Escalator Market Research Report - Forecast to 2030

Escalator Market Information By Type (Parallel, Multi parallel, Spiral type, Crisscross, and Others), By Application (Residential and Commercial), and By Region (North America, Europe, Asia-Pacific, and the Rest of the World)‚ÄĒForecast till 2030

ID: MRFR/CO/1075-HCR | January 2023 | Region: Global | 112 Pages         

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Escalator Market

Escalator Market is projected to be worth USD 20,864.40 million by 2030, registering a CAGR of 4.70% during the forecast period (2022 - 2030).

Segmentation
By Type Parallel Multi parallel Spiral type Crisscross Others
By Application Residential Commercial
Key Players
Companies Profiled   KONE Corporation (Finland)   United Technologies (U.S.)   Schindler (Switzerland)   Mitsubishi Electric Corporation   ThyssenKrupp AG (Germany)   FUJITA (Japan)   Hitachi Ltd. (Japan)   Hyundai Elevator Co. Ltd.   Toshiba Corporation (Japan)   Electra Ltd. (Israel).
Drivers
Market Driving Forces   To show rapid economic and infrastructural growth.
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Global Escalator Market Research (MRFR Insights)


The  escalator market size is projected to register a market size of 20,864.40 million with a CAGR of 4.70% from 2022 to 2030. Major vendors of the  escalator market have focused on enhancing escalator efficiency to nurture a green, clean, and sustainable environment. Additionally, to combat issues with traffic congestion, several governments worldwide are concentrating on building effective metro rail systems, which are driving up demand for the industry. Escalators are moving staircases that transport people from one floor to the next in a building or other structure. They are typically made from steps that lock together and are propelled by an electric motor. Steps in an escalator can be moved thanks to a system of chains and gears easily. A series of trusses that connects the floors houses the complete machinery. They are commonly found in various verticals, including residential, industrial, and commercial structures. They are installed in residential complexes, railway stations, metro stations, hospitals, office buildings, shopping malls, and educational institutions. Escalators in high-rise and mid-rise buildings have become vital, supporting the construction sector is gaining traction. The number of shopping malls has also greatly expanded due to the rising spending power of the populace in developing nations. Escalators have lower noise and vibration levels and can be positioned in the same area as stairs. These technical benefits help escalators become more popular. Thus, these factors are anticipated to drive the growth of the  market.


COVID-19 Impact Analysis


During the COVID-19 pandemic shutdown, however, numerous escalator manufacturers were forced to halt operations in countries including China, the US, and India. This interruption has a direct influence on the sales of escalator manufacturers. Furthermore, the first lockdowns drastically decreased construction activity in many emerging countries and hampered industry expansion. However, the pandemic has prompted elevator and escalator makers to take novel steps, such as establishing contact-free lift operations via smartphone apps and air filters. Furthermore, stakeholders are boosting the availability of horizontal and inclined moving walkways, allowing consumers to use them in various settings.


Escalator Market Dynamics


As a result of rising investment in commercial and residential infrastructure projects in both developing and mature economies, the escalator business is expanding. The product is expected to grow in popularity as development activity on the largest and tallest commercial structures increases in various places. Furthermore, hydraulic elevators have low civil engineering requirements, great security, and exceptional shaft usage. The rising trend of skyscrapers being used to improve existing and aging infrastructure in response to rising demand is expected to expand the  market size. In contrast, high workplace security and safety measures and training to reduce accidents are expected to generate revenue for future market growth, as is a surge in product quality induced by manufacturers. For Instance, Due to approximately 75% of carbon dioxide emissions and consumption of three-quarters of natural resources, various governments have mandated effective and smart utilization, which is expected to expand the market size.


Market Drivers



  • The increased urbanization is increasing the number of modern retail and metro train stations


The increased urbanization is increasing the number of modern shops and metro train stations, which is predicted to drive the  market escalator growth considerably. The growing purchasing power of the middle-class population is driving  demand for more spacious and well-equipped residences. For instance, in November 2021, according to the Indian Brand Equity Foundation, an Indian government organization, the federal government committed $1.89 billion to the union budget for infrastructure development. In addition, the Indian Parliament passed legislation to establish the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India, and a 13% share of total FDI inflows worth $ 81.72 billion was designated for infrastructure development. As a result, increased infrastructure investments propel the elevator and escalator sectors forward.


Market Restraints:



  • Raising concerns about escalators accidents and incidents


There has been an increase in escalator accidents, generating concerns that will have a detrimental influence on demand for the equipment. This is also expected to limit the expansion of the  markets.


Market Opportunities



  • Product innovations are a significant opportunity in the escalator business


Product innovation is a crucial trend that is gaining traction in the elevator and escalator business. To maintain their market position, major businesses are focusing on developing cutting-edge digitally connected technologies


Escalator Market Segmentation


Type Insights


The  escalator market segmentation, based on type, is parallel, multi-parallel, walkway, crisscross, and spiral type. The  escalator market growth was prominently high under the parallel segment in 2021 due to increased demand from commercial buildings.


