Elevator and Escalator Market Size To Reach US$ 239.7 Billion, Globally by 2032 | CAGR of 4.89%

IMARC Group, a leading market research company, has recently releases report titled “Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global elevator and escalator market size reached US$ 154.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 239.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.89% during 2024-2032.

The rise in construction activities, growing investment in infrastructure development, particularly in developing countries, the increasing emphasis on energy-efficiency and sustainability, the adaptation of smart technology into elevators and escalators, and the growing geriatric population represent some of the factors that are propelling the market.

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Factors Affecting the Growth of the Elevator and Escalator Industry:

  • Urbanization and High-Rise Construction:

The expanding population across the globe and the rising construction of residential and commercial buildings represent one of the primary factors strengthening the growth of the market. In addition, rapid urbanization and the increasing number of high-rise buildings are driving the need for efficient vertical transportation systems. High-rise construction projects, such as residential complexes, office towers, and mixed-use developments, are becoming commonplace in major cities worldwide. Elevators and escalators are widely installed in these buildings, providing convenience, accessibility, and energy efficiency.

  • Aging Infrastructure and Modernization:

The rising need to modernize existing elevators and escalators of aging infrastructures to meet safety standards, improve energy efficiency, and enhance user experience is stimulating the market growth. In addition, building owners and facility managers are increasingly investing in retrofitting older elevators and escalators with advanced technology, including smart control systems, energy-efficient components, and enhanced safety features. In ln line with this, the growing need to meet updated safety standards and regulations in the construction industry is offering a favorable market outlook.

  • Regulatory Standards and Safety Compliance:

The implementation of several stringent regulatory standards and safety compliance requirements is contributing to the market growth. Governing authorities and regulatory bodies worldwide are implementing several safety codes and standards to ensure the well-being of passengers and minimize accidents. These regulations cover various aspects, including elevator design, maintenance practices, and safety protocols. Apart from this, several manufacturers are continually innovating to meet and exceed these standards, leading to the development of technologically advanced elevators and escalators that offer enhanced safety features.

Leading Companies Operating in the Global Industry:

  • Canny Elevator Co. Ltd.
  • Electra Elevators
  • Fujitec Co. Ltd.
  • Gulf Elevators & Escalators Co. Ltd.
  • Hitachi Ltd.
  • Hyundai Elevator Co. Ltd.
  • Johnson Lifts Private Limited
  • Kleemann Group
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
  • Schindler Holding Ltd.
  • Sigma Elevator Company
  • Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)

Ask Analyst for Sample Report: https://www.imarcgroup.com/request?type=report&id=6616&flag=F

Elevator and Escalator Market Report Segmentation:

By Type:

  • Elevators
  • Escalators
  • Moving Walkways

Elevators dominate the market on account of their widespread use in various sectors, such as commercial, residential, and industrial.

By Service:

  • New Installation
  • Maintenance and Repair
  • Modernization

New installation represents the largest market segment due to the continuous growth in construction projects worldwide and the escalating demand for elevators and escalators in new buildings and developments.

By End Use:

  • Residential
  • Commercial
    • Offices
    • Hospitality
    • Mixed Block
    • Others

The commercial sector holds the largest market share, owing to its extensive demand for elevators and escalators in office buildings, shopping centers, hotels, and other commercial establishments, driving overall industry growth.

Regional Insights:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Asia Pacific's dominance in the elevator and escalator market is attributed to the increasing population and rising construction of high-rise buildings.

Global Elevator and Escalator Market Trends:

The rising preferences of individuals on adopting solutions to reduce operating costs and minimize their carbon footprint are creating a positive outlook for the market. Manufacturers are developing energy-efficient technologies, such as regenerative drives, light-emitting diode (LED) lighting, and power management systems. These innovations help reduce energy consumption and align with regulatory requirements and environmental standards.

The rising need to accommodate individuals with disabilities is strengthening the growth of the market. Leading market players are focusing on enhancing the safety and accessibility features of elevators and escalators.

Other Key Points Covered in the Report:

  • COVID-19 Impact
  • Porters Five Forces Analysis
  • Value Chain Analysis
  • Strategic Recommendations

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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