USD 79.7 billion
Report ID: SQSG20I2014 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 90 | Figures: 76
Global Elevator And Escalator Market size was valued at USD 79.7 billion in 2021 and is poised to grow from USD 83.86 billion in 2022 to USD 212.017 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).
Elevator and escalator market is expanding as a result of increased investment in residential and commercial infrastructure projects in both developing and developed economies. It is projected that the product will develop as more of the largest and tallest commercial projects are constructed in various regions. For instance, some of the urban projects where manufacturers are keen to contribute are White Magnolia Tower, Raffles City, Xujiahui Center, One Manhattan West, and Lakhta Center. Additionally, it is anticipated that the market would develop as a consequence of manufacturers putting more emphasis on providing products with greater safety.
An unusual and challenging global health disaster was caused by the COVID-19 pandemic. Most of the major economies enforced a severe and sudden nationwide lockdown to stop all financial activity in the area as a safety precaution. The labor-intensive and highly volatile construction industry was hard-hit by the abrupt closure. This aspect also decreased the amount of new building and modernization work done, which hindered worldwide market growth and sales. The market expansion was hindered by the decreased cash liquidity, uncertainties surrounding public investments, and gloomy attitudes of existing potential investors.
US Elevator And Escalator Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 79.7 billion
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The global elevator and escalator market is segmented based on product, business, application, and region. Based on product, the Elevator and Escalator Market is segmented into elevators, escalator, and moving walkway. On the basis of business, the Elevator and Escalator Market can be bifurcated into new equipment, maintenance and modernization. Based on application, the Elevator and Escalator Market is segregated into residential, commercial, and industrial. The regional insights of the Elevator and Escalator Market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Elevator and Escalator Market Analysis by Product
The market's fastest-growing category is anticipated to be escalators as a result of rising demand from changing infrastructure. The increased demand from commercial infrastructures, such as shopping centers, business parks, and others, is to blame for this. Additionally, the need for escalators and moving walkways is increasing as a result of the expanding aircraft infrastructure development. For instance, the US$ 775 million redevelopment of Stansted Airport in the United Kingdom is anticipated to be finished by 2021. Furthermore, due to their widespread market penetration, the need for elevators is projected to expand steadily.
Elevator and Escalator Market Analysis by Application
Elevators and escalators are often used in commercial buildings including shopping malls, office buildings, and co-working spaces. The commercial sector is being driven by the rising trend toward eco-efficiency, flexible design, and safety. Additionally, during the past several years, the demand for numerous co-working spaces has increased due to the rise in self-employment. Therefore, changing investments in office space are furthermore anticipated to support market expansion.
More residential development projects are expected to fuel market expansion. China is estimated to spend more than US$ 13 trillion on buildings by 2030, according to the World Resources Institute. Due to the increasing need for freight transport across many verticals, the industrial sector helps drive market expansion.
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Due to a sharp increase in demand from the major nations and developing regions like India and Southeast Asia, Asia Pacific is predicted to dominate the global market. According to the results of the regional study, China has made a substantial contribution to the rise in market revenue and currently maintains a sizable market share for elevators and escalators.
Over the forecast period, North America is estimated to increase at a respectable rate. A significant factor in the industry's growth, particularly in the United States, is the efforts made by international manufacturers to establish their presence in the local market. Through smart mergers and acquisitions of the leading domestic players, a number of well-established global market players are attempting to advance their operations and build a strong client base in the region.
The need for elevators is growing throughout South America as low to mid rise commercial complexes, office buildings, and infrastructure projects for residential areas are built. Additionally, the market is being stimulated by services provided in the infrastructures of shopping malls and multiplexes, which are being built at an increasing rate.
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Elevator and Escalator Market Driver
Elevators represent 2% to 7% of the total energy consumed in the whole building and have a significant scope of improvement regarding energy consumption.Therefore, Energy-efficient Elevator and Escalator to Promote Market Growth.
Industries such as oil & gas, petrochemical, manufacturing, energy & power, automotive need machines to lift heavy objects. Therefore, the demand for elevators is high in these industries. Manufacturers should work on improving the elevators by adding new features.
Elevator and Escalator Market Restraint
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Key players are adopting the strategy of acquiring small regional players to strengthen their service offerings and develop their domestic presence. Furthermore, advancement in technologies and persistent research result in the development of innovative products and services. Developments in product offerings by global market players and merger & acquisition activities collectively intensify the competitive landscape of the market across different regions. For instance, KONE is searching for acquisitions across Europe. Acquisitions are done in accordance with assessments of their potential to strengthen and increase the company's position in the area.
Top Players in the Global Elevator and Escalator Market
Elevator and Escalator Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global elevator and escalator market is segmented product, business, application, and region. The market's fastest-growing category is anticipated to be escalators as a result of rising demand from changing infrastructure. Elevators and escalators are often used in commercial buildings including shopping malls, office buildings, and co-working spaces. The commercial sector is being driven by the rising trend toward eco-efficiency, flexible design, and safety. Due to a sharp increase in demand from the major nations and developing regions like India and Southeast Asia, Asia Pacific is predicted to dominate the global market.
|Market size value in 2021||USD 79.7 billion|
|Market size value in 2030||USD 83.86 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Elevator And Escalator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Elevator And Escalator Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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