In the research report, we have considered elevators, escalators, and related inter-floor transporters such as moving walkways installed and used in commercial infrastructures, residential buildings, and industrial setups for transportation. The research report provides holistic insights regarding the sales split of the product segments between new installation in newly developed infrastructure projects, replacement or repaired product as a part of maintenance activities, or the replacement of old solutions replaced with a novel technology under modernization operations. The research report provides product-based country-level classification and value share of every product segment in these stated countries.
The rising investment in commercial and residential infrastructure projects in the developing and developed economies results in elevator and escalator market growth. Increasing construction works of the largest and tallest commercial projects in several regions are expected to develop the product. For instance, White Magnolia Tower, Raffles City, Xujiahui Center, One Manhattan West, and Lakhta Center are a few of the projects in the urban areas where the manufacturers are focused on contributing. Also, the increasing focus of manufacturers in offering products with improved safety is expected to result in the market growth.
Elevator and Escalator Market is expected to witness growth of ~4.5% CAGR during the forecast period from the year 2022 to 2030. Expansion of the building and construction industry has been a chief driver of the global elevator and escalator market. Elevators and escalators being an integral part of the residential as well commercial buildings are witnessing an impressive surge in demand all over the world.
| Elevator and Escalator Market Size (2022) | US$ 59.03 Bn |
| Sales Forecast (2030) | US$ 100.12 Bn |
| Global Market Growth Rate (2022 to 2030) | 4.5% CAGR |
| Share of Top 5 Industry Players | 55% |
Advancement in the Internet of Things (IoT) technology is further catering to the market growth with the rising incorporation of ultra-modern facilities starting from elevator safety solutions to elevator air purification equipment.
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Despite their complex mechanisms for installation, handling, and maintenance, the demand for elevators and escalators in residential, commercial, hospital, transportation, and other sectors is growing. According to Future Market Insights (FMI), the global elevator and escalator market is expected to rise at ~4.5% CAGR during the forecast period from the year 2020 to 2030.
Rising Demand from Construction Industry
According to FMI, the expansion of the construction industry will spur the elevator and escalator market growth during the forecast period, from the year 2022 to 2030
With the rising population and urbanisation, the building & construction industry is growing exponentially. Elevators and escalators, being an integral part of construction industry, is experiencing a surge in demand across the world.
Modern-age elevators often come with an extensive range of features such as various load capacities (low, medium, and high), safety features, hygienic solutions, high reliability in terms of load carrying as well as various emergency services, making them efficient for broad range of applications starting from residential complex to industrial sectors.
The advanced IoT technology has enabled the elevator and escalator manufacture to offer diverse services and solutions such as air purifying system, sanitisation facility, emergency calling and connectivity solutions, and others. As a result the demand for elevators and escalators is sky-rocketing worldwide.
Elevators and Escalators Market – Bolstering Growth for Safety Solutions
Various safety features such as emergency evacuation feature, safety brakes, door closing devices, door sensors, door restraints, pit buffers, and others result in more sophisticated elevators and escalators services which is aiding to the Elevators and Escalators Market growth.
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With the technological advancements, the industrial and commercial sectors are incorporating modern safety features in the escalators such as skirt brushes in order to prevent objects being caught in the escalators, step level monitors, missing step monitors, handrail motion detectors, sensors to trigger automatic shutdown in emergency, and others.
As the new-age safety solutions are making the elevators and escalators more reliable and efficient in handling emergency conditions, the market is witnessing significant growth all over the world.
Key Segments
Product Type
- Elevator
- Hydraulic
- Traction
- Machine
- Room Less
- Vacuum
- Escalator
- Step Type
- Belt Type
- Cleat Type
- Spiral
Load Type
- Passenger
- Freight
- Observation
- Others
Installation
- New
- System
- Installation
- Retrofit
End Use
- Residential
- Low Rise Building
- Mid Rise Building
- High Rise Building
- Commercial
- Hotels
- Airports
- Subway Station
- Commercial
- Complex
- Office & Institution
- Hospital
- Infrastructure & Construction
- Transportation &Logistics
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa
- Japan
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Elevators and Escalators Market – Key Challenges
The entire process cycle of elevators and escalators, starting from manufacturing to installation,installation, is costly and needs expert handling. As elevators and escalators are used in various places, starting from residential complex to big industrial buildings, they need timely maintenance, up-gradation, as well as other services as and when required, which are time consuming and also need technical knowledge. Because of these factors, the elevators and escalators are yet to be popular among the small to medium residential buildings, institutions, and others.
The outbreak of a novel coronavirus in the recent year has affected the elevator and escalator market negatively because of various factors such as closed manufacturing units during lock down, economic constraints, unavailability of raw materials and manpower, decrease in demand, and others.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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