At 6.7% CAGR, Elevators and Escalators Market Size to Hit US$ 192.75 Bn by 2028, Says Zion Market Research | Global Industry Trends, Share, Growth, Value, Statistics & Forecast Report
NEW YORK, June 23, 2022 /PRNewswire/ -- As per Zion Market Research study, 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.
Key Industry Insights & Finding of the Elevators and Escalators Market Reports:
- As per the analysis shared by our research analyst, the Elevators and Escalators Market is expected to grow annually at a CAGR of around 6.7 % (2022-2028).
- Through the primary research, it was established that the Elevators and Escalators Market was valued approximately USD 134.65 Billion in 2021 and is projected to reach to roughly USD 192.75 Billion by 2028.
- 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.
- China has made a substantial contribution to market revenue growth and owns a significant elevator & escalator market share.
- 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.
- 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.
Zion Market Research published the latest report titled as "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." into their research database.
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.
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Industry Dynamics:
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.
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.
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Global 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.
Global 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.
Global 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.
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List of Key Players of Elevators and Escalators Market :
- 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.
Key questions answered in this report:
- What are the growth rate forecast and market size for Elevators and Escalators Market ?
- What are the key driving factors propelling the Elevators and Escalators Market forward?
- What are the most important companies in the Elevators and Escalators Market Industry?
- What segments does the Elevators and Escalators Market cover?
- How can I receive a free copy of the Elevators and Escalators Market sample report and company profiles?
Report Scope:
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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.
Regional Dominance:
- 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.
Global Elevators and Escalators Market is segmented as follows:
Elevators and Escalators Market : By Type Outlook (2022-2028)
- Elevator
- Escalator
- Moving Walkways
Elevators and Escalators Market : By Service Outlook (2022-2028)
- New installation
- Maintenance & repair
- Modernization
Elevators and Escalators Market : By Elevator Technology Outlook (2022-2028)
- Traction elevator
- Machine room less traction elevator
- Hydraulic
Elevators and Escalators Market : By End User Outlook (2022-2028)
- Residential
- Commercial
- Institutional
- Infrastructure
- Others
Elevators and Escalators Market : By Region Outlook (2022-2028)
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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