Talk to our Consultant - Elevator and Escalator Market Size, Share, & Growth Trend [2030]

Global Elevator and Escalator Market Research Report: Forecast (2024-2030)

Elevator and Escalator Market Report - By Type (Elevator, [Traction, Hydraulic, Machine Room Less], Escalator, [Moving Walkway, Moving Stairs]), By Service (New Installation, Modernization, Maintenanc... ... nization, Maintenance), By Application (Residential, Commercial, Industrial), Others Read more

Buildings, Construction, Metals & Mining
Apr 2024
Pages 197
Report Format: PDF, Excel, PPT

Market Definition

Elevators and escalators are typically defined within the broader category of vertical transportation equipment. Elevators are vertical transportation devices that move people or goods between floors within buildings, while escalators are moving staircases designed to carry people between two successive floors of a building or structure. Escalators typically consist of interlocking steps that are powered by an electric motor and a system of chains and gears that enable the easy movement of steps in an escalator. This entire mechanism is contained in a set of trusses that connect the floors.

Market Insights & Analysis: Global Elevator and Escalator Market (2024-30):

The Global Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 & is estimated to grow at a CAGR of around 7.8% during the forecast period, i.e., 2024-30. Most of the market expansion can be attributed to the rapid urbanization worldwide, resulting in the erection of more buildings and the modernization of age-old infrastructure in the coming years. According to the World Bank, 56% of the world’s population, i.e., 4.4 billion inhabitants, were residing in cities as of 2022. The urban population is on the verge of folding itself by 2050 to the extent that nearly 7 out of 10 people will be living in cities.

Report Coverage	Details
Study Period	Historical Data: 2019-22
	Base Year: 2023
	Forecast Period: 2024-30
CAGR (2024-2030)	7.8%
Regions Covered	North America: US, Canada, Mexico
	Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
	Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
	South America: Brazil, Argentina, Rest of South America
	Middle East & Africa: Saudi Arabia, The UAE, South Africa, Rest of MEA
Key Companies Profiled	Fujitec Co. Ltd., Hitachi Elevator Engineering Company, KONE, Canny Elevator Company Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, ORONA, Otis Worldwide Corporation, Schindler Holding Ltd., ThyssenKrupp Elevator AG, SJEC Corp., Sigma Elevators, Walton group, Electra Elevators and others
Market Value (2023)	USD 125.5 Billion

Given the limited land area available for constructing new homes to inhabit a pool of migrants from the countryside to cities, the development of high-rise buildings has gained momentum in the past few years. Countries such as China, India, Southeast Asia, Bangladesh, Nigeria, South Africa, etc., are leading this market trend in 2024. With a massive residential flat count and several floors often exceeding 20, the role of conventional stairs for commuting purposes is negligible. Thus, the inevitable need to deploy elevators in these high-rise buildings, nearly two or three in one of them alone, is anticipated to drive the adoption of escalators in the forecast period.

Further, rapid commercial facility expansion in terms of the rise in the number of malls, shopping centers, cinemas, restaurants, and many more in emerging economies in Asia-Pacific, the Middle East & Africa, Eastern Europe, etc., has demonstrated the adoption of more elevators and escalators in recent years and is likely to strengthen in the coming years.

The elevator and escalator market is a global industry that covers the complete process from design, manufacturing, and installation to maintenance and modernization of both types of transport systems. This global market is affected by regional development rates, demographic changes in population numbers, building trends, altering safety guidelines, or introducing technological improvements. Major market players that focus on creating such machinery related to elevators & escalators comprise multinational companies like KONE Corporation, Schindler Group, and Otis Elevator Company, which seek continuous growth amidst an ever-changing economic landscape.

Moreover, considerable geriatric demography coupled with the differently-abled population has necessitated the deployment of elevators in homes as well as workplaces. Similarly, with multi-story structures, hospitals have begun to deploy escalators to ensure patient safety and easy transfer from one floor to another. These aspects are predicted to maximize the incorporation of elevators and escalators in most infrastructures, thereby contributing to market growth & expansion in the coming years.

Further, the changing dynamics in developing countries in terms of urban infrastructure growth, including metro rail projects, schools, and airports, will again push the market ascension in the forecast period. Similarly, the advent of energy-efficient elevators and escalators would provide lucrative prospects for the Global Elevator and Escalator Market in the coming years.

