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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Escalators and Elevators Market Growth
The growth of escalators and elevators market is propelling due to the development of large-scale infrastructure projects, such as airports, metro stations, and shopping malls, which require extensive elevator and escalator installations to handle high passenger volumes efficiently. Moreover, advancements in technology making the infrastructure smoother and eco-friendly has created a rising demand for the escalators and elevators industry.
Rapid urbanisation is driving the demand for high-rise buildings and residential complexes. As cities expand vertically to accommodate growing populations, the need for efficient vertical transportation solutions such as escalators and elevators increases. The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the housing completions of 1,623,000 new residential construction units in April 2024. In contrast, it was 1,416,000 units in April 2023.
Escalators and Elevators Market Report Snapshots
Escalators and Elevators Market Size
Escalators and Elevators Market Growth
Escalators and Elevators Market Trends
Escalators and Elevators Market Share
Escalators and Elevators Companies
Escalators and Elevators Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 5.8% between 2024 and 2032.
The major market drivers include the growing adoption of escalators and elevators in the aviation sector, the robust growth of the commercial sector, and the surging demand for sustainable manufacturing of escalators and elevators.
The key trends driving the market growth include the rising demand for elevators and escalators in the pipeline sector and the increasing adoption of advance tools to minimise cost and labour of manufacturing elevators and escalators.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is categorised according to the type, which includes escalator, elevators, moving walkways, and others.
The market is categorised according to the services, which includes modernization, new installation, and maintenance and repair.
Based on the end use, the market is divided into residential, commercial, institutional, and others.
The market key players are Mitsubishi Electrical Corporation, Toshiba Corporation, Schindler Group, Thyssenkrupp AG, Hyundai Elevator Co. Ltd., Fujitec Co. Ltd., and KONE Elevator India Private Limited, among others.
The revenue generated from the escalators and elevators market is expected to reach USD 227.21 billion in 2032.
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