Elevator & Escalator Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, By Region

·5 min read

Global elevator & escalator market is projected to grow from USD 85 billion in 2021 to around USD 105 billion by 2027, owing to the rising development of high-rise commercial and residential buildings, increasing capital inflow into the real-estate sector, and growing infrastructure development and construction activities.

New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Elevator & Escalator Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, By Region" - https://www.reportlinker.com/p06290197/?utm_source=GNW
Moreover, improving after sales services, proactive maintenance and modernization of equipment and use of UltraRope elevator technology for high-rise buildings are expected to positively influence the global elevator & escalator market in the coming years.

As the elevator and escalator manufacturers are aiming on building sustainable products and adapting green strategies due to environmental concerns, there has been an increasing demand for green elevators, which is positively impacting the market growth. Moreover, the surge in government initiatives to save energy is expected to result in the growth of energy efficient escalators and elevators market by 2027. However, rise in elevator causalities due to elevator and escalators accidents might hamper the market growth in the coming years.

  •    Increasing infrastructure development

Growing urbanization and increasing focus on infrastructure development in the developing countries is expected to drive the global elevator and escalator market during the forecast period. Some of the major projects in the pipeline include Al Maktoum International Airport in the UAE, Delhi-Mumbai Industrial Corridor in India, London Crossrail Project, Dubai Land in Dubai, and Beijing Airport in China, among others. Al Maktoum International Airport is poised to be the largest airport in the world, allowing it to handle over 120 million passengers with the completion of the first phase due by 2025. Such huge traffic would need to be moved swiftly across the huge facility spread over 21 square miles. Similarly, the government initiatives like affordable housing scheme in India are also propelling demand for elevator and escalators. 

  • Rising number of multi-storey commercial & residential buildings and sky scrappers

Increasing population is accelerating demand for high-rise commercial and residential buildings, which is augmenting installation of elevators and escalators, globally. According to Council on Tall Buildings and Urban Habitat, a total of 26 supertall buildings (300 meters or taller) and 126 buildings of at least 200 meters were completed in 2019. Similar trend is being witnessed across the globe, which is expected to drive the global elevator and escalator market during the forecast period.

  • Growth in real-estate sector

Growth in the real-estate sector is one of the major drivers for the global elevator and escalator market. Huge capital inflows, majorly in the commercial segment, is fueling the real-estate market across the globe. However, the cut-back in overseas acquisitions by Chinese investors impacted the global real-estate sector over the last couple of years. Nevertheless, the global real-estate market is anticipated to continue with its expansion across most of the major developing as well as developed economies, which is expected drive the global elevator and escalator market over the next five years.

In terms of type, the market can be bifurcated into Elevator, Escalator & Moving Walkways. Elevators dominated the market in 2021 and the segment is expected to maintain its market dominance during the forecast period, backed by the wide usage in residential sector. By elevator technology, the market is segmented into Hydraulic, Traction & Machine Room-Less (MRL) Traction. Traction & MRL traction is the widely used elevator technology, globally, owing to its better safety features, low maintenance cost and high energy efficiency compared to other technologies.

Based on service, the market can be segmented into Maintenance & Repair, New Installation and Modernization. Maintenance and Repair service segment accounts for the largest market share, due to the increasing repair, reconstruction, and rehabilitation of existing infrastructure facilities along with strict government safety norms in Europe and North America. Market players are increasingly focusing on long-term maintenance and repair contracts.

Asia-Pacific is the largest contributor with over 40% value share in 2021 in the global elevator and escalator market. China is the largest contributing country in the region, followed by Japan, South Korea and India. Growing urbanization and infrastructure projects in China are contributing to the country’s leading market position. In India, the government initiatives such as National Industrial Corridor Program, Housing for All and Smart City Projects are expected to strengthen the demand for elevators and escalators in the country over the next five years.

Report Scope:

In this report, global elevator & escalator market has been segmented into the following categories in addition to the industry trends which have also been listed below:

  • Elevator & Escalator Market, by Type:

    • Elevator

    • Escalator

    • Moving Walk Ways

  • Elevator & Escalator Market, by Service:

    • Maintenance & Repair

    • New Installation

    • Modernization

  • Elevator & Escalator Market, by Elevator Technology:

    • Traction & Machine Room-Less Traction

    • Hydraulic

  • Elevator & Escalator Market, by End-User:

    • Residential

    • Commercial

    • Institutional

    • Infrastructure

    • Others

  • Elevator & Escalator Market, by Elevator Door Type:

    • Automatic

    • Manual

·         Elevator & Escalator Market, by Region:

  • Asia-Pacific

    • China

    • Japan

    • South Korea

    • India

    • Australia

    • Malaysia

    • Singapore

    • Indonesia

    • Vietnam

  • Europe

    • Germany

    • United Kingdom

    • France

    • Poland

    • Romania

    • Turkey

  • North America

    • United States

    • Canada

    • Mexico

  • South America

    • Brazil

    • Argentina

    • Colombia

  • Middle East & Africa

    • Saudi Arabia

    • South Africa

    • UAE

    • Qatar

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global elevator & escalator market.

Voice of Customer
: Brand Awareness, Brand Satisfaction, Price, Availability, and Annual Maintenance Service, are the major factors affecting decision related to elevators and escalator for various users, globally.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Read the full report: https://www.reportlinker.com/p06290197/?utm_source=GNW

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