Elevators and Escalators Market Size, Share, Analysis, Trends, Growth 2028

Elevators And Escalators Industry Prospective:

The global elevators and escalators market was valued at nearly USD 134.65 billion in 2021 and is estimated to grow to about USD 192.75 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.7 percent over the forecast period.

The report analyzes the elevators and escalators market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the elevators and escalators market.

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Elevators and Escalators Market: Overview

Escalators are essential "moving stairs" that carry passengers up and down between building levels. However, an elevator is a room-type lift that can move a small number of people at a time up and down the building's levels. Elevators are commonly found in multi-story structures such as hospitals, banks, apartments, and offices. Escalators, on the other hand, are seen at railway stations, metro stations, and malls.

An elevator is a sort of upright transport system that effectively and efficiently transports goods or people between any levels or floors in any building infrastructure or any commercial spaces. Generally, elevators are of 3 types; counterweight elevator, hydraulic elevators, and pneumatic elevators. Smart elevators in this modern and smart world are really grasping the market. Smart elevators can be defined as an advanced system that allows programmed vertical moving of goods or passengers. Smart elevators are intended to perform the effortless act of transportation between the levels of any building. An escalator is a moving flight of steps, in other words, a staircase which helps in moving people between floors of a building. The procedure consists of a chain of individual linked steps which is basically driven by the motor that moves up and down the tracks thus maintaining effective transportation. 

COVID-19 Impact:

In 2020, with the increase of COVID-19 cases, emergency precautions were put in place, as well as the suspension of several events and services. As most global elevator and escalator companies have their headquarters in North America, Europe, and APAC, the COVID-19 outbreak has wreaked havoc on the industry. COVID-19 disrupted the supply chain, delaying market expansion due to a lack of raw materials and a shortage of staff. In 2020, the COVID-19 outbreak had a slight impact on the elevators and escalators business, resulting in a minor decrease in CAGR. However, with ease in restrictions and operations of major players, the market is estimated to grow at a healthy rate during the forecast period.

Elevators and Escalators Market: Growth Drivers

Growing necessity for minimizing the consumption of energy in buildings

A large amount of energy is utilized around the world as a result of rising industrialization and urbanization. In 2020, as per the US Energy Information Administration, 20% of energy is consumed by commercial buildings. Furthermore, cities are responsible for three-quarters of natural resource usage and 75 percent of CO2 emissions worldwide. Because of these issues, governments all over the world have made it mandatory to use energy efficiently and sensibly.

Elevators utilize 2-7% of the energy required in a building, and there is tremendous room for improvement in terms of energy consumption. As a result, elevator manufacturers are concentrating on developing energy-efficient elevators. Because of better hardware controls, these elevators utilize less energy and are more compact. Furthermore, the increase in government programs to conserve energy is likely to boost sales of energy-efficient equipment. All such factors are likely to boost the growth of the global elevators and escalators market.

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Global Elevators and Escalators Market: Restraints

Increasing elevator and escalator accidents may restrain the market growth

The industry is projected to be impacted by rising issues about elevator and escalator accidents. Each year in the United States, over 30 people are killed and about 17,000 are critically injured in elevator and escalator accidents, as per the Department of the Consumer Product Safety Commission and Labor Statistics. Elevator accidents are responsible for around 90 percent of fatalities and 60 percent of major injuries. Workers are frequently stuck between the moving sections of elevators and escalators while performing maintenance and repair services. Thus, growing causalities associated with elevators and escalators may impede the growth of the market.

Elevators and escalators are experiencing the highest growth rate for transportation of people and other goods in developed as well as developing countries. The rapid urbanization and industrialization across developing countries like India and China are boosting the market growth and development. The demand for smart cities coupled with smart infrastructure will have a positive impact in fueling market growth. Moreover, with the advancement of technology, manufacturers are investing high on R&D to deliver smart elevators to the customers with better designs and attractive features. This investment by the big organizations and the major players across the globe will enhance the growth and development of the escalators and elevators market.

Smart elevators with the features like biometrics, energy efficiency, touch screen, and others are going to get implemented and used in smart buildings. In addition, in order to minimize the travel time in moving and transportation of goods and people is going to propel the development of the market. Increasing number of aged and elderly population will also facilitate the growth of escalators and elevators in residential constructions and apartments in developed and developing nations. Such factors are contributing to the elevators and escalators market growth over the forecast period.

