Elevator & Escalator Market to Grow With an impressive CAGR of 6.01% Through 2029

The growing construction of high-rise buildings and increasing focus of the government on building smart cities are expected to fuel the growth of Global elevator & escalator market over the coming years.

According to TechSci report on, “Elevator & Escalator Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2029”, the global elevator & escalator market stood at USD114.2 billion in 2023 and is expected to grow at a CAGR of 6.01% in the forecast period. The market growth can be attributed to a number of factors such as the construction of taller buildings, the growing trend of a fast-track lifestyle and increasing capital inflow into the real-estate sector. Moreover, with the growing urbanization, the demand for ease and comfort facilities like elevators and escalators has transitioned from a luxury to a necessity. In addition, the growing preference to have updated aesthetics in residential and commercial buildings is also adding to the growth of the global elevators & escalators market. Besides this, the governments of several developing nations are looking forward to transitioning cities into smart cities, automating the building operations, and accommodating the increasing urban population. For this, governments are increasingly investing in infrastructural development, which is likely to provide a boost to the global market. Furthermore, several key market players are introducing technologically advanced products to deliver Ultra-high-speed elevators suitable for skyscrapers.

Browse over xx market data Figures and xx Tables spread through xx Pages and an in-depth TOC on "Global Elevator& Escalator Market"

Based on type, Escalator segment dominates the market in the forecast period, Within the Global Elevators & Escalators Market, the Escalator segment asserts dominance due to its widespread application in various public and commercial spaces worldwide. Escalators play a crucial role in enhancing vertical mobility in locations with high foot traffic, such as airports, shopping malls, metro stations, and office buildings.

One key driver of the Escalator segment's dominance is urbanization. As cities expand and populations concentrate in urban centers, the demand for efficient and space-saving transportation solutions escalates. Escalators provide a seamless and time-saving means of moving large numbers of people between different floors, improving overall accessibility and convenience in densely populated areas. The commercial sector significantly drives the demand for escalators. Shopping malls and retail complexes rely heavily on escalators to facilitate easy movement of shoppers between floors, enhancing the shopping experience and increasing customer flow. In transportation hubs like airports and train stations, escalators are essential for efficiently managing passenger flow and reducing congestion.

Technological advancements also contribute to the dominance of the Escalator segment. Innovations such as improved safety features, energy-efficient designs, and smart technologies enhance the reliability, safety, and operational efficiency of escalators. Integration with IoT allows for remote monitoring and predictive maintenance, minimizing downtime and optimizing performance. Escalators are increasingly incorporated into modern architectural designs as aesthetic elements that complement the overall building environment. This trend not only enhances the visual appeal of commercial spaces but also underscores escalators as integral components of contemporary urban landscapes.

The Escalator segment leads the Global Elevators & Escalators Market due to its indispensable role in enhancing vertical mobility in high-traffic public and commercial environments. Urbanization, commercial sector demand, technological innovations, and architectural integration collectively drive the segment's dominance, highlighting escalators as essential components of modern infrastructure and urban development.

A partial list of major market players in the Global Elevator & Escalator Market includes:

• Otis Worldwide Corporation
• Schindler Group.
• KONE Corporation
• Mitsubishi Electric Corporation
• TK Elevator GmbH
• Hitachi, Ltd.
• Fujitec Co., Ltd.
• Hyundai Elevator Co., Ltd.
• Toshiba Elevator and Building Systems Corporation
• Canny Elevator Co., Ltd.

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“The leading manufacturers in the global elevator and escalator market are making substantial efforts toward achieving sustainability in their processes, products, and services. The companies are increasingly working on updating and maintaining their Environment Management System (EMS), duly certified under ISO 14001. By using suitable and eco-friendly materials in the manufacturing of elevators and escalators along with the adoption of industrial automation, the companies commit to minimize their carbon footprints. In addition, increasing technological advancements and the growing customer focus on high-end design is driving the demand for smart elevators. Smart elevators, also known as green or energy-efficient elevators, are equipped with high-end security features such as Radio-frequency identification (RFID), biometrics, touch sensors, and a voice-operated command system. New entrants are advised to launch energy-efficient elevators and escalators in order to establish their name in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Elevator & Escalator Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2019-2029 Segmented By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By End User Industry (Residential, Commercial, Institutional, Infrastructural & Others), By Elevator Technology (Traction, Hydraulic & Machine room-Less traction), By Elevator Door Type (Automatic and Manual), By Region” has evaluated the future growth potential of Global Elevator & Escalator Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Elevator & Escalator Market.

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