mergers and acquisitions to increase their market share or improve
their ability to innovate by working with other organizations.
Key
Players:
·
Kone
·
Hitachi
·
Fujitec
·
Toshiba
·
Otis
·
TK Elevator GmbH
· Other Players