Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 37.17 Billion 

CAGR (2023-2028)

10.10%

Fastest Growing Segment

Commercial

Largest Market

North America


Market Overview

Global Elevator & Escalator Maintenance and Repair Services Market was valued at USD 37.17 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 10.10% through 2028.

Elevator & Escalator Maintenance and Repair Services refer to a specialized sector within the building services industry focused on ensuring the safe, efficient, and reliable operation of elevators and escalators in various buildings. These services encompass a range of activities aimed at maintaining, repairing, and optimizing vertical transportation systems. Maintenance involves routine inspections, lubrication, cleaning, and adjustments to prevent equipment wear and ensure compliance with safety and performance standards. Repair services address issues such as malfunctions, component failures, and safety hazards, aiming to restore elevators and escalators to full operational capacity.  These services are critical to passenger safety and building functionality, especially in high-rise buildings and structures with heavy foot traffic. Additionally, with technological advancements, services have evolved to include predictive maintenance using data analytics and remote monitoring, enhancing system efficiency and reliability. Elevator & Escalator Maintenance and Repair Services play a pivotal role in keeping vertical transportation systems running smoothly and safely in diverse building environments.

Key Market Drivers

Regulatory Compliance and Safety Standards:

One of the primary drivers of the Elevator & Escalator Maintenance and Repair Services Market is the stringent regulatory framework and safety standards governing vertical transportation systems. Elevators and escalators are crucial components of buildings worldwide, serving as essential modes of transportation, particularly in high-rise structures. To ensure the safety of passengers and the smooth operation of these systems, governments and regulatory bodies have established strict codes and standards that must be met by building owners and operators. These regulations encompass various aspects, including design specifications, routine inspections, maintenance requirements, and safety features. Elevator and escalator systems must adhere to these standards to obtain operating permits and remain in compliance with the law. This rigorous regulatory environment creates a constant demand for maintenance and repair services. Here's how:

Safety Compliance: Regular maintenance is vital to ensuring that elevators and escalators comply with safety regulations. Maintenance providers conduct thorough inspections and tests to identify and rectify potential safety issues, such as malfunctioning brakes, worn-out cables, or faulty sensors.

Code Updates: Regulatory codes are updated periodically to reflect technological advancements and enhance safety. Maintenance providers must stay updated with these changes and upgrade systems accordingly to ensure compliance.

Emergency Response: In case of emergencies or malfunctions, maintenance and repair teams play a crucial role in swiftly restoring operations. Their expertise in troubleshooting and rapid response is paramount in ensuring passenger safety.

Liability Mitigation: Building owners and operators can face significant liability if accidents or injuries occur due to non-compliance with safety regulations. To mitigate this risk, they invest in regular maintenance services to maintain the highest safety standards.

As safety standards continue to evolve and become more stringent, the demand for maintenance and repair services remains steady. Service providers must invest in training and technology to meet these stringent requirements, creating a thriving market driven by the paramount importance of safety in vertical transportation.

Technological Advancements and Smart Elevator Systems

The rapid evolution of technology and the emergence of smart elevator systems are significant drivers of the Elevator & Escalator Maintenance and Repair Services Market. Elevators and escalators have transitioned from basic mechanical systems to sophisticated, intelligent, and interconnected systems often referred to as "smart elevators."

Smart elevator systems incorporate advanced technologies such as IoT (Internet of Things) sensors, real-time data analytics, machine learning algorithms, and advanced control systems. They offer a range of benefits, including energy efficiency, predictive maintenance, enhanced security, and improved passenger experience. However, these advanced systems require specialized knowledge and expertise to maintain and repair effectively.

Here's how technological advancements drive the maintenance and repair services market:

Maintenance Predictability: Smart elevators can predict maintenance needs based on real-time data. Maintenance providers use this data to perform proactive maintenance, reducing downtime and extending the equipment's lifespan.

Remote Monitoring: IoT-enabled sensors allow for remote monitoring of elevator and escalator systems. Maintenance teams can detect issues remotely, diagnose problems, and dispatch technicians more efficiently.

Energy Efficiency: Building owners are increasingly focused on energy conservation. Modernization services offered by maintenance companies can retrofit older systems with energy-efficient components and controls, aligning them with sustainability goals.

Enhanced Security: Smart elevators often include advanced security features. Maintenance providers ensure that these security systems are operational and up to date, addressing cybersecurity concerns.

Improved Passenger Experience: High-tech elevators provide passengers with features like destination control, touchscreen interfaces, and personalized experiences. Ensuring these features work optimally enhances user satisfaction.

