Global Elevator and Escalator Market Surpasses USD 116 Billion in 2023, Expects 7.1% CAGR Growth by 2030

Latest Market Study report by MarkNtel Advisors: Leading market research company, Title “Global Elevator and Escalator Market- H2” and other forecast 2024-30”.

This detailed report provides a thorough look at the industry, covering key aspects like the Elevator and Escalator Market Size, its growth in share, development, and the top companies involved. It examines what's driving the market, using historical, current, and projected data, as well as emerging trends, technology updates, important insights, recent developments, potential limitations, and other factors that will influence the industry's direction in the future.

How Big is the Elevator and Escalator Industry?

Global Elevator and Escalator Market size is valued at around USD 116 Billion in 2023 and is projected to grow at a CAGR of around 7.1% during the forecast period, i.e., 2024-30.

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Trends in the Elevator and Escalator Industry:

Rising Demand for IoT-Integrated Elevators and Escalators - With the advent of advanced technologies such as the Internet of Things (IoT) and its integration into elevators & escalators, manufacturers have maximized their revenues in the historical years. The integration has led to the smooth functioning of these setups in terms of gathering, analyzing, and exchanging data and maintaining entry and exit-related records. Other than this, IoT has enabled elevators and escalators to anticipate traffic and respond in real time with minimal error. These advantages have compelled investors and manufacturers to integrate such products with cutting-edge technologies, which, in turn, has led to market enlargement in the historical period. For instance,

• Hyundai Elevator Co. and LG Uplus Corp., a major wireless carrier, have collaborated to manufacture smart safety management systems, including IoT sensor safety rings, belts, and hats, and exclusive applications for elevator installers and control platforms. (October, 2022).

Competitor Insight - Global Elevator and Escalator Market

In the market competitor analysis section, we examine how different companies are performing compared to each other. We look at their strengths and weaknesses to understand who is doing well and why. This helps us see what strategies are working and what changes might be needed to stay competitive. key players are included in this report: -

> Canny Elevator Company Ltd.

> Fujitec Co Ltd

> Hitachi, Ltd.

> Hyundai Elevator Co., Ltd.

> Kone Oyj

> Mitsubishi Electric Corporation

> Orona S.Coop.

> Otis Worldwide Corporation

> Schindler Holding Ltd.

> ThyssenKrupp Elevator AG

> Toshiba Elevator and Building Systems Corporation

> Others

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Segmentation Summary - Elevator and Escalator Market

The breakdown of the Elevator and Escalator market into different segments provides a quick overview. It helps businesses understand what customers prefer and where they are located. By dividing the market into smaller groups based on purchasing habits and geography, companies can improve their business strategies. This summary offers a straightforward guide to better understanding the market.

By Type

• Elevator

  • Traction

  • Hydraulic

  • Machine Room less

• Escalator

  • Moving Walkway

  • Moving Stairs

By Service

• New Installation

• Modernization

• Maintenance

By End User

• Residential

• Commercial

• Retail

• Health Care

• Hospitality

• Government & Transportation

• Others

Geographically Insight: Global Elevator and Escalator Market

Geographically, the Elevator and Escalator Market expands across:

• North America

• South America

• Europe

• Middle East & Africa

• Asia-Pacific

Of all, Asia Pacific region acquired a significant share of the escalators and elevators market in the historical period, with China and India holding prominent shares. It owes principally to the ongoing expansive policies and several initiatives the governments have laid down to encourage the modernization and urbanization of states across the region. With countries like India making a substantial shift from being an agrarian economy to an IT-based industrial and commercial hub with the government's thrust on 'Digital India' and 'Make in India' policies, the need for more advanced and technically equipped buildings has been on the rise. In fact, according to United Nations, India is likely to witness a massive urban population surge between 2015 and 2030, adding around 164 million people to its urban base.

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