How Big is the Elevator and Escalator Market?

The Global Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 & is estimated to grow at a CAGR of around 7.8% during the forecast period, i.e., 2024-30. Most of the market expansion can be attributed to the rapid urbanization worldwide, resulting in the erection of more buildings and the modernization of age-old infrastructure in the coming years. According to the World Bank, 56% of the world’s population, i.e., 4.4 billion inhabitants, were residing in cities as of 2022. The urban population is on the verge of folding itself by 2050 to the extent that nearly 7 out of 10 people will be living in cities.

Market Statistics

  • Market Size in 2023: USD 125.5 billion
  • Market Growth Rate (CAGR): 7.8% from 2024-2030

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Elevator and Escalator Market Insight:

Driver-

Increasing Investment in Construction Projects – The global elevator and escalator market is set to grow due to the rising construction of new residential and commercial properties in both developing and developed economies. Infrastructure-related projects are being invested in by over 40 developing countries, as per the UNCTAD Trade report. Additionally, numerous government initiatives from these nations aim to boost demand for elevators and escalators further during the forecast period. For instance,

  • India is planning to invest USD 1.4 trillion in residential and commercial infrastructure by 2025.

Furthermore, developing smart cities is also expected to augment the size & volume of the Global Elevator and Escalator Market. For instance,

  • The source of the Policy Forum stated that the Chinese government's investment in the smart city was USD 30.5 billion in 2019, and investment is expected to reach USD 60.2 billion by 2028.

In addition, the increasing construction of high-rise buildings in developed and developing countries drives the growth & expansion of the market.

 Elevator and Escalator Market Segmentation:

The report has segmented the market into the following categories:

By Type

  • Elevator
    • Traction- Market Size & Forecast 2019-2030, (Thousand Units)
    • Hydraulic- Market Size & Forecast 2019-2030, (Thousand Units)
    • Machine Room Less- Market Size & Forecast 2019-2030, (Thousand Units)
  • Escalator
    • Moving Walkway- Market Size & Forecast 2019-2030, (Thousand Units)
    • Moving Stairs- Market Size & Forecast 2019-2030, (Thousand Units)

 By Service

  • New Installation- Market Size & Forecast 2019-2030, (Thousand Units)
  • Modernization- Market Size & Forecast 2019-2030, (USD Million)
  • Maintenance- Market Size & Forecast 2019-2030, (USD Million)

 By Application

  • Residential- Market Size & Forecast 2019-2030, (Thousand Units)
  • Commercial- Market Size & Forecast 2019-2030, (Thousand Units)
  • Industrial- Market Size & Forecast 2019-2030, (Thousand Units)

By Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

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Competitive Landscape:

  • Fujitec Co. Ltd.
  • Hitachi Elevator Engineering Company
  • KONE
  • Canny Elevator Company Ltd.
  • Toshiba Elevator and Building Systems Corporation
  • Hyundai Elevator Co., Ltd.
  • Mitsubishi Electric Corporation
  • ORONA
  • Otis Worldwide Corporation
  • Schindler Holding Ltd.
  • ThyssenKrupp Elevator AG
  • SJEC Corp.
  • Walton Group
  • Sigma Elevators
  • Electra Elevators
  •  

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

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Other Report:

Key Highlights of the Report:

  • Market Performance (2024-2030)
  • Strategic Recommendations
  • Current, Historical and Future Market Trends
  • Market Drivers and Leading Competitor
  • SWOT Analysis
  • Structure of the Market
  • Comprehensive Mapping and Recent Advancement

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