Elevators and Escalators Market Research Report– Forecast 2030

Elevators and Escalators Market Research Report, Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance & Repair), Elevator Technology (Traction, Machine room-Less, Hydraulic), End User and Region - Forecast Till 2030

ID: MRFR/CO/4070-HCR | February 2021 | Region: Global | 100 Pages         

Table of Contents

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market size Estimation

2.5 Forecast Model

3 Market Landscape

3.1 Porter’s Five Forces Analysis

3.1.1 Threat of New Entrants

3.1.2 Bargaining power of buyers

3.1.3 Threat of substitutes

3.1.4 Segment rivalry

3.1.5 Bargaining Power of Buyers

3.2 Value Chain/Supply Chain Analysis

4 Market Dynamics

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

5 Global Elevators and Escalators Market, By Type

5.1 Introduction

5.2 Elevators

5.2.1 Market Estimates & Forecast, 2020-2027

5.2.2 Market Estimates & Forecast by Region, 2020-2027

5.3 Escalators

5.3.1 Market Estimates & Forecast, 2020-2027

5.3.2 Market Estimates & Forecast by Region, 2020-2027

5.4 Moving Walkways

5.4.1 Market Estimates & Forecast, 2020-2027

5.4.2 Market Estimates & Forecast by Region, 2020-2027

6 Global Elevators and Escalators Market, By Elevator Technology

6.1 Introduction

6.2 Traction

6.2.1 Market Estimates & Forecast, 2020-2027

6.2.2 Market Estimates & Forecast by Region, 2020-2027

6.3 Machine room-Less

6.3.1 Market Estimates & Forecast, 2020-2027

6.3.2 Market Estimates & Forecast by Region, 2020-2027

6.4 Hydraulic

6.4.1 Market Estimates & Forecast, 2020-2027

6.4.2 Market Estimates & Forecast by Region, 2020-2027

7 Global Elevators and Escalators Market, By Services

7.1 Introduction

7.2 New Installation

7.2.1 Market Estimates & Forecast, 2020-2027

7.2.2 Market Estimates & Forecast by Region, 2020-2027

7.3 Maintenance & Repair

7.3.1 Market Estimates & Forecast, 2020-2027

7.3.2 Market Estimates & Forecast by Region, 2020-2027

8 Global Elevators and Escalators Market, By End User

8.1 Introduction

8.2 Residential

8.2.1 Market Estimates & Forecast, 2020-2027

8.2.2 Market Estimates & Forecast by Region, 2020-2027

8.3 Non-Residential

8.3.1 Market Estimates & Forecast, 2020-2027

8.3.2 Market Estimates & Forecast by Region, 2020-2027

9 Global Elevators and Escalators Market, By Region

9.1 Introduction

9.2 North America

9.2.1 Market Estimates & Forecast, 2019-2023

9.2.2 Market Estimates & Forecast by Type, 2019-2023

9.2.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.2.4 Market Estimates & Forecast by Services, 2019-2023

9.2.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.2.6 The U.S.

9.2.6.1 Market Estimates & Forecast, 2019-2023

9.2.6.2 Market Estimates & Forecast by Type, 2019-2023

9.2.6.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.2.6.4 Market Estimates & Forecast by Services, 2019-2023

9.2.6.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.2.7 Canada

9.2.7.1 Market Estimates & Forecast, 2019-2023

9.2.7.2 Market Estimates & Forecast by Type, 2019-2023

9.2.7.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.2.7.4 Market Estimates & Forecast by Services, 2019-2023

9.2.7.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3 Europe

9.3.1 Market Estimates & Forecast, 2019-2023

9.3.2 Market Estimates & Forecast by Type, 2019-2023

9.3.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.4 Market Estimates & Forecast by Services, 2019-2023

9.3.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.6 U.K

9.3.6.1 Market Estimates & Forecast, 2019-2023

9.3.6.2 Market Estimates & Forecast by Type, 2019-2023

9.3.6.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.2.6.4 Market Estimates & Forecast by Services, 2019-2023

9.2.6.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.7 Germany

9.3.7.1 Market Estimates & Forecast, 2019-2023

9.3.7.2 Market Estimates & Forecast by Type, 2019-2023

9.3.7.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.7.4 Market Estimates & Forecast by Services, 2019-2023