These technological advancements not only make elevators and escalators more efficient and secure but also create a need for specialized maintenance and repair services. Maintenance providers must stay updated on the latest technologies and invest in training their technicians to handle these advanced systems effectively.

 Urbanization and High-Rise Building Construction

Urbanization and the construction of high-rise buildings are fundamental drivers of the Elevator & Escalator Maintenance and Repair Services Market. As the global population continues to migrate from rural to urban areas, cities are experiencing vertical expansion to accommodate growing populations within limited urban footprints. Consequently, high-rise buildings, which rely heavily on elevators and escalators, have become increasingly prevalent.

Here's how urbanization and high-rise construction drive the demand for maintenance and repair services:

High-Rise Demand: High-rise buildings, including residential, commercial, and mixed-use structures, require efficient vertical transportation systems. These systems need regular maintenance to ensure safety, reliability, and performance, creating a consistent demand for maintenance services.

Aging Infrastructure: As urbanization has been a continuous process for several decades, many existing elevators and escalators in urban centers are aging. These aging systems require frequent maintenance and repairs to remain operational, safe, and compliant with modern safety and efficiency standards.

Retrofitting and Modernization: In densely populated urban areas, efficient vertical transportation is not only a convenience but also a necessity to optimize space. Older buildings often need retrofitting or modernization of their elevator and escalator systems. Maintenance providers offer services to upgrade and modernize these systems, making them more energy-efficient and compliant with current safety regulations.

Space Optimization: Well-maintained elevators and escalators allow buildings to maximize usable floor space, thus increasing their overall value. Building owners and managers invest in maintenance and repair services to ensure the efficient use of space.

In summary, urbanization and high-rise construction contribute significantly to the demand for elevator and escalator maintenance and repair services. As cities continue to grow vertically, the market for these services remains robust, with a continuous need for reliable and safe vertical transportation systems in urban environments.

Aging Infrastructure and Retrofitting Needs:

Aging infrastructure, particularly in developed countries, presents a significant driver for the Elevator & Escalator Maintenance and Repair Services Market. Elevators and escalators have a finite lifespan, and older systems require more frequent maintenance and repairs to remain operational, safe, and efficient.Here's how aging infrastructure and retrofitting needs contribute to the demand for maintenance and repair services:

Aging Elevator and Escalator Systems: Many developed countries have a substantial number of buildings with older elevator and escalator systems that are reaching the end of their expected lifespan. These systems are more prone to breakdowns, malfunctions, and safety concerns, necessitating frequent maintenance and repairs.

Regulatory Updates: Regulatory codes and safety standards evolve over time, often becoming more stringent. Aging systems may not meet current safety or energy efficiency requirements, prompting building owners to invest in upgrades and retrofits, a significant source of business for maintenance providers.

Energy Efficiency Concerns: Modernization services offered by maintenance companies can retrofit older systems with energy-efficient components and controls. This aligns them with sustainability goals and reduces energy consumption, a critical concern for building owners and managers.

Safety Upgrades: Older systems may lack advanced safety features found in newer systems. Maintenance providers offer retrofitting solutions to enhance safety, such as adding emergency communication systems, sensors, and modern control panels.

Increased Reliability: To extend the lifespan of aging systems and prevent costly breakdowns, regular maintenance becomes even more critical. Maintenance providers conduct preventive maintenance to identify and address potential issues before they lead to system failures.

As older elevator and escalator systems are a common feature in established urban areas, the demand for maintenance and repair services remains steady. These services are essential.

Government Policies are Likely to Propel the Market

Safety and Inspection Regulations:

Government policies play a pivotal role in ensuring the safety of elevator and escalator systems. Regulatory agencies often establish strict safety and inspection standards to guarantee the wellbeing of passengers and technicians. These policies dictate the frequency and rigor of inspections, the qualifications of maintenance personnel, and the procedures for addressing safety violations. In many countries, government agencies mandate regular inspections and certifications for elevators and escalators. Technicians and service providers must adhere to these regulations to ensure that equipment is maintained and repaired according to prescribed safety standards. Non-compliance can result in penalties, suspension of operations, or even criminal charges. These policies not only protect the public but also create a continuous demand for maintenance and repair services to maintain safety compliance.

Energy Efficiency Standards:

Governments around the world are increasingly focusing on energy conservation and environmental sustainability. In this context, energy efficiency policies are enacted to promote the use of energy-efficient technologies and practices in various industries, including the elevator and escalator sector. Elevator and escalator systems are energy-intensive, and inefficient systems can contribute significantly to a building's energy consumption. Governments may implement policies that set energy efficiency standards for these systems, encouraging building owners to invest in modernization and retrofitting projects. Maintenance and repair service providers play a crucial role in helping building owners comply with these standards by upgrading equipment and ensuring optimal performance to reduce energy consumption.

