Rapid urbanization, rising consumer focus on modernization, and growing investment in real estate sector to fuel elevator & escalator market through 2025.
According to TechSci Research report, “Global Elevator & Escalator Market By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, By Region, Competition Forecast & Opportunities, 2025’’, the global elevator and escalator market is projected to grow and cross USD 105 billion by 2025, on account of rising investment in commercial and residential infrastructure, increased focus of manufacturers on offering products with enhanced safety and increasing capital inflow into the real-estate sector. Additionally, improving after sales services, proactive maintenance and modernization of equipment, and use of UltraRope elevator technology for high-rise buildings are expected to positively influence the global elevator & escalator market in the coming years. Moreover, increasing adaptation of green strategies and sustainable products in elevators and escalators are expected to fuel elevator and escalator market.
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Global elevator and escalator market can be segmented based on the type, service, end-user, elevator technology, elevator door type, and region. In terms of type, the market can be bifurcated into Elevator, Escalator and Moving Walkways. Elevators dominated the market in 2019 and are expected to maintain their market dominance during the forecast period, backed by the wide usage in residential sector. In terms of technology, the market is segmented into Traction, Hydraulic and Machine Room-Less (MRL) Traction. The MRL Traction is the widely used elevator technology across the globe, owing to its better safety features, low maintenance cost and high energy efficiency compared to other technologies. Furthermore, the development of high-rise residential and commercial buildings that require faster mode of vertical transportation is anticipated to increase demand for high-speed elevators, which is possible only with traction machine elevators.
Based on service, the market can be segmented into Maintenance & Repair, New Installation and Modernization. Maintenance and Repair service segment accounts for the largest market share, due to the increasing repair, reconstruction, and rehabilitation of existing infrastructure facilities along with strict government safety norms in Europe and North America. Market players are increasingly focusing on long-term maintenance and repair contracts. In the global elevator and escalator market, Asia-Pacific is the largest contributor, followed by North America and Europe, and this trend is expected to prevail over the next five years.
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Otis Elevator Company, Schindler Holding Ltd., KONE Corporation, ThyssenKrupp AG, Mitsubishi Electric Corporation, Canny Elevator Co., Ltd, Hitachi Group, Fujitec Company Limited, Hyundai Elevator, and Toshiba Elevator and Building Systems Corporation are among the leading players operating in the global escalator and elevator market. Companies operating in the market are using organic strategies such as product advancement through addition of new features, partnerships, mergers and collaborations to boost their share in global elevator and escalator market.
“Increasing infrastructure developments across major developed as well as developing countries coupled with an increasing number of multi-storey commercial and residential buildings across the globe are boosting demand for elevators and escalators, globally. Moreover, increasing construction activities, rising urbanization, technological advancements such as energy-saving regenerative drives, and strengthening of after sales service have also been positively influencing the market. Continuance of such upward trend in infrastructure and construction activities across the globe is expected to drive the global elevator and escalator market in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Elevator & Escalator Market By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, By Region, Competition Forecast & Opportunities, 2025” has evaluated the future growth potential of global elevator & escalator market and provides statistics and 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 the global elevator & escalator market.
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