9.3.7.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.8 France

9.3.8.1 Market Estimates & Forecast, 2019-2023

9.3.8.2 Market Estimates & Forecast by Type, 2019-2023

9.3.8.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.8.4 Market Estimates & Forecast by Services, 2019-2023

9.3.8.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.9 Italy

9.3.9.1 Market Estimates & Forecast, 2019-2023

9.3.9.2 Market Estimates & Forecast by Type, 2019-2023

9.3.9.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.9.4 Market Estimates & Forecast by Services, 2019-2023

9.3.9.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.10 Rest of Europe

9.3.10.1 Market Estimates & Forecast, 2019-2023

9.3.10.2 Market Estimates & Forecast by Type, 2019-2023

9.3.10.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.3.10.4 Market Estimates & Forecast by Services, 2019-2023

9.3.10.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4 Asia Pacific

9.4.1 Market Estimates & Forecast, 2019-2023

9.4.2 Market Estimates & Forecast by Type, 2019-2023

9.4.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.4 Market Estimates & Forecast by Services, 2019-2023

9.4.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.6 China

9.4.6.1 Market Estimates & Forecast, 2019-2023

9.4.6.2 Market Estimates & Forecast by Type, 2019-2023

9.4.6.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.6.4 Market Estimates & Forecast by Services, 2019-2023

9.4.6.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.7 Japan

9.4.7.1 Market Estimates & Forecast, 2019-2023

9.4.7.2 Market Estimates & Forecast by Type, 2019-2023

9.4.7.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.7.4 Market Estimates & Forecast by Services, 2019-2023

9.4.7.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.8 India

9.4.8.1 Market Estimates & Forecast, 2019-2023

9.4.8.2 Market Estimates & Forecast by Type, 2019-2023

9.4.8.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.8.4 Market Estimates & Forecast by Services 2019-2023

9.4.8.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.9 Rest of Asia Pacific

9.4.9.1 Market Estimates & Forecast, 2019-2023

9.4.9.2 Market Estimates & Forecast by Type, 2019-2023

9.4.9.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.4.9.4 Market Estimates & Forecast by Services, 2019-2023