Elevators and Escalators Market: Opportunities

Adoption of green building materials to bring growth opportunities for market expansion

Rising environmental concerns have created conditions for sustainable and environmentally friendly green products. Expectations of consumers for value-added products for moving walkways, escalators, and elevators are progressively evolving toward premium green building materials. The adoption of green building materials can greatly reduce emissions. These materials aid in energy conservation, ensure long-term viability, protect the environment, and reduce emissions. Building specifications, use, construction, and design are all monitored using rating systems such as the Leadership in Energy and Environmental Design (LEED) and Building Research Establishment's Environmental Assessment Method (BREEAM). Thus, the growing use of these rating systems to consider low emission of carbon and low impact design is estimated to have ample opportunities for the growth of the global elevators and escalators market during the forecast period.

Elevators and Escalators Market: Challenges.

Strict regulations associated with escalators and elevators act as a challenge for market growth

Elevators and escalators are subject to strict regulations and standards, which could strangle the market. As even the smallest fault in a product can endanger the life of the user, adherence to laws and standards is critical. The Texas Health and Safety Code Safety's Elevator Advisory Board, the Elevator Escalator Safety Foundation, the Elevator and Escalator Safety Trust, and the American Society of Mechanical Engineers (ASME), have all issued guidelines to protect public safety in the elevator sector. The American Society of Mechanical Engineers, for instance, has established key guidelines for moving walkway, elevator, and escalator-related equipment safety throughout its design, operations, repair, and maintenance. ASME A17.7-2007/CSA B44.7-07 is among the bi-national codes for elevators and escalators.

Elevators and Escalators Market: Report Scope:

Recent Developments

• In February 2021, Schindler partnered with citizenM hotels, the renowned boutique hotel chain in the Netherlands, to offer service & modernization for escalators and elevators in each of the Group's existing buildings worldwide, and also the installation of upcoming vertical mobility solutions in the new hotel chain's.
• In August 2020, to grow in the northeast, Otis purchased Bay State Elevator. The company's service operations and portfolios in Vermont, Connecticut, Massachusetts, and upstate New York are included in the deal.

Elevators and Escalators Market: Segmentation

The global elevators and escalators market is segregated based on service, type, elevator technology, end-user, and region.

Based on the service, the global market is divided into modernization, maintenance & repair, and new installation.

The type segment is split into moving walkways, escalators, and elevators.

By elevator technology, the market is categorized into hydraulic, machine room-less traction elevators, and traction elevators. Infrastructure, institutional, commercial, residential, and others are the end-users of the market.

Elevators and Escalators Market: Regional Landscape

Asia Pacific to rule the global elevators and escalators market during the forecast period

Due to a sharp surge in demand from key nations and developing territories such as India and Southeast Asia, Asia Pacific is expected to dominate the global elevators and escalators market, outperforming its competitors. According to geographical analysis, China has made a substantial contribution to market revenue growth and owns a significant elevator & escalator market share. Over the projection period, India is expected to grow at the highest rate in the market. The country's rapid development and increased development of skyscrapers and high-rise structures are key reasons for making it the Asia Pacific region's third-largest market. On the other hand, North America is anticipated to increase at a reasonable rate. The measures taken by leading companies to consolidate their presence in regional markets are a major driver of the market's growth, particularly in the United States.

Elevators and Escalators Market: Competitive Landscape

The prominent players operating in the global elevators and escalators market include:

• Hitachi Ltd.
• KONE Corporation
• Thyssenkrupp AG
• Otis Elevator
• Schindler Group
• Toshiba Corporation
• FUJITEC CO.,LTD
• Johnson Elevator Co.,Ltd.
• Mitsubishi Electric Corporation
• HYUNDAIELEVATOR CO.,LTD.

Global elevators and escalators market is segmented as follows:

By Type

• Elevator
• Escalator
• Moving Walkways

By Service

• New installation
• Maintenance & repair
• Modernization

By Elevator Technology

• Traction elevator
• Machine room less traction elevator
• Hydraulic

By End User       

• Residential
• Commercial
• Institutional
• Infrastructure
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa