The global elevator and escalator market is anticipated to reach a valuation of US$ 69.0 million in 2023, driven by vertical farming and agriculture. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.2% between 2023 and 2033, and reaching a total valuation of approximately US$ 138.2 million by 2033.
The growth of the elevator and escalator market is significantly influenced by the increasing focus on accessibility initiatives. Both public and private buildings are placing greater emphasis on enhancing accessibility, resulting in a heightened demand for elevators and escalators designed to accommodate individuals with disabilities and restricted mobility.
A noteworthy driver in the market is the escalating demand for high-speed elevators in skyscrapers and mega tall buildings, particularly in emerging economies. This surge in demand is fostering innovation and expansion within this segment. Notably, elevators and escalators are increasingly being integrated with Building Management Systems to optimize energy consumption and operational efficiency, a trend expected to persist.
The adoption of remote monitoring and predictive maintenance technologies is on the rise, playing a pivotal role in minimizing downtime and enhancing service quality. Concurrently, there is a growing emphasis on incorporating sustainable materials and manufacturing processes in the production of elevators and escalators, aiming to mitigate their environmental impact.
In summary, the elevator and escalator industry is witnessing dynamic shifts driven by accessibility considerations, the demand for high-speed solutions in tall structures, integration with advanced building systems, and a growing focus on sustainability in both materials and manufacturing practices.
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The establishment of multi-modal transportation hubs, such as airports and train stations, necessitates extensive installation of elevators and escalators to efficiently manage the flow of passengers. In areas prone to natural disasters, the demand for elevators and escalators capable of withstanding earthquakes, floods, and other emergencies is on the rise.
Architects and construction firms are increasingly prioritizing the aesthetic appeal of elevators and escalators, leading to opportunities for customized designs and finishes. The emergence of the sharing economy model, with companies providing shared office spaces and co-living arrangements, is driving demand for elevators in unconventional settings.
Manufacturers of elevators and escalators may explore opportunities in international markets, particularly in regions experiencing economic growth. Additionally, the integration of energy storage solutions with elevators and escalators to manage peak power demands and reduce reliance on the grid is gaining traction.
The demand for skilled technicians to install and maintain elevator and escalator systems is creating opportunities for workforce development and training programs. Furthermore, the trend of developing smart lounges that offer personalized experiences for users while they await elevators is experiencing growth.
Key Takeaways from the Market Study
- Global elevator and escalator market was valued at US$ 64.6 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 6.8%.
- The market in China is expected to expand at a CAGR of 8.6% through 2033.
- By load, the passenger segment to account for a share of 74.1% in 2023.
- From 2023 to 2033, elevator and escalator market is expected to flourish at a CAGR of 7.2%.
- By 2033, the market value of elevator and escalator is expected to reach US$ 138.2 million.
Continued innovations in safety features, including emergency evacuation systems and anti terrorism measures, contribute to market growth. Hybrid elevator solutions that combine traditional cables with alternative systems like magnetic levitation (maglev) for increased efficiency, remarks an FMI analyst.
Competitive Landscape
Prominent players in the elevator and escalator marketare Mitsubishi Electric Corporation, Orona Group, Otis Elevator Company, Sanyo Elevator (Zhuhai) Co. Ltd., Schindler Holding Ltd., Schumacher Elevator Company, Sigma Elevator Company, Stannah Lifts Holdings Ltd., Thyssenkrupp AG, Toshiba Corporation, Hitachi Ltd., and Hyundai Elevator Co. Ltd., among others.
Recent Developments
- In 2023, Hitachi Elevator, a Japanese multinational elevator and escalator company, announced the launch of its new elevator technology, Lumada Elevator, which uses AI and IoT to improve elevator performance and efficiency.
- In the same year, Otis Elevator Company, an American multinational elevator and escalator company, announced the launch of its new elevator technology, CompassPlus, which is designed to be more user friendly and accessible.
- In 2022, LG Elevator, a South Korean multinational elevator and escalator company, announced the launch of its new elevator technology, MULTI V VRF, which uses variable refrigerant flow technology to improve energy efficiency.
- In 2022, Hyundai Elevator, a South Korean multinational elevator and escalator company, announced the launch of its new elevator technology, WIZARD, which is designed to be more intelligent and responsive to user needs.
- In the same year, Johnson Controls, an American multinational technology and industrial company, announced the launch of its new elevator technology, YORK Chillers, which are designed to be more efficient and reliable.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global elevator and escalator market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the elevator and escalator market, the market is segmented on the basis of product (hydraulic elevators, traction elevators, machine elevators, room less elevators, step type elevators, belt type elevators, cleat type elevators, spiral elevators, and vacuums), load (passenger, freight, and observation), installation (new system & installation, and retrofit), end user (residential, commercial, hostels, hospitals, infrastructure & construction, and transportation & logistics) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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Segmentation Analysis of the Elevator and Escalator Market
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
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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