Accessibility Regulations:

Accessibility policies ensure that vertical transportation systems are inclusive and usable by all individuals, including those with disabilities. Governments enact regulations that mandate the installation of features such as braille buttons, audible signals, and handrails that cater to people with mobility impairments or sensory challenges. Maintenance and repair service providers must adhere to these accessibility regulations, ensuring that elevators and escalators are equipped with the necessary features and that they remain operational. Failure to meet accessibility requirements can result in legal consequences and negatively impact a building's reputation.

Building Codes and Compliance:

Building codes are a cornerstone of urban development, and they often include provisions related to elevator and escalator installation, maintenance, and repair. Government policies mandate adherence to these codes to ensure that these systems are installed and operated safely and effectively. Service providers need to be knowledgeable about building codes and compliance requirements to ensure that elevators and escalators meet the stipulated standards. Governments regularly update these codes to align with technological advancements and safety standards. Maintenance and repair providers play a crucial role in keeping systems compliant by staying updated on these changes and implementing necessary modifications.

Licensing and Certification Requirements:

Governments may require maintenance and repair technicians to hold specific licenses or certifications to perform work on elevator and escalator systems. These licenses demonstrate the technicians' competency and understanding of safety procedures. Government policies set the criteria for obtaining and renewing these licenses, which may include passing examinations, completing training programs, and meeting experience requirements. Compliance with these policies is essential for technicians and service providers to offer their services legally. Additionally, these policies contribute to raising the overall standard of service quality and safety within the industry.

In conclusion, government policies significantly influence the Elevator & Escalator Maintenance and Repair Services Market. From safety and accessibility regulations to energy efficiency standards and licensing requirements, these policies shape the operating landscape of the industry and directly impact the demand for maintenance and repair services.

 

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Key Market Challenges

Aging Infrastructure and Technological Obsolescence:

One of the most pressing challenges in the Elevator & Escalator Maintenance and Repair Services Market is the prevalence of aging infrastructure and technological obsolescence. Many elevators and escalators in buildings across the world are decades old, and some even date back to the mid-20th century. While these systems were once cutting-edge technology, they now face several critical issues:

Maintenance Complexity: Older systems are often more complex to maintain due to the unavailability of replacement parts and outdated technology. Technicians may struggle to find compatible components, leading to longer downtimes during repairs.

Safety Concerns: Older systems may not meet the latest safety standards, putting passengers at risk. Ensuring that these systems are safe requires extensive upgrades, which can be costly and time-consuming.

Energy Inefficiency: Older elevators and escalators are generally less energy-efficient compared to modern counterparts. Building owners face increasing pressure to reduce energy consumption and greenhouse gas emissions, necessitating system retrofits or replacements.

Lack of Modern Features: Older systems lack the advanced features found in modern elevators and escalators, such as energy-efficient controls, destination dispatch systems, and smart connectivity. This limits their appeal to building owners and occupants.

Cost of Upgrades: Retrofitting older systems to meet current safety and efficiency standards can be expensive. Building owners often face substantial upfront costs, which may deter them from investing in necessary upgrades.

Skill Shortage: Technicians skilled in repairing and maintaining older systems are becoming increasingly rare. As the industry shifts toward newer technologies, the pool of experienced technicians who can work on older equipment dwindles.

Addressing these challenges requires a delicate balance between maintaining the functionality of aging systems, enhancing safety, and meeting modern efficiency standards. It also necessitates investment in technician training and efforts to make replacement parts more accessible for older equipment.

Regulatory Complexity and Compliance:

The Elevator & Escalator Maintenance and Repair Services Market is heavily regulated, which poses a unique set of challenges. These regulations, while essential for safety and performance standards, can create complexity for service providers and building owners:

Multifaceted Regulations: Elevators and escalators are subject to various regulations at the international, national, and local levels. Complying with these multifaceted regulations can be challenging, particularly for service providers operating in multiple jurisdictions.

Evolving Standards: Regulatory standards for elevators and escalators are continuously evolving to address emerging safety concerns and technological advancements. Service providers must stay updated and adapt their practices accordingly.

Interpretation Variability: Different regulatory authorities may interpret standards differently, leading to varying compliance requirements. This can result in confusion and inconsistency in service delivery.

Enforcement and Penalties: Non-compliance with regulatory standards can lead to significant penalties and legal consequences for both service providers and building owners. This pressure to maintain compliance adds financial and operational stress.