Application Insights


The ¬†escalator market segmentation, based on application, is residential and commercial. The residential segment dominated the market in 2021 and is also anticipated to rise at a higher CAGR. The rising economic living standards are propelling the worldwide property market. Developing economies such as India, China, the Middle East, and North Africa are experiencing unprecedented urban growth as more people migrate to cities for work. As a result, high-rise building construction ‚ÄĒ nearly invariably equipped with smart elevators ‚ÄĒ has become increasingly important in urban expansion. Also, the industry is being pushed significantly by increased demand for commercial space and increased investment in public transportation projects such as metro lines and airports. However, constraints like the need for frequent maintenance and escalators' high energy consumption have the potential to impede market expansion.


Global Escalator Market Share, by Region, 2021 (%)
Escalator Market Share, by Region, 2021
Escalator Market Overview, by Region


By region, the  escalator market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share, and Asia-Pacific is anticipated to register the highest CAGR during the forecast period.


North America


North America accounted for the highest revenue share in the  market for escalator in 2021. This is owing to the existence of countries such as Mexico, Canada, and the US. These countries are predicted to have strong urbanization rates, creating a significant demand for the region. Another element driving market demand is the increase in the number of important players. The US will account for the largest revenue share in the  market in 2021 as several established  market players attempt to boost their performance and customer base in the region by merging the strategies and acquisitions of large local enterprises.


Asia-Pacific


Asia-Pacific had the highest growth rate in the forecast period. Asia-Pacific countries with large population densities, such as India, China, and Japan, contribute, serving as a primary market driving force. Furthermore, due to a growth in public and private infrastructure development projects, Asia-Pacific is predicted to see a major expansion in the construction sector. Furthermore, the collaboration between international and domestic firms has produced a favorable atmosphere for market growth.


Escalator Market Competitive Landscape


The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have  reach with diverse product portfolios. Companies such as Schindler (Switzerland), ThyssenKrupp AG (Germany), KONE Corporation (Finland), United Technologies (US), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Mitsubishi Electric Corporation, Electra Ltd. (Israel), FUJITA (Japan), Hyundai Elevator Co. Ltd., among others, dominate the market due to product differentiation, strategic developments, financial stability, and diversified regional presence. Escalator firms are focusing on developing new and inventive methods to make facility assets and services relevant and necessary for improving customer experience, business administration, occupational physiology, and supporting their core business. Property management services are tailored to property owners' short and long-term financial goals. Service and solution providers develop a strategic property operations plan for their customers based on a zero-based operating budget and capital plan. To expand their market footprint and acquire more clients, these market players are investing in R&D and engaging in marketing strategies such as partnerships & collaborations, mergers & acquisitions, product launches, and developments.


Prominent players in the  escalator market research include Schindler (Switzerland), ThyssenKrupp AG (Germany), KONE Corporation (Finland), United Technologies (US), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Mitsubishi Electric Corporation, Electra Ltd. (Israel), FUJITA (Japan), Hyundai Elevator Co. Ltd., and others.


Scope of the  Escalator Market Report


Type Outlook



  • Parallel

  • Multi parallel

  • Spiral type

  • Crisscross

  • Others


Application Outlook



  • Residential

  • Commercial


Region Outlook




  • North America

    • US

    • Canada

    • Mexico




  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific




  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Escalator Market Forecast & Size:


To identify and estimate the market size for the  escalator market report segmented by type and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the  escalator market forecast between 2022 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges in the  escalator market growth


Market Influencing Factors:


To find out the factors which are affecting the  escalator market size among consumers


Impact of COVID-19:


To identify and understand the various factors involved in the market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Escalator manufacturers

  • Escalator dealers

  • Investors and traders



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 20,864.40 million
  CAGR   4.70% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   ¬†2022¬†to¬†2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   Schindler (Switzerland), ThyssenKrupp AG (Germany), KONE Corporation (Finland), United Technologies (US), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Mitsubishi Electric Corporation, Electra Ltd. (Israel), FUJITA (Japan), Hyundai Elevator Co. Ltd.
  Key Market Opportunities   Product innovations are a significant opportunity in the escalator business.
  Key Market Drivers   The increased urbanization is increasing the number of modern retail and metro train stations.


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Frequently Asked Questions (FAQ) :

The  escalator market forecast period is 2022 - 2030

The market is expected to register a CAGR of ~4.70 % over the next 10 years, according to  escalator market research.

Asia-Pacific is expected to register the highest CAGR during 2022 - 2030

North America held the largest share in 2021

The market size is expected to be USD 20,864.40 million by 2030.

Schindler (Switzerland), ThyssenKrupp AG (Germany), KONE Corporation (Finland), United Technologies (US), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Mitsubishi Electric Corporation, Electra Ltd. (Israel), FUJITA (Japan), Hyundai Elevator Co. Ltd., and others are the major companies operating in the market.