Elevators & Escalators Market worth $183.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 25, 2022 /PRNewswire/ -- According to the new market research report "Elevators & Escalators Market by Type (Elevators, Escalators, Moving walkways), Service (New installation, Maintenance & Repair, and Modernization), Elevator Technology (Traction, Machine-Room-Less, & Hydraulic), & End-use Industry - Global Forecast to 2026", published by MarketsandMarkets™, the global Elevators and Escalators Market size is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026. The demand from the construction industry, rapid urbanization, and the rising number of high-rise buildings are some of the major drivers of the elevators & escalators market in emerging economies of the Asia Pacific region. This has contributed to an increase in the sales of these products. Growth in the market will also be driven by changing demographic trends, such as the rising aging population and increase in the middle-class population, which demand better living standards.
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In terms of value, the elevator type segment is estimated to lead the elevators and escalators market in 2020.
Elevator, by type, accounted for the largest market share in the elevators and escalators market. Elevators can be described as any platform, either open or enclosed, which is useful to lift people or freight to different floors within a building. The first elevator was operated by steam power. In 1871, the first hydraulic elevator was introduced. Hydraulic elevators used water pressure as the source of power. Since then, elevators have gained popularity, and the first commercially successful electric elevator was installed in 1889. The elevator car is constructed with a steel framework, which makes it both durable and strong. Even the sides of a passenger elevator car are made from steel sheets and are trimmed on the inside with decorative paneling. The flooring of an elevator car may be tiled or carpeted. There are several controls in an elevator, including alarm buttons and an emergency telephone. These functions are usually contained behind panels in the front of the car, next to the doors. There are several safety standards that are required to be met by elevator manufacturers.
In terms of value, new installation segment is estimated to be the fastest-growing segment in the elevators and escalators market.
The new installation is estimated to be the fastest-growing segment in the elevators and escalators market. The increasing number of high rises are an indicator of the economic growth of a country. These high-rise buildings include offices, malls, residential apartments, and hotels. In the absence of elevators & escalators, moving about in these buildings to reach the desired destinations would be feasible. Whenever a new building comes up, there is a need for new elevators. They help in the mobility of people and goods across the building. Owing to a rise in the number of these new buildings, the demand for elevators & escalators is being influenced directly. There are various types of elevators, such as passenger, freight, hospital, and observation elevators.
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The APAC region is projected to be the fastest-growing region in the elevators and escalators market during the forecast period.
The APAC region is projected to be the fastest-growing region in the elevators and escalators market in terms of both value and volume from 2021 to 2026. This region is witnessing the highest growth rate due to the rapid economic expansion. Increased construction spending, improved living standards, and rapid urbanization are the key drivers in the region. Asia Pacific countries are taking aggressive initiatives to upgrade commercial and institutional buildings. Many countries in the region took steps to implement low-carbon and IoT-based smart cities in recent years, thereby offering opportunities for the growth of the elevators & escalators market.
Schindler Group (Switzerland), Otis Elevator (US), Thyssenkrupp AG (Germany), KONE Corporation (Finland), and Hitachi Ltd. (Japan), amongst others, are the key players operating in the elevators and escalators market.
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