The elevator and escalator market are focusing on cutting-edge technologies to make their products safer and eco-friendly, finds Future Market Insights (FMI) in a recent study. The market is projected to increase at a CAGR of 5.3% and attain a valuation of US$ 232,656.1 Million by 2032.
Some of the leading companies are incorporating IoT technologies in connected elevators and escalators. This has allowed them to control various parameters such as load capacity, frequency of usage, and others. Such technological improvements are expected to bode well for the overall market.
According to FMI, the elevator and escalator market is anticipated to witness growth of ~5.3% CAGR during the forecast period from the year 2022 to 2032.
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Infrastructural development witnessed across the world, besides increase in population is encouraging growth in the construction industry. This has been creating growth opportunities for the elevator and escalator market. Despite requiring expert handling and maintenance expenditure, the demand for elevators and escalators are projected to increase further in the coming years.
The recent COVID-19 outbreak has resulted in declining market growth. However, several factors are expected to drive the elevator and escalator market during the forecast period.
FMI offers an exhaustive overview of the elevator and escalator market along with its potential, growth drivers and restraints.
Some of the key takeaways from the report are highlighted below-
- Product-wise, elevator is expected to lead the market followed by escalator during the forecast period
- Load type-wise, passenger segment will exhibit hegemony in the coming years
- New system installation type is set to gain traction in the global market
- Commercial end use segment is projected to exhibit highest growth followed by the residential segment throughout the forecast period
- New-age IoT technology will cater to the steady market growth in the near future
- East Asia elevator and escalator market will maintain the lead while emerging as the highest growing market among all other regions
“As the building and construction industry is expanding rapidly, the demand for elevators and escalators is rising higher. To capitalize on prevailing opportunities, market players are launching novel cutting-edge technologies that offer more sophisticated functionalities in elevator and escalator. This is anticipated to create lucrative growth opportunities for the market in the coming years,” says an FMI analyst.
COVID-19 Impact Analysis
The elevator and escalator market growth has been declining due to the novel coronavirus outbreak. As consumers have shifted their focus more on emergency services such as medical, diagnostic, pharmaceutical and others instead of building and construction sectors, the market growth rate has fallen temporarily.
Added to this, the factors such as non-operational manufacturing units, unavailability of labours, scarcity of raw materials, disruptive supply chain and logistics sector, financial crisis, job recession, and others have slowed down the progress of market.
According to FMI, the elevator and escalator market is set to recover by the first quarter of the year 2021.
Who is Winning
As the elevator and escalator market potential is rising steadily, the key market players are focusing on launching advanced designs to gain competitive edge. For instance, DOPPLER S.A. has launched their DOPPLER Lift Hygiene Solutions equipped with air sterilizer using UV photo catalyst sterilization and UV antibacterial light disinfection system in 2022.
Kone Corporation has launched Kone Health & Wellbeing Solutions for Elevators and Escalators which include escalator handrail sanitizer, elevator remote call using whatsapp, elevator air purifier, and others in June 2022.
Some of the leading companies operating in the market are DOPPLER S.A, Kone Corporation, Orona Group, EMAK Elevator, Sanyo Elevator (Zhuhai) Co., Ltd, and others.
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More Valuable Insights on Elevator and Escalator Market
In the latest report by Future Market Insights, we offer a detailed unbiased analysis of the global elevator and escalator market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2022-2032.
In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of product type (elevator (hydraulic, traction, machine room less, vacuum), escalator (step type, belt type, cleat type, spiral)), load type (passenger, freight, observation, others), installation (new system installation, retrofit), end use (residential (low rise building, mid rise building, high rise building), commercial (hotels, airports, subway stations, commercial complexes, offices & institutions, industrial), hospital, infrastructure & construction, transportation & logistics), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
Key Segments Profiled in the Elevator and Escalator Market Survey
By Product:
- Hydraulic Elevators
- Traction Elevators
- Machine Elevators
- Room-Less Elevators
- Step Type Elevators
- Belt Type Elevators
- Cleat Type Elevators
- Spiral Elevators
- Vacuums
By Load:
- Passenger
- Freight
- Observation
By Installation:
- New System & Installation
- Retrofit
By End User:
- Residential
- Commercial
- Hostels
- Hospitals
- Infrastructure & Construction
- Transportation & Logistics
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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