Press Release

Elevator & Escalator Market to Surpass $ 100 Billion Milestone by 2023

Growing investments in construction and infrastructure projects, increasing number of high-rise buildings and rising consumer focus on modernization to fuel global elevator & escalator market through 2023

According to TechSci Research report, Global Elevator & Escalator Market By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, By Region, Competition Forecast & Opportunities, 2013 - 2023’’, the global elevator & escalator market is projected to cross $ 100 billion by 2023, on account of growing demand for high speed and machine room less elevators. Strengthening after sales service, proactive maintenance & 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. Moreover, growing competition with increasing number of partnerships and mergers & acquisitions is likely to fuel global elevator & escalator market, which is led by companies such as United Technologies Corporation, Schindler Holding Ltd. and KONE Corporation.  

Browse 94 market data Tables and 318 Figures spread through 359 Pages and an in-depth TOC on "Global Elevator & Escalator Market"


Global elevator & escalator market is dominated by elevators, as they are majorly used in the residential sector. In terms of service, maintenance and repair service segment accounts for the largest market share, owing to large installed base of elevators & escalators across the world. Asia-Pacific dominated the market in 2017 and is expected to maintain its market dominance during the forecast period, backed by the presence of major economies such as China, Japan, India and South Korea. Traction is the widely used elevator technology, globally, owing to its better safety features, low maintenance cost and energy efficiency when compared with other technologies.

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“According to the European Lift Association, in 2015, there were around 6 million installed lifts in Europe and this number is expected to reach around 7.5 million by 2025, owing to growing construction activities, rising urbanization, technological advancements such as energy-saving regenerative drives, and strengthening after sales service. Such market developments are expected to positively influence the elevator & escalator market, globally, during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Elevator & Escalator Market By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, By Region, Competition Forecast & Opportunities, 2013 - 2023” has evaluated the future growth potential of global elevator & escalator market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global elevator & escalator market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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