Elevator and Escalator Market Size to Reach USD 36840 Million by 2027 at CAGR 0.8% - Valuates Reports
BANGALORE, India, Oct. 28, 2021 /PRNewswire/ -- The Elevator and Escalator Market is Segmented by Type (Elevator, Escalator, Moving Walkway), Application (Residential Area, Commercial Office, Transportation Hub Area, Industrial Area). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Construction & Maintenance Category.
In 2020, the global Elevator and Escalator market size was USD 34830 Million and it is expected to reach USD 36840 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR)of 0.8% during the forecast period 2021-2027.
The Major Factor Driving The Growth Of The Global Elevator And Escalator Market Are:
The Elevator and Escalator Market is growing because of an increase in the use of elevators and escalators at airports, malls, subways, hospitals, office buildings, and other commercial places to provide convenience during transit.
Machines to lift and move heavy objects are required in industries such as oil & gas, petrochemical, manufacturing, energy & power, and automotive. Such industries use elevators or escalators to move these heavy objects within the manufacturing unit. Thus the increasing demand from these businesses is expected to drive the growth of the elevator and escalator market.
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Trends Influencing The Growth Of The Global Elevator And Escalator Market:
The elevator and escalator market is predicted to benefit from the ongoing expansion of the Internet of Things (IoT) in the elevators and escalators industry. IoT allows a product to gather, exchange, and analyze data with its operator, manufacturer, and other relevant devices in the elevator and escalator business. IoT allows modern lifts and escalators to automatically predict and respond to traffic in real-time, interact with service teams, and allow consumers to contact lifts and escalators using a Smartphone app. The usage of a connected sensor in an elevator and escalator, which minimizes waiting times, may also improve elevator use.
The increasing demand from end-use sectors such as residential, commercial, and industrial is another important driver for the growth of the elevators and escalators market. The number of mixed-block high-rise constructions being built has increased. Large residential complexes, offices, stores, serviced apartments, showrooms, hotels, and casinos might all be found in mixed blocks. This trend is expected to fuel the Elevators and escalators market growth.
Furthermore, the global elevators and escalators industry is predicted to develop in response to the government's increased attention on high-rise infrastructure and the growing need for rapid transit.
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Global Elevator And Escalator Market Share Analysis
Based on region, China is the largest market, with a share of about 70%, followed by Europe, and North America, both have a share of over 20 percent. Factors such as the growth of the residential, commercial, institutional, and infrastructure industries are propelling the elevator and escalator market in this region.
Based on product, Elevator held the largest elevator and escalator market share over 80%. And Based on the application, the largest application is Residential Area, followed by Commercial Office, Transportation Hub, Industrial Area, etc.
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Key Companies in the Elevator and Escalator Market
- Otis
- Schindler Group
- ThyssenKrupp
- Kone
- Mitsubishi Electric
- Toshiba
- Hitachi
- Fujitec
- Hyundai
- Yungtay Engineering
- Canny Elevator
- Volkslift
- Syney Elevator
- Sicher Elevator
- SJEC
- Guangri Elevator
- Hangzhou XiOlift
- Edunburgh Elevator
- Suzhou Diao
- CNYD
- Meilun Elevator
- IFE Elevators
- Joylive Elevator
- Dongnan Elevator
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