A recent research study by MarkNtel Advisors has revealed that the Global Elevator and Escalator Market is set to record around 6.0% CAGR during 2023-28. Rising urbanization worldwide, i.e., leading to the rapidly increasing establishment of buildings and modernization of age-old infrastructures, are the prime aspects projected to drive the market in the coming years. In addition, the growing expansion of commercial facilities, such as malls, shopping centers, cinemas, restaurants, etc., is also augmenting the adoption of elevators & escalators worldwide.
Moreover, the increasing deployment of elevators in homes & workplaces, especially for the differently-abled population, coupled with their rising installations in multi-story structures & hospitals for enhanced safety of visitors & patients, are also stimulating the overall expansion of the elevator & escalator market.
Mounting Demand for Efficient Elevators to Boost the Industry through 2028
The growing inclination of facility owners toward installing efficient elevators, owing to benefits like less energy consumption, smoother rides, higher speeds, & the capability to serve high-rise buildings like skyscrapers, is augmenting the overall market growth. Their long vertical distance traveling ability makes them suitable for mid-rise, high-rise, & even ultra-high-rise buildings. These aspects are accelerating the installation of elevators and, in turn, stimulating the overall market expansion.
Asia-Pacific grabbed a Significant Share of the Elevator & Escalator Market
Various ongoing expansion policies and initiatives by governments are encouraging modernization & urbanization across Asia-Pacific. Countries like India are making active efforts toward becoming an IT-based industrial & commercial hub, with the government's thrust on 'Digital India' & 'Make in India' policies. Consequently, there's a mounting need for more advanced & technically-equipped buildings, i.e., driving the adoption of elevators & escalators. In addition, market players are deploying a strong network of distributors & retailers across multiple states to achieve direct customer reach and understand the client's precise requirements. These aspects are expected to accelerate the installation of elevators & escalators and, in turn, boost the regional market growth in the coming years.
The key companies operating in the Elevator and Escalator Market include 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.
Key Questions Answered in the Research Report