Aging Infrastructure: Regulations are often more stringent for new installations compared to existing systems. Service providers may face the challenge of retrofitting older systems to meet updated standards.

Accessibility Requirements: Many regulations focus on accessibility, requiring elevators and escalators to accommodate individuals with disabilities. Retrofitting older systems to meet these accessibility requirements can be complex and costly.

Navigating this regulatory landscape is a persistent challenge for the industry. Service providers must invest in ongoing training, maintain detailed records of compliance efforts, and stay vigilant to avoid costly violations. Building owners, on the other hand, must balance the cost of upgrades with the need to meet evolving standards and ensure passenger safety. Effective communication and collaboration with regulatory authorities are key to addressing these challenges.

Segmental Insights

 Traction Insights

The traction segment had the largest market share in 2022 and is expected to register a significant CAGR during the forecast period. Traction technology is a crucial component in modern elevator and escalator systems. It refers to the method of using ropes or belts, often made of steel, to move the elevator car or escalator steps up and down. Traction systems are widely used in high-rise buildings, ensuring efficient vertical transportation. Geared traction systems use a gearbox and a motor with a set of gears to move the elevator car or escalator steps. These systems are commonly found in mid-rise buildings and are known for their durability and reliability. Gearless traction systems use a motor directly attached to the sheave (pulley) that moves the ropes. These systems are highly efficient and are typically used in high-rise buildings, where smooth and precise control of movement is essential.

Role in Maintenance and Repair Services:

Traction systems are critical components of elevators and escalators, and their proper functioning is essential for safe and efficient operation. Maintenance and repair services for traction systems include:

Regular inspections to check for wear and tear of ropes, belts, and sheaves.

Lubrication of moving parts to reduce friction and prevent premature wear.

Replacement of worn or damaged components to ensure safety and reliability.

Monitoring motor performance and control systems to detect and address issues promptly.

Compliance with safety regulations and standards to ensure passenger safety.

Trends and Developments:

Regenerative Drives: Traction technology has seen advancements in regenerative drives, which can capture and reuse energy generated during the descent of an elevator car or escalator steps. This technology helps improve energy efficiency and reduce operating costs.

IoT Integration: IoT (Internet of Things) sensors and connectivity are increasingly integrated into traction systems. These sensors monitor the condition of ropes, belts, and other components in real-time, allowing for predictive maintenance and reducing downtime.

Remote Monitoring: Traction systems can be remotely monitored by maintenance providers. This enables them to detect and diagnose issues without being on-site, improving response times and reducing service disruptions.

Commercial Insights

The Commercial segment had the largest market share in 2022 and is expected to register a significant CAGR during the forecast period. The commercial end-user segment is a significant driver of the Elevator & Escalator Maintenance and Repair Services Market. Commercial buildings are characterized by high foot traffic, and their elevators and escalators are subjected to heavy use. As such, they require regular maintenance to ensure safe and efficient operation. Urbanization trends have led to the construction of more commercial high-rise buildings in urban centers. These buildings heavily rely on elevators and escalators, driving demand for maintenance services. As cities grow vertically, the need for efficient vertical transportation systems in commercial spaces continues to rise. Many commercial buildings, particularly historical ones, feature older elevator and escalator systems. These systems require specialized maintenance and repair to meet modern safety and efficiency standards, creating a consistent demand for services. Energy Efficiency: Building owners and managers in the commercial sector are increasingly focused on energy efficiency to reduce operational costs and environmental impact. Maintenance providers play a critical role in retrofitting systems with energy-efficient components and controls. Predictive maintenance using IoT sensors and data analytics is gaining traction in the commercial sector. This approach helps identify maintenance needs before they result in system failures, reducing downtime.

Commercial building owners are increasingly adopting digital solutions for managing and monitoring elevator and escalator systems. These solutions provide real-time data on performance, enabling proactive maintenance and reducing service disruptions.  Sustainability initiatives are driving the adoption of energy-efficient elevators and escalators in commercial buildings. Maintenance providers are involved in retrofitting projects to make existing systems more environmentally friendly.

 

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Regional Insights

North America is the largest market for elevator & escalator maintenance and repair services. The market is driven by the increasing demand for elevators and escalators in commercial and residential buildings. The region is also home to some of the leading elevator & escalator manufacturers and service providers.

Europe is the second largest market for elevator & escalator maintenance and repair services. The market is driven by the aging population and the increasing focus on safety and reliability. The region is also home to some of the leading elevator & escalator manufacturers and service providers.

