Elevator and Escalator Market By Product Type (Elevators, Escalators, Moving Walkways), By Installation Type (New Installation, Modernization, Maintenance), By End-User (Residential Buildings, Commercial Buildings, Industrial Facilities, Public Infrastructure), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Elevator and Escalator Market was valued at USD 181.9 billion in 2023 and will surpass USD 283.5 billion by 2030; growing at a CAGR of 6.5% during 2024 - 2030.

The elevator and escalator market plays a crucial role in modern urban infrastructure, enabling efficient vertical transportation in buildings and public spaces. As cities grow and urban populations increase, the demand for reliable and advanced transportation systems within buildings has surged. Elevators and escalators not only enhance accessibility but also improve the flow of people in high-rise structures, shopping malls, airports, and various public infrastructure projects. This market is characterized by constant innovation, with a focus on enhancing safety, energy efficiency, and user experience. As a result, the industry is witnessing significant investments in technology, sustainability, and smart solutions to meet the evolving needs of urban environments.

Elevators Segment Is Largest Owing To High Demand in Urban Areas

Among the product types, elevators represent the largest segment in the elevator and escalator market. This dominance is primarily driven by the increasing construction of high-rise buildings in urban areas, where elevators are essential for vertical transportation. As more people move to cities, the demand for residential and commercial buildings equipped with efficient elevator systems has grown significantly. Elevators offer convenience and accessibility, catering to a wide range of users, including those with mobility challenges. Moreover, advancements in technology, such as the introduction of energy-efficient elevators and smart controls, have further bolstered their appeal. The ability of elevators to transport large volumes of people quickly and safely positions them as a vital component in modern architecture and urban planning.

New Installation Segment Is Fastest Growing Owing To Urban Development

The new installation segment is the fastest growing within the installation type category, driven by rapid urbanization and the construction of new buildings. As cities expand and new residential and commercial projects emerge, the demand for newly installed elevators and escalators is on the rise. Developers are increasingly incorporating modern vertical transportation systems into their building designs, aiming to enhance the overall value and functionality of properties. This trend is particularly evident in emerging markets, where infrastructure development is a priority. The integration of innovative technologies, such as smart elevators equipped with IoT capabilities, further accelerates growth in this segment, as developers seek to offer cutting-edge solutions to meet the demands of tech-savvy consumers.

Residential Buildings Segment Is Largest End-User Owing To Increased Urban Living

In the end-user category, residential buildings constitute the largest segment of the elevator and escalator market. The rise in urban living and the increasing number of high-rise residential complexes are key factors contributing to this trend. As more people choose to live in multi-story buildings, the need for efficient and accessible vertical transportation becomes paramount. Elevators are essential for providing convenient access to different floors, enhancing the overall living experience for residents. Additionally, the growing focus on inclusive design and accessibility for individuals with disabilities has led to a greater emphasis on installing elevators in residential buildings. This demand is further supported by government regulations promoting the installation of elevators in new residential developments.

Asia-Pacific Is Fastest Growing Region Owing To Rapid Urbanization

Geographically, the Asia-Pacific region is experiencing the fastest growth in the elevator and escalator market. The rapid urbanization in countries like China, India, and Southeast Asian nations is a significant driver of this trend. As these countries continue to develop economically, the construction of high-rise buildings and urban infrastructure projects has surged, creating a robust demand for elevators and escalators. The growing middle class and increased disposable incomes also contribute to the demand for modern residential and commercial spaces equipped with efficient vertical transportation systems. Additionally, government initiatives aimed at improving urban infrastructure further enhance the growth prospects of the elevator and escalator market in the Asia-Pacific region.

Competitive Landscape and Leading Companies

The competitive landscape of the elevator and escalator market is characterized by the presence of several key players, including Otis, Schindler, KONE, and Thyssenkrupp. These companies dominate the market due to their strong brand recognition, extensive product offerings, and commitment to innovation. They continuously invest in research and development to introduce advanced technologies that improve safety, efficiency, and user experience. The market is also witnessing the emergence of smaller regional players who are focusing on niche segments and providing customized solutions to meet specific customer needs. As the industry evolves, companies are increasingly emphasizing sustainability and smart technology integration, leading to heightened competition and collaboration within the market.

Recent Developments:

• Otis Elevator Company announced the launch of its new smart elevator technology, which enhances energy efficiency and provides real-time monitoring.
• KONE Corporation expanded its operations in Asia-Pacific with a new manufacturing facility to meet the growing demand for elevators and escalators.
• Mitsubishi Electric Corporation introduced advanced safety features in its latest escalator models to enhance user safety and compliance with new regulations.
• Thyssenkrupp AG secured a major contract to supply elevators for a new high-rise project in Europe, highlighting its focus on urban infrastructure.
• Hitachi, Ltd. revealed plans to invest in R&D for IoT-integrated elevator systems, aiming to enhance user experience and operational efficiency.

List of Leading Companies:

• Chigo Air Conditioning Co., Ltd.
• Fujitec Co., Ltd.
• Hitachi, Ltd.
• Hyundai Elevator Co., Ltd.
• Johnson Lifts Pvt. Ltd.
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company
• Otis Elevator Company
• Schaefer AG
• Schindler Group
• Sigma Elevator Company
• Thyssenkrupp AG
• TKE (Thyssenkrupp Elevator)
• Toshiba Elevator and Building Systems Corporation

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