Elevator & Escalator Market to Grow With an impressive CAGR of 4.91% till 2027
The
growing construction of high-rise buildings and increasing focus of the
government on building smart cities are expected to fuel the growth of Global
elevator & escalator market over the coming years.
According
to TechSci report on, “Elevator
& Escalator Market - Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2027”, the global elevator &
escalator market stood at USD82473.94 million in 2021 and is expected to grow
at a CAGR of 4.91% in the forecast period. The market growth can be attributed
to a number of factors such as the construction of taller buildings, the
growing trend of a fast-track lifestyle and increasing capital inflow into the
real-estate sector. Moreover, with the growing urbanization, the demand for ease
and comfort facilities like elevators and escalators has transitioned from a
luxury to a necessity. In addition, the growing preference to have updated
aesthetics in residential and commercial buildings is also adding to the growth
of the global elevators & escalators market. Besides this, the governments
of several developing nations are looking forward to transitioning cities into
smart cities, automating the building operations, and accommodating the
increasing urban population. For this, governments are increasingly investing
in infrastructural development, which is likely to provide a boost to the
global market. Furthermore, several key market players are introducing
technologically advanced products to deliver Ultra-high-speed elevators
suitable for skyscrapers. For instance, Hitachi has recently delivered
ultra-high-speed elevators enabling a speed of 1260 m/min to Guangzhou CTF
Finance Center, China. All these above-mentioned factors are anticipated to
bolster the growth of the global elevator & escalator market over the
forecast period.
Browse over 285 market data Figures and 25 Tables spread through 442 Pages and an in-depth TOC on "Global Elevator& Escalator Market"
The
Global Elevator and Escalator Market is divided on the basis of type, service,
end-user, elevator technology, elevator door type, regional distribution, and
competitional landscape. Based on type, the market is further fragmented into
elevator, escalator, and moving walkways. The elevator segment is projected to
grow with an impressive CAGR of 5.02% over the estimated period due to the
rising construction of high-rise residential and corporate buildings.
Based
on service, the market is segmented into new installation, maintenance &
repair, and modernization. Among these, the new installation segment is
expected to dominate the market due to the expansion of high-rise residential
buildings along with the growing commercial sector. Moreover, an increase in
new plans and projects for the construction of skyscrapers is also bolstering
the market growth. In addition, the focus of governments of several developing
nations on building smart cities and rapid progress in infrastructure,
including metro and railway development projects, is expected to propel the
demand for the installation of elevators & escalators.
Segmentation
of the global market on the grounds of the end-user is done into residential,
commercial, institutional, infrastructural, and others. Among these, the residential
is anticipated to dominate the market and held a market share of 52.74% in 2021.
The growing expansion of commercial buildings and office spaces in metropolitan
cities has significantly boosted the installation of elevators and escalators.
Moreover, the rising investments in improving the healthcare infrastructure have
also increased the demand for such products. The increasing number of shopping
complexes, hotels, and restaurants are increasingly installing elevators and
escalators to provide the consumers an ease of commuting within the premise,
which is bolstering the employment of elevators and escalators in the
commercial sector.
In
terms of service, new installation is the leading segment due to the expansion
of high-rise residential buildings combined with a growing commercial segment
and increasing capital arrival into the real-estate sector. Additionally, an
increase in new plans and projects for the construction of skyscrapers is also
boosting the market growth. Additionally, the government's focus on smart
cities and progress in infrastructure, including metro and railway development
projects, is expected to have an optimistic impact on the Global Elevator &
Escalator Market. Moreover, an increasing number of tourists, the increasing
development of green buildings, and increasing infrastructure projects also generate
demand for the installation of elevators & escalators.
Based
on elevator technology, the market is segmented into traction, hydraulic, and
machine room-less traction. Among these, traction technology is the leading
segment, with a market share of 79.35% in 2021. The traction elevators use flat
steel belts rather than traditional steel ropes. Flat steel belts are light in
weight due to their carbon fiber core and high-friction coating, and these flat
belts can work for a prolonged period of time without any oil or lubricant. As
a result, traction elevators are widely used in commercial and residential
buildings.
A
partial list of major market players in the Global Elevator & Escalator Market
includes:
- Otis Worldwide Corporation
- Schindler Group.
- KONE Corporation
- Mitsubishi Electric Corporation
- TK Elevator GmbH
- Hitachi, Ltd.
- Fujitec Co., Ltd.
- Hyundai Elevator Co., Ltd.
- Toshiba Elevator and Building Systems Corporation
- Canny Elevator Co., Ltd.
- Orona S. Coop.
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“The leading manufacturers in the global elevator
and escalator market are making substantial efforts toward achieving
sustainability in their processes, products, and services. The companies are
increasingly working on updating and maintaining their Environment Management
System (EMS), duly certified under ISO 14001. By using suitable and
eco-friendly materials in the manufacturing of elevators and escalators along
with the adoption of industrial automation, the companies commit to minimize
their carbon footprints. In addition, increasing technological advancements and
the growing customer focus on high-end design is driving the demand for smart
elevators. Smart elevators, also known as green or energy-efficient elevators,
are equipped with high-end security features such as Radio-frequency
identification (RFID), biometrics, touch sensors, and a voice-operated command
system. New entrants are advised to launch energy-efficient elevators and
escalators in order to establish their name in the market,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Elevator & Escalator Market – Global
Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented
By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance
& Repair, New Installation and Modernization), By End User Industry (Residential,
Commercial, Institutional, Infrastructural & Others), By Elevator
Technology (Traction, Hydraulic & Machine room-Less traction), By Elevator
Door Type (Automatic and Manual), By Region” has evaluated
the future growth potential of Global Elevator & Escalator Market and
provides statistics & 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 Global Elevator & Escalator Market.
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