Elevator & Escalator Market 2018-2027: Regional Analysis and Forecast | Techsci Research

The global elevator and escalator market reached a value of USD 82473.94 million in 2021, and it is projected to expand at a CAGR of 4.91% during the forecast period, according to the TechSci report titled "Elevator & Escalator Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2027." The market is expected to experience growth due to various factors, such as the construction of taller buildings, the increasing popularity of fast-paced lifestyles, and greater capital investment in the real estate industry. In addition, elevators and escalators are no longer considered a luxury, but rather a necessity, as people demand ease and comfort facilities in urban areas. The demand for updated aesthetics in both residential and commercial buildings is also contributing to the market's growth. Moreover, governments of several developing nations are investing in infrastructural development to transition their cities into smart cities, automate building operations, and accommodate the growing urban population, which is expected to provide a significant boost to the global market. Furthermore, several key players in the market are introducing technologically advanced products, such as ultra-high-speed elevators, to cater to the needs of skyscrapers. Hitachi, for instance, recently delivered elevators capable of achieving speeds of up to 1260 m/min to the Guangzhou CTF Finance Center in China. All of these factors are expected to drive growth in the global elevator and escalator market throughout 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"- https://www.techsciresearch.com/report/global-elevators-and-escalators-market/2461.html

The Global Elevator and Escalator Market is categorized based on type, service, end-user, elevator technology, elevator door type, regional distribution, and competitional landscape. Elevator, escalator, and moving walkways are the three types of products available in the market. The elevator segment is expected to grow significantly with a CAGR of 5.02% during the forecast period, due to the increasing construction of high-rise residential and corporate buildings.

The market is segmented based on service into new installation, maintenance & repair, and modernization. New installation is projected to dominate the market due to the expansion of high-rise residential buildings and growing commercial sectors. An increase in new projects for skyscraper construction also bolsters the market growth. Additionally, the focus of governments on building smart cities and rapid infrastructure development is expected to increase demand for elevator and escalator installations.

The global market is segmented based on end-users into residential, commercial, institutional, infrastructural, and others. The residential segment is anticipated to dominate the market with a share of 52.74% in 2021. The expanding commercial buildings and office spaces in metropolitan cities have boosted the installation of elevators and escalators. The rising investments in healthcare infrastructure have also increased the demand for such products. Additionally, shopping complexes, hotels, and restaurants are increasingly installing elevators and escalators to provide ease of commuting within the premises, which is bolstering their usage in the commercial sector.

In terms of elevator technology, the market is segmented into traction, hydraulic, and machine room-less traction. Traction technology is the leading segment, with a market share of 79.35% in 2021. Traction elevators use flat steel belts, which are lighter in weight due to their carbon fiber core and high-friction coating. These flat belts can work for a prolonged period without any oil or lubricant, making traction elevators 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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