The study of the global Elevator & Escalator Market is presented in the report, which is a thoroughly researched presentation of the data. The analysis delves into some of the key facets of the global Elevator & Escalator Market and shows how drivers like pricing, competition, market dynamics, regional growth, gross margin, and consumption will affect the market’s performance. A thorough analysis of the competitive landscape and in-depth company profiles of the top players in the Elevator & Escalator Market are included in the study. It provides a summary of precise market data, including production, revenue, market value, volume, market share, and growth rate.

The best investment markers are insights into the most prominent market trends, which help potential participants make decisions even easier. The research aims to discover the numerous growth chances that readers may take into consideration and take advantage of using all the necessary information. The market growth over the coming years can be predicted with greater accuracy by carefully examining the important growth-influencing aspects including pricing, production, profit margins, and value chain analyses.

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Market Summary:

The global elevator & escalator market size was valued at USD 88.59 billion in 2023. The market is projected to grow from USD 94.05 billion in 2024 to USD 167.62 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period.

The Elevator & Escalator Market has grown significantly due to factors such as increased product demand, an expanding client base, and technological advancements. This report provides a comprehensive overview of the industry, covering market size, trends, key drivers and challenges, competition dynamics, and potential growth opportunities. Recent Industry Developments:

    • Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
    • TK Elevator GmbH launched the new EXO Renew Series of elevators for low-rise and high-rise residential buildings. It is versatile, designed for using 100% green electricity and requires 28% less energy compared to other models.
    • Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd, received an order of 538 elevators for large-scale residential housing projects in Gurgaon, India. These elevators would be manufactured and supplied from a high-rise elevator manufacturing facility based in Chennai, India. This order would be completed by the end of 2025.
    • Schindler signed a partnership with Umm AI Qura, based in Saudi Arabia, to provide 150 elevator orders for installation at Makkah, Saudi Arabia. This order includes 65 Schindler 5000 series elevators, 44 Schindler 7000 series elevators, and five elevators for the platform. These elevators help to improve passenger transportation from restaurants and hotels. 
    • Hitachi Ltd introduced a new touchless operating panel for monitoring and controlling elevators and escalators. It has features such as enabling touchless use, a simplified method, and operating through a numerical pad.

Key Players:

      • Fujitec Co. Ltd (Japan)
      • Hitachi Ltd (Japan)
      • Hyundai Elevator Co Ltd (South Korea)
      • Kone Corporation (Finland)
      • Mitsubishi Electric Corporation (Japan)
      • Otis Worldwide Corporation (U.S.)
      • Schindler (Switzerland)
      • SJEC Corporation (China)
      • TK Elevator GmbH (Germany)
      • Toshiba Corporation (Japan)

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Market Overview:

      • Current Market Trends: Analysis of the latest developments shaping the market landscape.
      • Segmentation Analysis: Breakdown of the market by key segments and regional dynamics.
      • Pricing Strategy Evaluation: In-depth examination of pricing trends within the industry.
      • COVID-19 Impact Assessment: Exploration of how the pandemic has affected market behaviors and trends.
      • Market Projections: Forecasting future market growth and potential shifts.

Key Report Highlights:

      • Insight into the primary growth drivers and challenges facing the market.
      • An extensive review of regional advancements and their implications.
      • A compilation of leading industry players and their market positions.
      • Strategies employed by significant market participants.
      • Updates on recent industry movements, including product launches and mergers.
      • Analysis of factors that may restrict growth and the regional market presence affecting trends beyond 2032.

This market research report is meticulously crafted to deliver a thorough understanding of the industry’s trajectory, equipping businesses with the insights necessary for strategic decision-making. The Elevator & Escalator Market Report spans over 130+ pages and includes a detailed table of contents featuring figures, tables, graphs, and comprehensive analysis.

Table of Contents:

      1. Introduction
      2. Research Scope
      3. Market Segmentation
      4. Research Methodology
      5. Definitions and Assumptions
      6. Executive Summary
      7. Market Dynamics
        • Drivers
        • Restraints
        • Opportunities
      8. Key Insights
      9. Industry Developments (Mergers, Acquisitions, Partnerships)
      10. Porter’s Five Forces Analysis
      11. SWOT Analysis
      12. Technological Innovations
      13. Value Chain Analysis
      14. TOC Continued…

This study presents a detailed view of the market landscape, categorized by sub-regions and countries. It identifies potential profit avenues, alongside market share and growth forecasts for each geographical area.

Segmentation of this report:

Elevator and Escalator Market Size, Share & Industry Analysis by Product (Elevators, Escalators, and Moving Walkways), By Business (New Equipment, Maintenance, and Modernization), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2024-2032

Elevator & Escalator Market Drivers & Restrains:

      • Driver: Rapid UrbanizationAs cities expand and high-rise buildings become more common, the demand for elevators and escalators increases to facilitate vertical transportation in residential, commercial, and public buildings.
      • Driver: Technological AdvancementsInnovations in elevator and escalator technology, such as smart controls, energy-efficient systems, and advanced safety features, drive market growth by offering improved performance and user experience.
      • Driver: Increasing Focus on AccessibilityThe growing emphasis on accessibility in public and private buildings leads to greater demand for elevators and escalators that accommodate people with disabilities and ensure compliance with regulatory standards.
      • Restraint: High Installation and Maintenance CostsThe substantial costs associated with installing and maintaining elevators and escalators can be a barrier for some property developers and building owners, impacting overall market adoption.
      • Restraint: Space and Design ConstraintsDesign limitations and the need for dedicated space for elevator shafts and escalator systems can pose challenges in existing buildings and retrofitting projects, potentially restricting market growth in certain areas.

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By Emelia Murison

Emelia Murison is a freelance writer and editor with a passion for innovation and technology. She covers breaking industry news, #SpaceForGood, and product reviews for the group. She also provides copywriting services to startups around the world – one of which introduced her to the world of Aerospace.