The growing construction of high-rise buildings and increasing focus of the government on building smart cities are expected to fuel the growth of Global elevator & escalator market over the coming years.
According to TechSci report on, “Elevator & Escalator Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2027”, the global elevator & escalator market stood at USD82473.94 million in 2021 and is expected to grow at a CAGR of 4.91% in the forecast period. The market growth can be attributed to a number of factors such as the construction of taller buildings, the growing trend of a fast-track lifestyle and increasing capital inflow into the real-estate sector. Moreover, with the growing urbanization, the demand for ease and comfort facilities like elevators and escalators has transitioned from a luxury to a necessity. In addition, the growing preference to have updated aesthetics in residential and commercial buildings is also adding to the growth of the global elevators & escalators market. Besides this, the governments of several developing nations are looking forward to transitioning cities into smart cities, automating the building operations, and accommodating the increasing urban population. For this, governments are increasingly investing in infrastructural development, which is likely to provide a boost to the global market. Furthermore, several key market players are introducing technologically advanced products to deliver Ultra-high-speed elevators suitable for skyscrapers. For instance, Hitachi has recently delivered ultra-high-speed elevators enabling a speed of 1260 m/min to Guangzhou CTF Finance Center, China. All these above-mentioned factors are anticipated to bolster the growth of the global elevator & escalator market over the forecast period.
Browse over 285 market data Figures and 25 Tables spread through 442 Pages and an in-depth TOC on "Global Elevator & Escalator Market"
The Global Elevator and Escalator Market is divided on the basis of type, service, end-user, elevator technology, elevator door type, regional distribution, and competitional landscape. Based on type, the market is further fragmented into elevator, escalator, and moving walkways. The elevator segment is projected to grow with an impressive CAGR of 5.02% over the estimated period due to the rising construction of high-rise residential and corporate buildings.
Based on service, the market is segmented into new installation, maintenance & repair, and modernization. Among these, the new installation segment is expected to dominate the market due to the expansion of high-rise residential buildings along with the growing commercial sector. Moreover, an increase in new plans and projects for the construction of skyscrapers is also bolstering the market growth. In addition, the focus of governments of several developing nations on building smart cities and rapid progress in infrastructure, including metro and railway development projects, is expected to propel the demand for the installation of elevators & escalators.
Segmentation of the global market on the grounds of the end-user is done into residential, commercial, institutional, infrastructural, and others. Among these, the residential is anticipated to dominate the market and held a market share of 52.74% in 2021. The growing expansion of commercial buildings and office spaces in metropolitan cities has significantly boosted the installation of elevators and escalators. Moreover, the rising investments in improving the healthcare infrastructure have also increased the demand for such products. The increasing number of shopping complexes, hotels, and restaurants are increasingly installing elevators and escalators to provide the consumers an ease of commuting within the premise, which is bolstering the employment of elevators and escalators in the commercial sector.
In terms of service, new installation is the leading segment due to the expansion of high-rise residential buildings combined with a growing commercial segment and increasing capital arrival into the real-estate sector. Additionally, an increase in new plans and projects for the construction of skyscrapers is also boosting the market growth. Additionally, the government's focus on smart cities and progress in infrastructure, including metro and railway development projects, is expected to have an optimistic impact on the Global Elevator & Escalator Market. Moreover, an increasing number of tourists, the increasing development of green buildings, and increasing infrastructure projects also generate demand for the installation of elevators & escalators.
Based on elevator technology, the market is segmented into traction, hydraulic, and machine room-less traction. Among these, traction technology is the leading segment, with a market share of 79.35% in 2021. The traction elevators use flat steel belts rather than traditional steel ropes. Flat steel belts are light in weight due to their carbon fiber core and high-friction coating, and these flat belts can work for a prolonged period of time without any oil or lubricant. As a result, traction elevators are widely used in commercial and residential buildings.
A partial list of major market players in the Global Elevator & Escalator Market includes:
- Otis Worldwide Corporation
- Schindler Group.
- KONE Corporation
- Mitsubishi Electric Corporation
- TK Elevator GmbH
- Hitachi, Ltd.
- Fujitec Co., Ltd.
- Hyundai Elevator Co., Ltd.
- Toshiba Elevator and Building Systems Corporation
- Canny Elevator Co., Ltd.
- Orona S. Coop.
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“The leading manufacturers in the global elevator and escalator market are making substantial efforts toward achieving sustainability in their processes, products, and services. The companies are increasingly working on updating and maintaining their Environment Management System (EMS), duly certified under ISO 14001. By using suitable and eco-friendly materials in the manufacturing of elevators and escalators along with the adoption of industrial automation, the companies commit to minimize their carbon footprints. In addition, increasing technological advancements and the growing customer focus on high-end design is driving the demand for smart elevators. Smart elevators, also known as green or energy-efficient elevators, are equipped with high-end security features such as Radio-frequency identification (RFID), biometrics, touch sensors, and a voice-operated command system. New entrants are advised to launch energy-efficient elevators and escalators in order to establish their name in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Elevator & Escalator Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By End User Industry (Residential, Commercial, Institutional, Infrastructural & Others), By Elevator Technology (Traction, Hydraulic & Machine room-Less traction), By Elevator Door Type (Automatic and Manual), By Region” has evaluated the future growth potential of Global Elevator & Escalator Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Elevator & Escalator Market.
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