“Increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization is projected to drive the elevators and escalators market across the globe from 2021 to 2026.”
The global elevators and escalators market size is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026.The increasing migration of a large population base from rural areas toward cities has consequently increased the need for infrastructure development, such as constructing high-rise buildings, to cater to the accommodation needs. Urban cities are now emerging into megacities, with the population rising exponentially. Tokyo, Mexico City, Seoul, Lagos, are some of the new megacities that are constructing skyscrapers, futuristic transportation hubs, and a lot more infrastructure to cater to the growing population. Efficient vertical mobility is an important component of high-rise buildings. Hence, rapid urbanization and increasing construction of high-rise buildings are expected to increase the deployment of elevators & escalators which would be one of the factors driving the growth of the market during the forecast period.
“In terms of value, machine-room-less traction elevator segment led the elevators and escalators in 2020.”
Machine-room-less traction elevator, by elevator technology, accounted for the largest market share in the elevators and escalators market. The machine-room-less elevator technology is a relatively new technology and is the result of technological advancements. This technology has resulted into a significant reduction in the size of electric motors used with traction equipment. This equipment possesses newly designed permanent magnet motors (PMM). Through this technology, there is no need for machine room over the hoistway. This design is adopted by buildings across the world and is becoming the standard elevator technology. Machine room-less elevators were first introduced to the US market by KONE. As machine room-less elevators are receiving widespread acceptance, manufacturers are introducing new products fitted with the technology in varying sizes and speeds.
“In terms of both value and volume, elevator is projected to be the fastest-growing segment from 2021 to 2026, for elevators and escalators.”
Elevators can be described as any platform, either open or enclosed, which is useful to lift people or freight to different floors within a building. There are several safety standards that are required to be met by elevator manufacturers. For example, in the US, an elevator manufacturer has to meet the safety standards laid down by the American National Standards Institute and the American Society of Mechanical Engineers. The market for elevators is dominated by players, such as KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (Republic of Korea/South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel). The elevators segment is projected to grow at the highest CAGR due to the development of new residential and commercial projects worldwide.
“In terms of value, the APAC elevators and escalators market is projected to grow at the highest CAGR during the forecast period.”
In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2021 to 2026.Increased construction spending, improved living standards, and rapid urbanization are the key drivers in the region. Asia Pacific countries are taking aggressive initiatives to upgrade commercial and institutional buildings. Many countries in the region took steps to implement low-carbon and IoT-based smart cities in recent years, thereby offering opportunities for the growth of the elevators & escalators market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the elevators and escalators market.
- By Department: Sales/Export/Marketing: 62.1%, Production: 25.6%, and R&D: 12.3%
- By Designation: Managers: 54.9%, CXOs: 15.5%, and Executive:29.7%
- By Region: North America: 18%, Europe: 14%, APAC: 42%, Middle East & Africa: 22%, and South America: 4%
The global elevators and escalators market comprises major manufacturers, such as Schindler Group (Switzerland), Otis Elevator (US), Thyssenkrupp AG (Germany), KONE Corporation (Finland), and Hitachi Ltd. (Japan), among others.
Research Coverage
The market study covers the elevators and escalators market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, service, elevator technology, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the elevators and escalators market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall elevators and escalators market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
