Global Elevators and Escalators Market To to grow to about USD 192.75 billion by 2028

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.

Elevators or commonly known as lifts are vertically moving shafts that are used to carry loads through a multistorey building. Most of these elevators use electric motors by counterweighting through a cable or pulley system. An escalator is more or less a moving staircase and is used to carry the weight of people across floors. Escalators run with the help of a motor. The structure consists of individually linked multiple steps on one track.

Where elevators have a maximum load capacity, escalators can carry a relatively higher number of people at one go. Elevators have a waiting time between floors and escalators do not have any such waiting time as individuals can line up one behind another while the escalator is moving. An escalator when not moving can be used as a conventional staircase improving its overall cost-effectiveness.

Covid-19 had a negative impact on the global elevators and escalators market owing to delays in the supply chain, scarce availability of raw materials, and the overall less demand for the products. However, now that the supply chain is functioning correctly, the global market is expected to register significant growth during the forecast period.

With global modernization, there is a surge in infrastructural development worldwide. This involves residential, commercial, and industrial spaces. There is also large-scale development in advanced airport models, departmental stores, malls, and other premises where escalators or elevators play a crucial role. In regions that are already developed, like the USA, Canada, and European territories, there is still a need for constant upgrading and maintenance of previous structures. In emerging economies, there is a rampant investment in infrastructure development. This is expected to fuel the global market growth during the projection period. With Covid-19 there has been a significant rise in the number of multi-specialty hospitals. Hospitals are one of the largest consumers of elevators given the need for medical assistance required by patients. This is also coupled with growth in the demand for high-rise buildings to cultivate smart cities in multiple regions which will aid the global market expansion. Modern and safety features in advanced elevators and escalators act as major market growth propellers.

Increasing elevator and escalator accidents may restrain the global market expansion but the adoption of green building materials is expected to bring growth opportunities. Strict regulations associated with escalators and elevators act as a challenge for global market growth.

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.

Asia-Pacific is expected to dominate the global elevators and escalators market owing to heavy investment in infrastructure development. For example, India plans to invest $1.4 trillion in infrastructure in the coming 5 years. China plans to invest in smart cities and total expenditure is projected to cross over $60B by 2023. The economies like Singapore, Hongkong, and Malaysia have multiple high-rise buildings which aid the demand for elevators and propel the regional market growth. For example, Merdeka PNB 118 is a 664m skyscraper that will be the tallest building in Southeast Asia. Asia-Pacific has skilled labor, space to set up manufacturing units, and low-cost raw materials which will push the regional market forward.

The Middle East will also contribute significantly to the global market due to increasing tourism in the country and the eventual development of tourist places like UAE, and Abu Dhabi, to name a few.

North America and Europe are anticipated to register high CAGR during the forecast period because of stable economies.

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, and HYUNDAIELEVATOR CO., LTD. among others.

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.

Browse the full “Elevators And Escalators Market By Type (Elevators, Escalators, Moving Walkways), By Service (New Installation, Maintenance & Repair, And Modernization), By Elevator Technology (Traction, Machine-Room-Less, & Hydraulic), By End-Use Industry (Residential, Commercial, Institutional, Infrastructure, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/elevators-and-escalators-market

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

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