9.4.9.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.5 Rest of the World

9.5.1 Market Estimates & Forecast, 2019-2023

9.5.2 Market Estimates & Forecast by Type, 2019-2023

9.5.3 Market Estimates & Forecast by Elevator Technology, 2019-2023

9.5.4 Market Estimates & Forecast by Services, 2019-2023

9.5.5 Market Estimates & Forecast by Elevator Technology, 2019-2023

10 Competitive Landscape

11 Company Profile

11.1 KONE Corporation

11.1.1 Company Overview

11.1.2 Products/Services Offering

11.1.3 Financial Overview

11.1.4 Key Developments

11.1.5 Strategy

11.1.6 SWOT Analysis

11.2 Sigma Elevator Company

11.2.1 Company Overview

11.2.2 Products/Services Offering

11.2.3 Financial Overview

11.2.4 Key Developments

11.2.5 Strategy

11.2.6 SWOT Analysis

11.3 Otis Elevator Company

11.3.1 Company Overview

11.3.2 Products/Services Offering

11.3.3 Financial Overview

11.3.4 Key Developments

11.3.5 Strategy

11.3.6 SWOT Analysis

11.4 United Technologies

11.4.1 Company Overview

11.4.2 Products/Services Offering

11.4.3 Financial Overview

11.4.4 Key Developments

11.4.5 Strategy

11.4.6 SWOT Analysis

11.5 Schindler

11.5.1 Company Overview

11.5.2 Products/Services Offering

11.5.3 Financial Overview

11.5.4 Key Developments

11.5.5 Strategy

11.5.6 SWOT Analysis

11.6 Mitsubishi Electric Corporation

11.6.1 Company Overview

11.6.2 Products/Services Offering

11.6.3 Financial Overview

11.6.4 Key Developments

11.6.5 Strategy

11.6.6 SWOT Analysis

11.7 ThyssenKrupp AG

11.7.1 Company Overview

11.7.2 Products/Services Offering

11.7.3 Financial Overview

11.7.4 Key Developments

11.7.5 Strategy

11.7.6 SWOT Analysis

11.8 FUJITEC

11.8.1 Company Overview

11.8.2 Products/Services Offering

11.8.3 Financial Overview

11.8.4 Key Developments

11.8.5 Strategy

11.8.6 SWOT Analysis

11.9 Hitachi Ltd

11.9.1 Company Overview

11.9.2 Products/Services Offering

11.9.3 Financial Overview

11.9.4 Key Developments

11.9.5 Strategy

11.9.6 SWOT Analysis

11.10 Hyundai Elevator Co., Ltd

11.10.1 Company Overview

11.10.2 Products/Services Offering

11.10.3 Financial Overview

11.10.4 Key Developments

11.10.5 Strategy

11.10.6 SWOT Analysis

11.11 Toshiba Elevator And Building Systems Corporation

11.11.1 Company Overview

11.11.2 Products/Services Offering

11.11.3 Financial Overview

11.11.4 Key Developments

11.11.5 Strategy

11.11.6 SWOT Analysis

11.7 Stein Ltd

11.12.1 Company Overview

11.12.2 Products/Services Offering

11.12.3 Financial Overview

11.12.4 Key Developments

11.12.5 Strategy

11.12.6 SWOT Analysis

11.8 PAPPAS Elevators

11.13.1 Company Overview

11.13.2 Products/Services Offering

11.13.3 Financial Overview

11.13.4 Key Developments

11.13.5 Strategy

11.13.6 SWOT Analysis

11.9 Gulf Elevator & Escalator Co. Ltd

11.14.1 Company Overview

11.14.2 Products/Services Offering

11.14.3 Financial Overview

11.14.4 Key Developments

11.14.5 Strategy

11.14.6 SWOT Analysis

11.15 Electra Ltd.

11.15.1 Company Overview

11.15.2 Products/Services Offering

11.15.3 Financial Overview

11.15.4 Key Developments

11.15.5 Strategy

11.15.6 SWOT Analysis  


List of Tables

Table 1 Global Elevators and Escalators Market: By Region, 2020-2027

Table 2 North America Elevators and Escalators Market: By Country, 2020-2027

Table 3 Europe Elevators and Escalators Market: By Country, 2020-2027

Table 4 Asia Pacific Elevators and Escalators Market: By Country, 2020-2027

Table 5 RoW Elevators and Escalators Market: By Country, 2020-2027

Table 6 Global Elevators and Escalators Market, By Type, By Regions, 2020-2027

Table 7 North America Elevators and Escalators Market, By Type, By Country, 2020-2027

Table 8 Europe Elevators and Escalators Market, By Type, By Country, 2020-2027

Table 9 Asia Pacific Elevators and Escalators Market by Type, By Country, 2020-2027

Table 10 RoW Elevators and Escalators Market by Type, By Country, 2020-2027

Table 11 Global Elevators and Escalators by Elevator Technology Market: By Regions, 2020-2027

Table 12 North America Elevators and Escalators Market by Elevator Technology: By Country, 2020-2027

Table 13 Europe Elevators and Escalators Market by Elevator Technology: By Country, 2020-2027

Table 14 Asia Pacific Elevators and Escalators Market by Elevator Technology: By Country, 2020-2027

Table 15 RoW Elevators and Escalators Market by Elevator Technology: By Country, 2020-2027

Table 16 Global Elevators and Escalators by Services Market: By Regions, 2020-2027

Table 17 North America Elevators and Escalators Market by Services: By Country, 2020-2027

Table 18 Europe Elevators and Escalators Market by Services: By Country, 2020-2027

Table 19 Asia Pacific Elevators and Escalators Market by Services: By Country, 2020-2027

Table 20 RoW Elevators and Escalators Market by Services: By Country, 2020-2027

Table 21 Global Elevators and Escalators by End User Market: By Regions, 2020-2027

Table 22 North America Elevators and Escalators Market by End User: By Country, 2020-2027

Table 23 Europe Elevators and Escalators Market by End User: By Country, 2020-2027

Table 24 Asia Pacific Elevators and Escalators Market by End User: By Country, 2020-2027

Table 25 RoW Elevators and Escalators Market by End User: By Country, 2020-2027

Table 26 Global Elevators and Escalators Market: By Region, 2020-2027

Table 27 Global Elevators and Escalators Market: By Type, 2020-2027

Table 18 Global Elevators and Escalators Market: By Elevator Technology, 2020-2027

Table 27 Global Elevators and Escalators Market: By Services, 2020-2027

Table 18 Global Elevators and Escalators Market: By End User, 2020-2027

Table 19 North America Elevators and Escalators Market, By Country

Table 20 North America Elevators and Escalators Market, By Type

Table 21 North America Elevators and Escalators Market, By Elevator Technology

Table 20 North America Elevators and Escalators Market, By Services

Table 21 North America Elevators and Escalators Market, By End User

Table 22 Europe: Elevators and Escalators Market, By Country

Table 23 Europe: Elevators and Escalators Market, By Type

Table 24 Europe: Elevators and Escalators Market, By Elevator Technology

Table 25 Europe: Elevators and Escalators Market, By Services

Table 26 Europe: Elevators and Escalators Market, By End User

Table 27 Asia Pacific: Elevators and Escalators Market, By Country

Table 28 Asia Pacific: Elevators and Escalators Market, By Type

Table 29 Asia Pacific: Elevators and Escalators Market, By Elevator Technology

Table 30 Asia Pacific: Elevators and Escalators Market, By Services

Table 31 Asia Pacific: Elevators and Escalators Market, By End User

Table 32 RoW: Elevators and Escalators Market, By Region

Table 33 RoW Elevators and Escalators Market, By Type

Table 34 RoW Elevators and Escalators Market, By Elevator Technology

Table 35 RoW Elevators and Escalators Market, By Services

Table 36 RoW Elevators and Escalators Market, By End User


List of Figures

FIGURE 1 Research Process of MRFR

FIGURE 2 Top down & Bottom up Approach

FIGURE 3 Market Dynamics

FIGURE 4 impact analysis: market drivers

FIGURE 5 impact analysis: market restraints

FIGURE 6 porter’s five forces analysis

FIGURE 7 Value chain analysis

FIGURE 8 Global Elevators and Escalators Market SHARE, By Type, 2020 (%)

FIGURE 9 Global Elevators and Escalators Market, By Type, 2020-2027 (USD MILLION)

FIGURE 10 Global Elevators and Escalators Market SHARE, By Elevator Technology, 2020 (%)

FIGURE 11 Global Elevators and Escalators Market, By Elevator Technology, 2020-2027 (USD MILLION)

FIGURE 12 Global Elevators and Escalators Market SHARE, By Services, 2020 (%)

FIGURE 13 Global Elevators and Escalators Market, By Services, 2020-2027 (USD MILLION)

FIGURE 14 Global Elevators and Escalators Market SHARE, By End User, 2020 (%)

FIGURE 15 Global Elevators and Escalators Market, By End User, 2020-2027 (USD MILLION

FIGURE 16 Global Elevators and Escalators Market SHARE (%), BY REGION, 2020

FIGURE 17 Global Elevators and Escalators Market, BY REGION, 2020-2027 (USD MILLION)

FIGURE 18 North America Elevators and Escalators Market SHARE (%), 2020

FIGURE 19 North America Elevators and Escalators Market BY Country, 2020-2027 (USD MILLION)

FIGURE 20 Europe Elevators and Escalators Market SHARE (%), 2020

FIGURE 21 Europe Elevators and Escalators Market BY Country, 2020-2027 (USD MILLION)

FIGURE 22 Asia Pacific Elevators and Escalators Market SHARE (%), 2020

FIGURE 23 Asia Pacific Elevators and Escalators Market BY Country, 2020-2027 (USD MILLION)

FIGURE 24 Rest of the World Elevators and Escalators Market SHARE (%), 2020

FIGURE 25 Rest of the World Elevators and Escalators Market BY Country, 2020-2027 (USD MILLION)

Elevators and Escalators Market

Elevator & escalator market size was estimated at USD 77.86 billion in 2019 and is projected to reach USD 120.43 billion by 2027, at a CAGR of 6.3% from 2022 - 2030.

Segmentation

By Type Elevators Escalators Moving Walkways
Service New Installation Maintenance & Repair
Elevator Technology Traction Machine Room Less Hydraulic

Key Players

  • KONE Corporation (Finland)
  • Electra Ltd. (Israel)
  • United Technologies (U.S.)
  • Schindler (Switzerland)
  • Toshiba Corporation (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Hitachi Ltd. (Japan)
  • Hyundai Elevator Co.
  • Ltd. (South Korea)
  • ThyssenKrupp AG (Germany)
  • FUJITEC (Japan)

Drivers

  • Increasing infrastructure development across the globe
  • Growing demand from residential as well as construction sector
  • Growing renovation and reformation of the homes
  • Growing residential and non-residential
  • commercial spaces construction activities
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Elevators and Escalators Market Overview


Elevator & escalator market size was estimated at USD 77.86 billion in 2019 and is projected to reach USD 120.43 billion by 2027, at a CAGR of 6.3% from 2022 - 2030. 


