Elevator and Escalator Market Exceeds USD 116 Billion in 2023, Set to Soar with 7.1% CAGR Till 2030 - 5 minutes read
Analyzing the Potential of the Global Elevator and Escalator Market (2024-30): Market Share/Size, Dynamics, Industry Landscape
Global Elevator and Escalator Market Research Report by one of the leading firm named MarkNtel Advisors, has been well-curated and comprises of in-depth information regarding the industry. In this exhaustive study, we've extensively researched the market using a robust methodology. We aim to offer stakeholders precise insights into the industry by addressing all potential queries that investors or participants might have.
We've carefully compiled this report to encompass every critical detail, catering to both major & unpretentious elements of the Elevator and Escalator Market. Our focus extends to factors influencing market growth—spanning historical, current, and projected data, emerging trends, technological advancements, key insights, recent developments, potential constraints, and various other factors that could greatly shape the industry's orbit in the foreseeable future.
Period Considered to Predict the Elevator and Escalator Market Share, Size, Or Other Statistics:
- Base Year of the Analysis: 2023
- Historical Period: 2019 - 2022
- Forecast Period: 2024 – 2030
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What is the Elevator and Escalator Market Size, Share, and Dynamics?
The Global Elevator and Escalator Market is projected to grow at a CAGR of around 7.1% during the forecast period, i.e., 2024-30. Most of the market expansion can be attributed to the rapid urbanization worldwide, resulting in more erection of buildings and modernization of age-old infrastructures in the coming years. According to the World Bank, currently (6 Oct 2022), 56% of the world’s population accounts for around 4.4 billion inhabitants resides in cities. In fact, the urban population is on the verge of folding itself by 2050 to the extent that nearly 7 of 10 people will be living in cities.
Trends Affecting the Elevator and Escalator Industry Growth?
Rising Demand for IoT-Integrated Elevators and Escalators - With the advent of advanced technologies such as the Internet of Things (IoT) and its integration into elevators & escalators, manufacturers have maximized their revenues in the historical years. The integration has led to the smooth functioning of these setups in terms of gathering, analyzing, and exchanging data and maintaining entry and exit-related records. Other than this, IoT has enabled elevators and escalators to anticipate traffic and respond in real time with minimal error. These advantages have compelled investors and manufacturers to integrate such products with cutting-edge technologies, which, in turn, has led to market enlargement in the historical period.
Who are the Top Elevator and Escalator Companies in the Global Market?
This section endeavors to offer an in-depth comprehension of market dynamics, emphasizing the significant contributions of major companies and their strategies for achieving success & sustenance. Through this segment, clients can acquire beneficial insights into the competitive scenario and the driving forces behind the growth and evolution of the Elevator and Escalator Industry. Let us get familiar with these leading competitors:
- Canny Elevator Company Ltd.
- Fujitec Co Ltd
- Hitachi, Ltd.
- Hyundai Elevator Co., Ltd.
- Kone Oyj
- Mitsubishi Electric Corporation
- Orona S.Coop.
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- ThyssenKrupp Elevator AG
- Toshiba Elevator and Building Systems Corporation
- Others
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Examining the Elevator and Escalator Market Via Segmentation Analysis
Given the bifurcation in the TOC the Elevator and Escalator Market is fragmented into several segments, sub-segments, sub-sub-segments, and further. The segmentations are highlighted below:
Type
> Elevator
>> Traction
>> Hydraulic
>> Machine Room less
> Escalator
>> Moving Walkway
>> Moving Stairs
Service
> New Installation
> Modernization
> Maintenance
End User
> Residential
> Commercial
> Retail
> Health Care
> Hospitality
> Government & Transportation
> Others
How is the Market Defined on the basis of the Geographical landscape?
On the geographical front, the Elevator and Escalator Market expands across:
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
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Key Questions Addressed in the Elevator and Escalator Market Research Report:
- What are the emerging trends in the Elevator and Escalator Market?
- What are the growth challenges faced by businesses in the Elevator and Escalator Industry?
- How can companies capitalize on opportunities within the Elevator and Escalator Industry?
- What are the regulatory factors impacting the Elevator and Escalator Market?
- How has the Elevator and Escalator Market landscape been transforming over time?
- Who are the key Elevator and Escalator Companies in the Market?
- What is current Elevator and Escalator Market size and how much is estimated market growth for the next coming years?
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