Asia Pacific is the fastest-growing market for elevator & escalator maintenance and repair services. The market is driven by the rapid urbanization and industrialization in the region. The region is also home to some of the leading elevator & escalator manufacturers and service providers.

Recent Developments

  • In February 2023, Kone Corporation announced an investment of USD 107 million to expand its maintenance and repair operations in China. The investment will be used to open new service centers and hire more technicians.
  • In March 2023, Otis Elevator Company announced an investment of USD 100 million to expand its maintenance and repair operations in India. The investment will be used to open new service centers and hire more technicians.
  • In April 2023, Schindler Group announced an investment of USD 52 million to expand its maintenance and repair operations in the Middle East. The investment will be used to open new service centers and hire more technicians.
  • In May 2023, ThyssenKrupp Elevator announced an investment of USD 52 million to expand its maintenance and repair operations in Europe. The investment will be used to open new service centers and hire more technicians.
  • In June 2023, Fujitec announced an investment of USD 87 million to expand its maintenance and repair operations in Asia. The investment will be used to open new service centers and hire more technicians.
  • On 15th July 2022, the Crown Prince of Ajman in the Northern Emirate announced an investment of USD 27.8 million in several infrastructure development projects. He aimed to revamp the nation’s economy by placing a focus on the construction and architectural sectors. 
  • In October 2022, the Department of Municipalities and Transport (DMT) in Abu Dhabi approved the creation of Eighteen new projects. These initiatives added 5,037 new housing units around the Abu Dhabi emirate, including Saadiyat Island, Yas Island, Al Reem Island, Madinat Zayed, and many other neighbourhoods.

Key Market Players

  • Otis Elevator Company
  • Schindler Group
  • Kone Corporation
  • ThyssenKrupp Elevator
  • Fujitec
  • Mitsubishi Electric Corporation
  • Hitachi
  • Canny Elevator Company Limited
  • Orona Group
  • KLEEMANN GmbH

By Type

By End User 

By Region

  • Elevator
  • Escalator
  • Moving Walkways
  • Residential
  • Commercial
  • Institutional
  • Infrastructural
  • Others
  • North America
  • South America
  • Asia Pacific
  • Middle East & Africa
  • Europe

 

Report Scope:

In this report, the Global Elevator & Escalator Maintenance and Repair Services Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Elevator & Escalator Maintenance and Repair Services Market, By Type:

o   Elevator

o   Escalator

o   Moving Walkways

  • Elevator & Escalator Maintenance and Repair Services Market, By End User Industry:

o   Residential

o   Commercial

o   Institutional

o   Infrastructural

o   Others

  • Elevator & Escalator Maintenance and Repair Services Market, By Region:

o   North America

o   Europe

o   South America

o   Middle East & Africa

o   Asia Pacific

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Elevator & Escalator Maintenance and Repair Services market.

Available Customizations:

Tech Sci 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).

Global Elevator & Escalator Maintenance and Repair Services market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.    Baseline Methodology

