Elevator And Escalator Market Size, Share, Growth, Trend Analysis, Regions, And Leading Players Forecast, 2030

Published: 2025-04-02
Views: 15
Author: kadambarimmr
Published in: Business

The Elevator and Escalator Market is experiencing significant growth, with projections indicating an increase from USD 127.97 billion in 2023 to USD 194.97 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.2%. This expansion is driven by rapid urbanization, infrastructure development, and technological innovations enhancing vertical transportation solutions.​

Market Definition and Overview

Elevators and escalators are essential vertical transportation systems facilitating the efficient movement of people and goods within multi-story buildings and public spaces. Elevators, powered by electric motors, transport passengers or freight between floors, while escalators are moving staircases that continuously convey individuals between different building levels. These systems are integral to modern infrastructure, prominently featured in residential complexes, commercial establishments, airports, train stations, and shopping centers.

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Market Growth Drivers and Opportunities

Several key factors are propelling the growth of the elevator and escalator market:

1. Rapid Urbanization and Infrastructure Development: The shift towards urban living has led to the construction of high-rise buildings and expansive infrastructure projects. Elevators and escalators are indispensable in these developments, ensuring seamless vertical mobility. Emerging economies, particularly in Asia-Pacific, are witnessing substantial urban expansion, further fueling market demand.

2. Technological Advancements: The integration of digital technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), has led to the development of smart elevators and escalators. These innovations offer enhanced safety, energy efficiency, and user experience, attracting investments from building owners and operators.

3. Aging Population: An increasing elderly population necessitates the installation of elevators in residential buildings to provide accessibility and improve quality of life. This demographic trend is particularly evident in countries like Japan and Germany.​

4. Sustainability and Energy Efficiency: Growing environmental concerns have prompted the development of energy-efficient elevators and escalators. Manufacturers are focusing on reducing energy consumption and incorporating eco-friendly materials, aligning with sustainability goals.​

5. Maintenance and Modernization Services: The need to upgrade existing elevator and escalator systems to meet current safety standards and technological advancements has created a robust market for maintenance and modernization services. Building owners are investing in these services to enhance performance and extend the lifespan of their equipment.​

Segmentation Analysis

The elevator and escalator market is segmented based on product type, service, application, and region.

By Product Type:

• Elevators: Dominating the market, elevators are extensively used in residential, commercial, and industrial sectors. The demand is driven by the construction of high-rise buildings and the need for efficient vertical transportation. ​

• Escalators: Commonly found in shopping malls, airports, and transit systems, escalators facilitate the movement of large numbers of people between floors. The expansion of commercial infrastructure contributes to the growth of this segment. ​

• Moving Walkways: Typically installed in airports and large transit hubs, moving walkways assist passengers in covering long distances with ease. Their adoption is increasing in line with the expansion of transportation infrastructure.​

By Service:

• New Installation: Encompasses the deployment of elevators and escalators in newly constructed buildings. This segment is experiencing growth due to ongoing urban development projects worldwide. ​

• Maintenance and Repair: Involves regular servicing and fixing of existing systems to ensure safety and functionality. As the installed base of elevators and escalators grows, so does the demand for maintenance services.​

• Modernization: Focuses on upgrading outdated systems with advanced technologies to enhance performance and energy efficiency. Building owners are increasingly investing in modernization to comply with current standards and improve user experience.​

By Application:

• Residential: High-rise residential buildings necessitate the installation of elevators to provide convenient access to upper floors. The trend towards urban living and vertical housing solutions drives this segment. ​

• Commercial: Office buildings, shopping centers, and hotels utilize elevators and escalators to facilitate the movement of employees, customers, and guests. The expansion of commercial real estate contributes to the demand in this segment.​

• Industrial: Factories and warehouses employ freight elevators to transport goods between different levels, enhancing operational efficiency.​

• Transportation: Airports, train stations, and metro stations install escalators and moving walkways to manage passenger flow and improve accessibility. The development of transportation infrastructure supports this segment.​

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Elevator and Escalator Market, Key Players:

1. Otis Elevator Company (United States)
2. Kone Corporation (Finland)
3. Schindler Group (Switzerland)
4. Mitsubishi Electric Corporation
5. Thyssenkrupp Elevator AG (Finland)
6. Hitachi Ltd. (Japan)
7. Fujitec Co., Ltd. (Japan)
8. Guangzhou Guangri Elevator Industry Co., Ltd. (China)
9. SJEC Corporation (China)
10. Canny Elevator Co., Ltd. (China)

Country-Level Analysis

United States:

The U.S. elevator and escalator market is characterized by a mature infrastructure sector with a focus on modernization. The demand for energy-efficient and smart elevators is rising, driven by stringent building codes and sustainability initiatives. Additionally, the aging population contributes to increased installations in residential buildings.​

Germany:

Germany's emphasis on technological innovation and energy efficiency has led to the adoption of advanced elevator and escalator systems. The country's robust manufacturing sector and commitment to sustainable building practices further bolster market growth.​

China:

As the world's most populous country, China experiences substantial urbanization, leading to extensive construction of high-rise buildings and infrastructure projects. This rapid development positions China as a significant market for elevators and escalators. However, recent slowdowns in the real estate sector have impacted new installations.

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