The elevators and escalators market has been predicted to undergo a tremendous degree of growth over the past decade before the pandemic hit the international market. Based on the trends for the global elevators and escalators market share, the market would retain its growth rate status during the forecast period that ends in 2028. There has been a rapid degree of transformation of technology followed by its availability for the market in the construction business. This has become one of the major reasons that will be contributing to the overall growth of the global market during the ongoing forecast period ending in 2028.


COVID 19 Analysis


The sudden outbreak of COVID-19 has had a huge and devastating impact on the construction and building sector, especially the one that was dealing with the growing size of the elevators and escalators market. In the development sector, the construction and development of new buildings have been witnessing a serious halt since the temporary and permanent lockdowns were imposed by the global governments in the worldwide scenario. The global market laborers have returned to their hometowns due to the unavailability of work and hence, there is no source of income. The global elevators and escalators market consumers are also unwilling to invest important funds in infrastructure properties due to economic uncertainty and the growing economic and financial crisis. The trends of the pandemic will continue to do so till mid-2021 across several countries. However, the large-scale adoption of smart elevators and escalators market for repair work and maintenance is anticipated to remain strong in the period that will be ending in 2028.


However, the main need of the market is to revive the operations and demand. The idea is to enhance the product portfolio and alternates for the target audience that will help in increasing the elevator’s market size especially during the forecast period that will be ending in 2028.


Competitive Landscape


The most prominent major key players in the elevators and escalators market all across the globe are mentioned below:



  • KONE Corporation (Finland)

  • Electra Ltd. (Israel)

  • United Technologies (U.S.)

  • Schindler (Switzerland)

  • Toshiba Corporation (Japan)

  • Mitsubishi Electric Corporation (Japan)

  • Hitachi Ltd. (Japan)

  • Hyundai Elevator Co., Ltd. (South Korea)

  • ThyssenKrupp AG (Germany)

  • FUJITEC (Japan)


These major key players are likely to be adopting various strategies to endure their market position in the elevators and escalators market and further, by going for mergers, and acquisitions, collaborating, establishing a partnership, setting up a new joint venture, developing a new product line


Market Dynamics


Drivers


There has been an increasing migration of a large and widened population base from the rural areas towards the established cities have consequently surged and this has resulted in a sudden need for infrastructure development, that is inclusive of constructing high-rise buildings and infrastructure followed by the need to cater to the accommodation needs of the emerging population. According to the stats belonging to the UN Department of Economic and Social Affairs, by the end of 2030, surpassing the forecast period that ends in 2028, the urban population is likely to comprise 60% of the world population. This tentative number is expected to reach 68% by the end of the futuristic forecast year of 2050 giving rise to the demand for the elevators and escalators market during the forecast period of 2021-2028.


Restraints


There has been a  high cost of installation of control systems in an elevator that is likely to hinder the growth of the smart elevator market during the forecast period that ends in 2028. The market customers are not willing to pay this amount for high-end access control systems owing to the hampered ability of the customers to go for high expenses. Additionally, there has been a high cost of installation and integration of access control systems is soaring high due to the rising need for skilled technical consultants. This might hamper the elevators and escalators market from growing during the period that will be ending in 2028.


Technology Analysis


Green engineering is a part of the elevator's market size. The idea is likely to deliver optimal performance by opting for methods like capturing excessive energy. This is often wasted in the form of heat generated produced while functioning. The market system helps to transfer the captured energy back into various forms like the building’s electric grid to reuse.


The building projects are known to consume nearly 40% of the total global energy. During the processes, the degree of elevators and escalators market consuming a sum between 2% and 10%. By modernizing the building processes with smart solutions, this number is predicted and can be brought down to 1–5%. The green engineering concept is likely to enhance the opportunity for the market players to opt for supplying energy-efficient solutions. This will help in reducing the operational costs through initiating processes like automation and modernization of the existing elevators and escalators’ market share.


Global Elevators and Escalators Market Segmentation:


 Elevators and Escalators Market


Source: MRFR Analysis


Market Segmentation


The elevators and escalators market had been divided worldwide based on the type, service, application, and region.