2.2.    Key Industry Partners

2.3.    Major Association and Secondary Sources

2.4.    Forecasting Methodology

2.5.    Data Triangulation & Validation

2.6.    Assumptions and Limitations

3.    Executive Summary

4.    Impact of COVID-19 on Global Elevator & Escalator Maintenance and Repair Services Market

5.    Voice of Customer

6.    Global Elevator & Escalator Maintenance and Repair Services Market Overview

7.    Global Elevator & Escalator Maintenance and Repair Services Market Outlook

7.1.    Market Size & Forecast

7.1.1.  By Value

7.2.    Market Share & Forecast

7.2.1.  By Type (Elevator, Escalator, and Moving Walkways)

7.2.1.1.        By Elevator Technology (Hydraulic and Traction)

7.2.1.2.        By Elevator Door Type (Automatic and Manual)

7.2.2.  By End User (Residential, Commercial, Institutional, Infrastructural, and Others),

7.2.3.  By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.    By Company (2022)

7.4.    Market Map

8.    North America Elevator & Escalator Maintenance and Repair Services Market Outlook

8.1.    Market Size & Forecast

8.1.1.  By Value

8.2.    Market Share & Forecast

8.2.1.  By Type

8.2.1.1.        By Elevator Technology

8.2.1.2.        By Elevator Door Type

8.2.2.  By End User

8.2.3.  By Country

8.2.3.1.        United States Elevator & Escalator Maintenance and Repair Services Market Outlook

8.2.3.1.1.        Market Size & Forecast

8.2.3.1.1.1.    By Value

8.2.3.1.2.        Market Share & Forecast

8.2.3.1.2.1.    By Type

8.2.3.1.2.1.1.    By Elevator Technology

8.2.3.1.2.1.2.    By Elevator Door Type

8.2.3.1.2.2.    By End User

8.2.3.2.        Canada Elevator & Escalator Maintenance and Repair Services Market Outlook

8.2.3.2.1.        Market Size & Forecast

8.2.3.2.1.1.    By Value

8.2.3.2.2.        Market Share & Forecast

8.2.3.2.2.1.    By Type

8.2.3.2.2.1.1.    By Elevator Technology

8.2.3.2.2.1.2.    By Elevator Door Type

8.2.3.2.2.2.    By End User

8.2.3.3.        Mexico Elevator & Escalator Maintenance and Repair Services Market Outlook

8.2.3.3.1.        Market Size & Forecast

8.2.3.3.1.1.    By Value

8.2.3.3.2.        Market Share & Forecast

8.2.3.3.2.1.    By Type

8.2.3.3.2.1.1.    By Elevator Technology

8.2.3.3.2.1.2.    By Elevator Door Type

8.2.3.3.2.2.    By End User

9.    Europe Elevator & Escalator Maintenance and Repair Services Market Outlook

9.1.    Market Size & Forecast

9.1.1.  By Value

9.2.    Market Share & Forecast

9.2.1.  By Type

9.2.1.1.        By Elevator Technology

9.2.1.2.        By Elevator Door Type

9.2.2.  By End User

9.2.3.  By Country

9.2.3.1.        Germany Elevator & Escalator Maintenance and Repair Services Market Outlook

9.2.3.1.1.        Market Size & Forecast

9.2.3.1.1.1.    By Value

9.2.3.1.2.        Market Share & Forecast

9.2.3.1.2.1.    By Type

9.2.3.1.2.1.1.    By Elevator Technology

9.2.3.1.2.1.2.    By Elevator Door Type

9.2.3.1.2.2.    By End User

9.2.3.2.        France Elevator & Escalator Maintenance and Repair Services Market Outlook

9.2.3.2.1.        Market Size & Forecast

9.2.3.2.1.1.    By Value

9.2.3.2.2.        Market Share & Forecast

9.2.3.2.2.1.    By Type

9.2.3.2.2.1.1.    By Elevator Technology

9.2.3.2.2.1.2.    By Elevator Door Type

9.2.3.2.2.2.    By End User

9.2.3.3.        United Kingdom Elevator & Escalator Maintenance and Repair Services Market Outlook

9.2.3.3.1.        Market Size & Forecast

9.2.3.3.1.1.    By Value

9.2.3.3.2.        Market Share & Forecast

9.2.3.3.2.1.    By Type

9.2.3.3.2.1.1.    By Elevator Technology

9.2.3.3.2.1.2.    By Elevator Door Type

9.2.3.3.2.2.    By End User

9.2.3.4.        Italy Elevator & Escalator Maintenance and Repair Services Market Outlook

9.2.3.4.1.        Market Size & Forecast

9.2.3.4.1.1.    By Value

9.2.3.4.2.        Market Share & Forecast

9.2.3.4.2.1.    By Type

9.2.3.4.2.1.1.    By Elevator Technology

9.2.3.4.2.1.2.    By Elevator Door Type

9.2.3.4.2.2.    By End User

9.2.3.5.        Spain Elevator & Escalator Maintenance and Repair Services Market Outlook

9.2.3.5.1.        Market Size & Forecast

9.2.3.5.1.1.    By Value

9.2.3.5.2.        Market Share & Forecast

9.2.3.5.2.1.    By Type

9.2.3.5.2.1.1.    By Elevator Technology

9.2.3.5.2.1.2.    By Elevator Door Type

9.2.3.5.2.2.    By End User

10. South America Elevator & Escalator Maintenance and Repair Services Market Outlook

10.1. Market Size & Forecast

10.1.1.    By Value

10.2. Market Share & Forecast