Market Segmentation
Introduction
1. Market Definition
2. Research Process
3. Assumption
Executive Summary
Global Elevator and Escalator Market Porters Five Forces Analysis
Global Elevator and Escalator Market Trends & Insights
Global Elevator and Escalator Market Dynamics
1. Growth Drivers
2. Challenges
Global Elevator and Escalator Market Hotspots & Opportunities
Global Elevator & Escalator Imports Exports Statistics
Global Elevator and Escalator Market Regulation & Policy
Global Elevator and Escalator Market Outlook, 2019- 2030
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand Units)
2. Market Share & Analysis
  1. By Type
    1. Elevator
      1. Traction- Market Size & Forecast 2019-2030, (Thousand Units)
      2. Hydraulic- Market Size & Forecast 2019-2030, (Thousand Units)
      3. Machine Room Less- Market Size & Forecast 2019-2030, (Thousand Units)
    2. Escalator
      1. Moving Walkway- Market Size & Forecast 2019-2030, (Thousand Units)
      2. Moving Stairs- Market Size & Forecast 2019-2030, (Thousand Units)
  2. By Service
    1. New Installation- Market Size & Forecast 2019-2030, (Thousand Units)
    2. Modernization- Market Size & Forecast 2019-2030, (USD Million)
    3. Maintenance- Market Size & Forecast 2019-2030, (USD Million)
  3. By Application
    1. Residential- Market Size & Forecast 2019-2030, (Thousand Units)
    2. Commercial- Market Size & Forecast 2019-2030, (Thousand Units)
    3. Industrial- Market Size & Forecast 2019-2030, (Thousand Units)
  4. By Region
    1. North America
    2. South America
    3. Europe
    4. The Middle East & Africa
    5. Asia-Pacific
  5. By Company
    1. Competition Characteristics
    2. Revenue Shares
North America Elevator and Escalator Market Outlook, 2019- 2030
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand Units)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
  2. By Service- Market Size & Forecast 2019-2030, (Thousand Units)
  3. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
  4. By Country- Market Size & Forecast 2019-2030, (Thousand Units)
    1. The US
    2. Canada
    3. Mexico
3. The US Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
4. Canada Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
5. Mexico Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
South America Elevator and Escalator Market Outlook, 2019- 2030
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand Units)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
  2. By Service- Market Size & Forecast 2019-2030, (Thousand Units)
  3. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
  4. By Country- Market Size & Forecast 2019-2030, (Thousand Units)
    1. Brazil
    2. Argentina
    3. Rest of South America
3. Brazil Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
4. Argentina Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
Europe Elevator and Escalator Market Outlook, 2019- 2030
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand Units)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
  2. By Service- Market Size & Forecast 2019-2030, (Thousand Units)
  3. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
  4. By Country- Market Size & Forecast 2019-2030, (Thousand Units)
    1. The UK
    2. Germany
    3. France
    4. Italy
    5. Spain
    6. Rest of Europe
3. The UK Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
4. Germany Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
5. France Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
6. Italy Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
7. Spain Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
The Middle East & Africa Elevator and Escalator Market Outlook, 2019- 2030
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand Units)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
  2. By Service- Market Size & Forecast 2019-2030, (Thousand Units)
  3. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
  4. By Country- Market Size & Forecast 2019-2030, (Thousand Units)
    1. Saudi Arabia
    2. The UAE
    3. South Africa
    4. Rest of the Middle East & Africa
3. Saudi Arabia Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
4. The UAE Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
5. South Africa Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
Asia-Pacific Elevator and Escalator Market Outlook, 2019- 2030
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand Units)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
  2. By Service- Market Size & Forecast 2019-2030, (Thousand Units)
  3. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
  4. By Country- Market Size & Forecast 2019-2030, (Thousand Units)
    1. China
    2. Japan
    3. South Korea
    4. India
    5. Australia
    6. Rest of Asia-Pacific
3. China Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
4. Japan Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
5. South Korea Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
6. India Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
7. Australia Elevator and Escalator Market Outlook, 2019-2030
  1. Market Size & Analysis
    1. By Revenues (USD Million)
    2. By Units Sold (Thousand Units)
  2. Market Size & Analysis
    1. By Type- Market Size & Forecast 2019-2030, (Thousand Units)
    2. By Application- Market Size & Forecast 2019-2030, (Thousand Units)
Global Elevator and Escalator Market Key Strategic Imperatives for Success & Growth
Competitive Outlook
1. Company Profiles
  1. Fujitec Co. Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  2. Hitachi Elevator Engineering Company
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  3. KONE
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  4. Canny Elevator Company Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  5. Toshiba Elevator and Building Systems Corporation
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  6. Hyundai Elevator Co., Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  7. Mitsubishi Electric Corporation
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  8. ORONA
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  9. Otis Worldwide Corporation
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  10. Schindler Holding Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  11. ThyssenKrupp Elevator AG
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  12. SJEC Corp.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  13. Walton Group
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  14. Sigma Elevators
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  15. Electra Elevators
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  16. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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