By Type:



  • Elevators (passenger, freight, single, and double deck elevators)

  • Escalator

  • Moving walkways


By Service:



  • New installation

  • Maintenance & repair

  • Modernization


By Technology:



  • Elevator technology (traction with a room, machine room-less traction, hydraulic)


By End-use Industry:



  • Residential

  • Commercial

  • Institutional

  • Infrastructure

  • Others (industrial and marine industry)


Regional Analysis


The elevators and escalators market has been divided all across the global premises into regions. These regions include the North American region, the APAC region, and others like the European region, Latin American region, and the Middle East and African region. Being the fastest-emerging region, the largest market share in the global market is likely to be held by the Asia-Pacific region. The main reason behind this is the presence of highly populous countries including China, India along with Japan, South Korea, and many others that drive the market demand in this region. Moreover increasing commercial and residential growth is another factor that drives the market demand.


The second-largest market share in the global market premises is held by the North American region. This is because of the presence of countries like Mexico, Canada, and the US. These countries are expected to have high urbanization rates and hence create more demand in this region. The rise in the prevalence of various major key players is another factor that drives the market demand.


The third-largest market share in the global market premises is likely to be held by the European region. This is because of the presence of well-established technologically advanced infrastructure that requires more elevators and escalators market for its further enhancement and hence creates more growth opportunities in the European region. Moreover, there is an increasing investment coupled with increased expenditure in the infrastructure sector drives the market demand in this region.


Recent Developments


The market players are also investing in innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the elevators and escalators market all across the globe.


The Middle East and African region along with the Latin American region are investing to cover up the showing signs of the least market share due to the presence of low infrastructure in both these regions. The market is functioning on the low per capita income is another factor that is likely to be covered and hence, help the market grow during the period that ends in 2028.


Report Overview


This global elevators and escalators market research report includes the following components mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technical Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


The global elevators and escalators market report contains a discussion on factors that drive the growth of the global market and the factors that might restrict its growth in the ongoing forecast period. The market report discusses the role of technology worldwide during the forecasted period. The report consists of the impact of COVID 19 on the market during the period that ends in 2028. The future growth rate in the elevators and escalators market during the review period by the industry chiefs and business experts.


Intended Audience



  • Consulting firms

  • Market end-users

  • Raw material suppliers

  • Moving and walkway equipment manufacturers

  • Elevators and escalators market manufacturers

  • Exporters and importers



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: USD 120.43 billion
  • 2030 : Significant value
  •   CAGR   6.3% CAGR (2022 to 2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Service, Elevator Technology, End User
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   KONE Corporation (Finland), Sigma Elevator Company (Korea), Otis Elevator Company (U.S.), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Elevator And Building Systems Corporation (Japan), Stein Ltd (Russia), PAPPAS Elevators (Russia), Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia) and Electra Ltd. (Israel).
      Key Market Opportunities

  • Increasing supportive regulations from the government
  • changing lifestyle and high growth in construction sector
  •   Key Market Drivers

  • Increasing infrastructure development across the globe
  • Growing demand from residential as well as construction sector
  • Growing renovation and reformation of the homes
  • Growing residential and non-residential, commercial spaces construction activities


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    Frequently Asked Questions (FAQ) :

    The elevators and escalators market is anticipated to grow at a higher CAGR of 6.01% in the global market during the forecasted period.

    On the basis of elevator technology, the machine room-less traction (MRLS) technology and on the basis of end-user, the non-residential segment holds majority shares in the global elevators and escalators market.

    Rapid urbanization & industrialization across the world and the burgeoning construction sector are major tailwinds pushing the growth of the global elevators and escalators market.

    Asia Pacific holds the largest share in the global elevators and escalators market, followed by Europe and North America, respectively.

    Sigma Elevator Company (Korea), Stein Ltd (Russia), KONE Corporation (Finland), Otis Elevator Company (U.S.), PAPPAS Elevators (Russia), Schindler (Switzerland), Building Systems Corporation (Japan), United Technologies (U.S.), G Electra Ltd. (Israel), Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia), Mitsubishi Electric Corporation (Japan), FUJITEC (Japan), ThyssenKrupp AG (Germany), Hitachi Ltd. (Japan), Toshiba Elevator, and Hyundai Elevator Co., Ltd. (South Korea), are some of the top players operating in the global elevators and escalators market.