Market Size of Elevator and Escalator Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Elevator and Escalator Market Analysis
The elevator and escalator market is estimated at USD 85.23 billion in 2023 and is expected to reach USD 110.55 billion by 2028, registering a CAGR of 5.5% during the forecast period (2023-2028).
- Over the long term, factors such as massive investments in large infrastructure projects such as airports, residential communities, skyscrapers, and other superstructures are expected to drive the market during the forecast period.
- On the other hand, the lack of a proficient workforce for post-sales maintenance will likely impede the market's growth during the forecast period.
- Nevertheless, technological advancements in reducing energy consumption and emissions in elevator and escalator technology are expected to create lucrative growth opportunities for the market during the forecast period.
- Asia-Pacific is the fastest-growing market during the forecast period due to the increasing investments in residential, commercial, and public infrastructure projects, coupled with supportive government policies across the region.
Elevator and Escalator Industry Segmentation
An elevator is a vertical transportation device that carries people or goods between different floors or levels in a building. It operates through an electric motor and a system of pulleys or hydraulic pistons, providing convenient and efficient access to various levels within a structure.
An escalator is a moving staircase designed to transport people between different building levels effortlessly. It consists of a continuous loop of steps that continuously move in a diagonal or vertical direction, allowing users to ascend or descend without needing to climb stairs manually.
The elevator and escalator market is segmented into type, service, end-user, and geography. The market is segmented by type into elevators, escalators, and moving walkways. The market is segmented by service into new installation, maintenance and repair, and modernization. By end-user, the market is segmented into residential, commercial, and large-scale. The report also covers the market size and forecasts across major regions. The market sizing and forecasts for each segment are based on revenue in terms of USD billion.
Elevator and Escalator Market Size Summary
The elevator and escalator market is poised for significant growth, driven by substantial investments in large-scale infrastructure projects such as airports, residential communities, and skyscrapers. These developments are essential to accommodate the demands of urbanization and the increasing need for efficient vertical transportation solutions. The market is expected to expand steadily, with technological advancements in energy efficiency and emissions reduction offering promising opportunities. However, challenges such as a shortage of skilled workforce for post-sales maintenance could hinder growth. The Asia-Pacific region is anticipated to be the fastest-growing market, fueled by robust investments in infrastructure and supportive government policies.
Globally, the demand for elevators and escalators is being propelled by rising investments in infrastructure to support growing populations and urbanization trends. As cities expand vertically, the need for efficient mobility solutions becomes critical. Governments are prioritizing the development of public infrastructure, including transportation hubs and commercial complexes, to facilitate economic growth. The push for sustainable infrastructure, driven by concerns over greenhouse emissions, is also expected to boost market demand. The Asia-Pacific region, particularly China and India, is experiencing rapid urbanization and significant infrastructural investments, further driving the market's expansion. Major players in the market, such as Schindler Group, Otis Worldwide Corporation, and ThyssenKrupp AG, are actively involved in large-scale projects, underscoring the market's consolidated nature and the ongoing demand for advanced elevator and escalator systems.
Elevator and Escalator Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Rising Investments in Public Infrastructure Projects
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1.5.1.2 Growing Demand for Environmental Friendly Products to Increase the Adoption of Green Labeled Products
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1.5.2 Restraints
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1.5.2.1 Lack of a Proficient Workforce for Post-Sales Maintenance
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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Elevator and Escalator Market Size FAQs
What is the current Elevator and Escalator Market size?
The Elevator and Escalator Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Elevator and Escalator Market?
Schindler Group, Otis Worldwide Corporation, ThyssenKrupp AG, Kone Oyj and Hitachi Limited are the major companies operating in the Elevator and Escalator Market.
