Exploring the Elevator and Escalator Market: Insights, Key Drivers, and Major Players
Introduction to the Elevator and Escalator Market
Elevators and escalators are typically defined within the broader category of vertical transportation equipment. Elevators are vertical transportation devices that move people or goods between floors within buildings, while escalators are moving staircases designed to carry people between two successive floors of a building or structure. Escalators typically consist of interlocking steps that are powered by an electric motor and a system of chains and gears that enable the easy movement of steps in an escalator. This entire mechanism is contained in a set of trusses that connect the floors.
Elevator and Escalator Key market insights include:
Market Size and Growth: The Global Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 & is estimated to grow at a CAGR of around 7.8% during the forecast period, i.e., 2024-30.
Regional Analysis: North America, South America, Europe, Asia-Pacific, Middle East & Africa.
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What is driving the growth of the global Elevator and Escalator Market market?
Increasing Investment in Construction Projects –
The global elevator and escalator market is set to grow due to the rising construction of new residential and commercial properties in both developing and developed economies. Infrastructure-related projects are being invested in by over 40 developing countries, as per the UNCTAD Trade report. Additionally, numerous government initiatives from these nations aim to boost demand for elevators and escalators further during the forecast period.
Market Segmentation
The Elevator and Escalator Market can be segmented based on several criteria, including:
By Type
-Elevator
-Traction- Market Size & Forecast 2019-2030, (Thousand Units)
-Hydraulic- Market Size & Forecast 2019-2030, (Thousand Units)
-Machine Room Less- Market Size & Forecast 2019-2030, (Thousand Units)
-Escalator
-Moving Walkway- Market Size & Forecast 2019-2030, (Thousand Units)
-Moving Stairs- Market Size & Forecast 2019-2030, (Thousand Units)
By Service
-New Installation- Market Size & Forecast 2019-2030, (Thousand Units)
-Modernization- Market Size & Forecast 2019-2030, (USD Million)
-Maintenance- Market Size & Forecast 2019-2030, (USD Million)
By Application
-Residential- Market Size & Forecast 2019-2030, (Thousand Units)
-Commercial- Market Size & Forecast 2019-2030, (Thousand Units)
-Industrial
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Key Players in the Elevator and Escalator Market
The Elevator and Escalator Market is highly competitive, with several key players dominating the landscape. These companies are investing heavily in research and development to stay ahead of the competition and meet the evolving needs of their customers. Some of the prominent players in the Elevator and Escalator Market include:
- Fujitec Co. Ltd.
- Hitachi Elevator Engineering Company
- KONE
- Canny Elevator Company Ltd.
- Toshiba Elevator and Building Systems Corporation
- Hyundai Elevator Co. Ltd.
- Mitsubishi Electric Corporation
- ORONA
- Otis Worldwide Corporation
- Others
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Questions Addressed in this Study
1.What factors are driving the Elevator and Escalator Market growth?
2.How is the Elevator and Escalator Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Elevator and Escalator Market?
4.What is the current size of the Elevator and Escalator Market, and how is it projected to change in the future?
6.What is the future outlook for the Elevator and Escalator Market in terms of technological advancements and market expansion?
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