10.2.1.    By Type

10.2.1.1.     By Elevator Technology

10.2.1.2.     By Elevator Door Type

10.2.2.    By End User

10.2.3.    By Country

10.2.3.1.     Brazil Elevator & Escalator Maintenance and Repair Services Market Outlook

10.2.3.1.1.   Market Size & Forecast

10.2.3.1.1.1. By Value

10.2.3.1.2.   Market Share & Forecast

10.2.3.1.2.1. By Type

10.2.3.1.2.1.1. By Elevator Technology

10.2.3.1.2.1.2. By Elevator Door Type

10.2.3.1.2.2. By End User

10.2.3.2.     Colombia Elevator & Escalator Maintenance and Repair Services Market Outlook

10.2.3.2.1.   Market Size & Forecast

10.2.3.2.1.1. By Value

10.2.3.2.2.   Market Share & Forecast

10.2.3.2.2.1. By Type

10.2.3.2.2.1.1. By Elevator Technology

10.2.3.2.2.1.2. By Elevator Door Type

10.2.3.2.2.2. By End User

10.2.3.3.     Argentina Elevator & Escalator Maintenance and Repair Services Market Outlook

10.2.3.3.1.   Market Size & Forecast

10.2.3.3.1.1. By Value

10.2.3.3.2.   Market Share & Forecast

10.2.3.3.2.1. By Type

10.2.3.3.2.1.1. By Elevator Technology

10.2.3.3.2.1.2. By Elevator Door Type

10.2.3.3.2.2. By End User

11. Middle East & Africa Elevator & Escalator Maintenance and Repair Services Market Outlook

11.1. Market Size & Forecast

11.1.1.    By Value

11.2. Market Share & Forecast

11.2.1.    By Type

11.2.1.1.     By Elevator Technology

11.2.1.2.     By Elevator Door Type

11.2.2.    By End User

11.2.3.    By Country

11.2.3.1.     Saudi Arabia Elevator & Escalator Maintenance and Repair Services Market Outlook

11.2.3.1.1.   Market Size & Forecast

11.2.3.1.1.1. By Value

11.2.3.1.2.   Market Share & Forecast

11.2.3.1.2.1. By Type

11.2.3.1.2.1.1. By Elevator Technology

11.2.3.1.2.1.2. By Elevator Door Type

11.2.3.1.2.2. By End User

11.2.3.2.     UAE Elevator & Escalator Maintenance and Repair Services Market Outlook

11.2.3.2.1.   Market Size & Forecast

11.2.3.2.1.1. By Value

11.2.3.2.2.   Market Share & Forecast

11.2.3.2.2.1. By Type

11.2.3.2.2.1.1. By Elevator Technology

11.2.3.2.2.1.2. By Elevator Door Type

11.2.3.2.2.2. By End User

11.2.3.3.     South Africa Elevator & Escalator Maintenance and Repair Services Market Outlook

11.2.3.3.1.   Market Size & Forecast

11.2.3.3.1.1. By Value

11.2.3.3.2.  Market Share & Forecast

11.2.3.3.2.1. By Type

11.2.3.3.2.1.1. By Elevator Technology

11.2.3.3.2.1.2. By Elevator Door Type

11.2.3.3.2.2. By End User

12. Asia Pacific Elevator & Escalator Maintenance and Repair Services Market Outlook

12.1. Market Size & Forecast

12.1.1.    By Value

12.2. Market Share & Forecast

12.2.1.    By Type

12.2.1.1.     By Elevator Technology

12.2.1.2.     By Elevator Door Type

12.2.2.    By End User

12.2.3.    By Country

12.2.3.1.     China Elevator & Escalator Maintenance and Repair Services Market Outlook

12.2.3.1.1.   Market Size & Forecast

12.2.3.1.1.1.             By Value

12.2.3.1.2.   Market Share & Forecast

12.2.3.1.2.1. By Type

12.2.3.1.2.1.1. By Elevator Technology

12.2.3.1.2.1.2. By Elevator Door Type

12.2.3.1.2.2. By End User

12.2.3.2.     India Elevator & Escalator Maintenance and Repair Services Market Outlook

12.2.3.2.1.   Market Size & Forecast

12.2.3.2.1.1.             By Value

12.2.3.2.2.   Market Share & Forecast

12.2.3.2.2.1. By Type

12.2.3.2.2.1.1. By Elevator Technology

12.2.3.2.2.1.2. By Elevator Door Type

12.2.3.2.2.2. By End User

12.2.3.3.     Japan Elevator & Escalator Maintenance and Repair Services Market Outlook

12.2.3.3.1.   Market Size & Forecast

12.2.3.3.1.1.             By Value

12.2.3.3.2.   Market Share & Forecast

12.2.3.3.2.1. By Type

12.2.3.3.2.1.1. By Elevator Technology

12.2.3.3.2.1.2. By Elevator Door Type

12.2.3.3.2.2. By End User

12.2.3.4.     South Korea Elevator & Escalator Maintenance and Repair Services Market Outlook

12.2.3.4.1.   Market Size & Forecast

12.2.3.4.1.1.             By Value

12.2.3.4.2.   Market Share & Forecast

12.2.3.4.2.1. By Type

12.2.3.4.2.1.1. By Elevator Technology

12.2.3.4.2.1.2. By Elevator Door Type

12.2.3.4.2.2. By End User

12.2.3.5.     Australia Elevator & Escalator Maintenance and Repair Services Market Outlook

12.2.3.5.1.   Market Size & Forecast

12.2.3.5.1.1.             By Value

12.2.3.5.2.   Market Share & Forecast

12.2.3.5.2.1. By Type

12.2.3.5.2.1.1. By Elevator Technology

12.2.3.5.2.1.2. By Elevator Door Type

12.2.3.5.2.2. By End User

13. Market Dynamics

13.1.   Drivers

13.2.   Challenges

14. Market Trends and Developments

15. Company Profiles

15.1.   Otis Elevator Company

