Elevator and Escalator Market to be dominated by Automotive Segment at a CAGR of 6.2%- Says Maximize Market Research

PUNE, India, July 26, 2024 /PRNewswire/ -- The Elevator and Escalator Market Report by Product Type (Elevator, Escalator & Moving walkways), Elevator Technology (Traction, Machine room-less, Hydraulic), Service (New installation, Maintenance & Repair & Modernization), End-Use Industry (Commercial, Industrial) is expected to reach 194.97 Billion by 2030 from 127.97 Billion in 2023 at a CAGR of 6.2%.

Global Elevator and Escalator Market 2023-2030: Key Highlights:

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Otis Elevator Company (US): Leader in Elevator and Escalator Industry

Otis Elevator Company has a long-standing reputation and extensive experience in the industry operating in over 300 cities worldwide, with more than 2 million installations in the U.S. alone. The company has maintained its position as a leading player in the global elevator and escalator market in 2023 by introducing advanced technologies such as Otis Gen3 Core Elevator, a digitally connected elevator system featuring enhanced efficiency, safety, and connectivity launched in North America in 2023. The ability to meet the demand with a wide range of products has contributed to its leadership of the company within the market.

ThyssenKrupp Elevator AG (Finland): A Prominent Manufacturer

ThyssenKrupp Elevator is recognized as one of the largest elevator manufacturers globally. In the year 2022-2023, the company sales reached about 9 Billion with a 14% YoY growth which signifies its production capacity and ability to mitigate challenges. The company has prioritized sustainability by developing eco-friendly products and practices that align with growing environmental regulations and consumer demand for greener solutions.

The Elevator Segment to Dominate the Elevator and Escalator Market during the Forecast Period

In 2022, more than 60% of the population has relocated to urban cities necessitating the demand for elevators. With the growing urbanization, the new elevator installations particularly from China, India, and Southeast Asia contribute to about 50% of the Asia Pacific region. Elevators have become more popular due to their versatility in residential and commercial buildings. The integration of advanced technologies like IoT and AI has led to the development of smart elevators, enhancing efficiency, safety, and user experience. For instance, KONE's UltraRope technology reduces energy consumption by up to 15% compared to conventional steel rope elevators, addressing environmental concerns. Additionally, about 30% of elevators in Europe are more than 20 years old, which is contributing to the increasing demand for upgrades to comply with safety regulations. By 2030, the global population of people aged 60 and above is expected to grow to 1.4 billion, highlighting the importance of installing elevators in public and residential buildings to improve accessibility.

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The Machine Room Less Segment to grow fastest during the forecast period

 The Machine Room Less (MRL) MRL elevators eliminate the need for a separate machine room, freeing up to 40% of building space for other purposes. This is particularly advantageous in urban areas with limited space. With gearless traction systems, these elevators can save up to 30% in energy compared to traditional geared systems. For instance, Mitsubishi Electric's NEXIEZ-MRL effectively minimizes power usage through the use of regenerative drives, transforming excess energy into reusable electricity. MRL elevators offer a simpler and faster installation and maintenance process, resulting in a 20% reduction in labor costs and reducing project timelines. Additionally, they provide enhanced safety features such as advanced braking systems and remote monitoring for increased reliability and quicker response times. The focus on green building standards in the European Union has accelerated the adoption of MRL elevators, with around 50% of all new installations in Europe being MRL systems. Similarly, in the United States, the demand for LEED-certified buildings has led to a noticeable increase in the use of MRL technology. Otis and Schindler are making substantial investments in MRL technology, with Otis's Gen2 Switch and Schindler's 3300 models leading the way in the industry. The flexibility, affordability, and eco-friendly advantages of MRL elevators are opening up growth opportunities in the global elevator escalator market.

Asia Pacific Region to be the fastest growing during the forecast period

The Asia-Pacific region is experiencing a surge in demand for elevators and escalators due to rapid urbanization, population growth, and increased infrastructural development. The concentration of populations in urban areas has necessitated the construction of high-rise buildings and commercial spaces further amplifying the need for vertical transportation solutions. China, India, and Japan are leading the infrastructure growth with significant investments driving the demand for elevators and escalators. In particular, China leads the global elevator installations market with more than 60%instalations that are driven by the high-rise projects and urban regeneration initiatives in Shanghai and Beijing. In addition, initiatives like the Smart Cities Mission and the goal of achieving 40% urbanization by 2030 support the growth of the Indian elevator and escalator market. Also, governments are implementing large-scale initiatives, including the construction of new airports, railway systems, and smart cities, all of which necessitate the use of vertical transportation solutions. Energy efficiency and smart elevator systems are advancing in the Asia-Pacific region, solidifying its position as a hub.

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Competitive Landscape

The Elevator and Escalator Market companies include significant key players like Otis Elevator Company (USA), Kone Corporation (Finland), Schindler Group (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp Elevator AG (Finland), Hitachi Ltd. (Japan), Fujitec Co., Ltd. (Japan) among others.

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Traction Elevators Market: The market is a USD 43.61 Bn Market in the year 2023 and is projected to grow at a CAGR of 6.9 % to become a USD 69.57 Bn Market in the year 2030.

Elevator Ropes Market: The market size was valued at US$ 701.54 Mn in 2023, and the total revenue is expected to grow by 3.9% from 2024 to 2030, reaching nearly US$ 916.99 Bn.

Elevators Market: The market was valued at USD 96.81 Bn in 2023 and is expected to reach USD 151.43 Bn by 2030, at a CAGR of 6.6 % during the forecast period.

Escalator Cleaning Machine Market: The market size was valued at USD 941.15 Bn in 2023 and is expected to reach USD 2065.04 Bn by 2030, at a CAGR of 11.88 % from forecast 2024 to 2030.

Traction Elevators Market: The market is a USD 43.61 Bn Market in the year 2023 and is projected to grow at a CAGR of 6.9 % to become a USD 69.57 Bn Market in the year 2030.

Electric Power Tools Market: The market was valued at USD 31.87 Billion in 2023, and is expected to reach USD 56.42 Billion by 2030, exhibiting a CAGR of 8.5% during the forecast period (2024-2030).

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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