15.1.1.        Business Overview

15.1.2.        Key Revenue and Financials  

15.1.3.        Recent Developments

15.1.4.        Key Personnel

15.1.5.        Key Product/Services Offered

15.2.   Schindler Group

15.2.1.        Business Overview

15.2.2.        Key Revenue and Financials  

15.2.3.        Recent Developments

15.2.4.        Key Personnel

15.2.5.        Key Product/Services Offered

15.3.   Kone Corporation

15.3.1.        Business Overview

15.3.2.        Key Revenue and Financials  

15.3.3.        Recent Developments

15.3.4.        Key Personnel

15.3.5.        Key Product/Services Offered

15.4.   ThyssenKrupp Elevator

15.4.1.        Key Revenue and Financials  

15.4.2.        Recent Developments

15.4.3.        Key Personnel

15.4.4.        Key Product/Services Offered

15.5.   Fujitec

15.5.1.        Business Overview

15.5.2.        Key Revenue and Financials  

15.5.3.        Recent Developments

15.5.4.        Key Personnel

15.5.5.        Key Product/Services Offered

15.6.   Mitsubishi Electric Corporation

15.6.1.        Business Overview

15.6.2.        Key Revenue and Financials  

15.6.3.        Recent Developments

15.6.4.        Key Personnel

15.6.5.        Key Product/Services Offered

15.7.   Hitachi

15.7.1.        Business Overview

15.7.2.        Key Revenue and Financials  

15.7.3.        Recent Developments

15.7.4.        Key Personnel

15.7.5.        Key Product/Services Offered

15.8.   Canny Elevator Company Limited

15.8.1.        Business Overview

15.8.2.        Key Revenue and Financials  

15.8.3.        Recent Developments

15.8.4.        Key Personnel

15.8.5.        Key Product/Services Offered

15.9.   Orona Group

15.9.1.        Business Overview

15.9.2.        Key Revenue and Financials  

15.9.3.        Recent Developments

15.9.4.        Key Personnel

15.9.5.        Key Product/Services Offered

15.10.KLEEMANN GmbH

15.10.1.     Business Overview

15.10.2.     Key Revenue and Financials  

15.10.3.     Recent Developments

15.10.4.     Key Personnel

15.10.5.     Key Product/Services Offered

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Elevator & Escalator Maintenance and Repair Services Market was USD 37.17 Billion in 2022.

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The traction segment had the largest market share in 2022 and is expected to register a significant CAGR during the forecast period. Traction technology is a crucial component in modern elevator and escalator systems. It refers to the method of using ropes or belts, often made of steel, to move the elevator car or escalator steps up and down. Traction systems are widely used in high-rise buildings, ensuring efficient vertical transportation. Geared traction systems use a gearbox and a motor with a set of gears to move the elevator car or escalator steps. These systems are commonly found in mid-rise buildings and are known for their durability and reliability. Gearless traction systems use a motor directly attached to the sheave (pulley) that moves the ropes.

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The Commercial segment had the largest market share in 2022 and is expected to register a significant CAGR during the forecast period. The commercial end-user segment is a significant driver of the Elevator & Escalator Maintenance and Repair Services Market. Commercial buildings are characterized by high foot traffic, and their elevators and escalators are subjected to heavy use. As such, they require regular maintenance to ensure safe and efficient operation. Urbanization trends have led to the construction of more commercial high-rise buildings in urban centers. These buildings heavily rely on elevators and escalators, driving demand for maintenance services.

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Increasing demand for elevators & escalators in commercial & residential buildings and the increasing focus on safety and reliability are the major drivers of the Global Elevator & Escalator Maintenance and Repair Services Market.

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Srishti Verma

Business Consultant
Press Release

Elevator & Escalator Maintenance and Repair Services Market is expected to grow at a robust CAGR

Nov, 2023

Increasing demand for elevators & escalators in commercial & residential buildings and the increasing focus on safety and reliability are likely to propel the market of Elevator & Escalator Maintenan