The Elevator and Escalator Market size was estimated at USD 85.2 billion in 2022 and is expected to reach USD 144.21 billion by 2030 at a CAGR of 6.8% during the forecast period of 2023-2030.
In industrial settings, residential constructions, and commercial infrastructures, elevators, escalators, and moving walkways are erected and utilized. In residential structures with guest rooms, apartments, and cheap houses, elevators and escalators are employed. Other types of lifts on the market include hydraulic lifts, cable lifts, wheelchair lifts, pneumatic lifts, and glass lifts. Elevators and escalators are used at shipyards, industrial sites, pulp & paper, and industrial areas for freight and cargo. In the industrial sector, items, concrete, and inventories are moved from one floor to another using elevators and escalators. The expansion of the elevator and escalator market is driven by rising investments in residential and commercial building projects in developed and developing nations like India, China, the United States, and others.
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Additionally, it is anticipated that the construction of high-scraper projects will increase throughout several locations.
MARKET DYNAMICS
DRIVERS
The demand for accessible infrastructure, such as elevators and escalators, to accommodate those with mobility impairments, is growing, as the world's population ages.
More energy-efficient elevator and escalator systems are being developed by manufacturers as a result of rising energy prices and environmental concerns.
The performance, safety, and convenience of these systems are improved through the Integration of cutting-edge technology like IoT (Internet of Things), predictive maintenance, and smart controls.
RESTRAIN
Safety and environmental restrictions that are too strict can raise production costs and stifle product innovation.
Because there are so many established competitors and newcomers in the elevator and escalator market, there is intense price competition, which lowers profit margins.
The pandemic hindered building projects and decreased demand for new installations, which affected the expansion of the sector.
OPPORTUNITY
Opportunities for businesses that can develop in this field are presented by the desire for eco-friendly and energy-efficient technologies.
For service providers, the requirement to maintain and enhance current elevator and escalator systems provides a consistent source of income.
Utilizing touchless controls and predictive maintenance in smart elevators and escalators can create new market niches.
CHALLENGES
Manufacturing and distribution can be hampered by weaknesses in the worldwide supply chain, as shown by the COVID-19 pandemic.
Maintaining passenger safety is of utmost importance, and any mishaps or malfunctions may result in legal action and reputational harm.
Elevators and escalators produce carbon emissions and use electricity. Sustainability issues must be addressed by businesses.
IMPACT OF RUSSIAN RUSSIAN-UKRAINE WAR
Elevator and escalator parts are manufactured in Russia and Ukraine and sold on the international market. The battle might sabotage the supply chain, reducing the supply of vital parts and resources. International manufacturing and installation projects could be delayed if the country implements export restrictions or has transportation problems. Increased material costs may put pressure on producers' profit margins, which may result in higher prices for consumers. Imported elevator and escalator technology is used in many developing countries, particularly in Eastern Europe and Central Asia. The war's instability might discourage foreign investment and delay building initiatives in these areas. The activities and investments of foreign elevator and escalator manufacturers with a presence in Russia and Ukraine could be reviewed, which a relocation or restructure of their regional enterprises.
IMPACT OF ONGOING RECESSION
Construction activity often slows down during a recession because there is less demand for new structures, both residential and commercial. The need for new elevator and escalator installations may decline as a result of the drop in construction projects. Budget constraints become a common worry during recessions. Property owners and developers could place a higher priority on cost-cutting strategies, which could result in a preference for more affordable elevator and escalator systems or a postponement of modernization and maintenance projects. Companies may become more price-sensitive during a recession. Manufacturers of escalators and elevators may have greater competition and pressure to provide affordable solutions to draw consumers. Depending on the location, a recession may have different effects on the elevator and escalator sectors. Construction may continue in some locations because of unique demand considerations, such as housing. In some cases, the market may be adversely impacted by Shortages or infrastructural developments.
By Product
Elevators
Escalators
Moving Walkway
By Business
New Equipment
Maintenance
Modernization
By Application
Residential
Commercial
Industrial
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REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSES
From 2021 to 2030, it is anticipated that the APAC region will dominate the elevators and escalators industry, both in terms of volume and value. The increasing demand from China and India is driving the market in the Asia Pacific Region. Some of the driving forces behind the market include the simple accessibility of raw resources, the low cost of labor, and a relatively strict regulatory structure in these emerging nations. China, India, and Japan are the leading markets in Asia Pacific, whereas the US is the biggest market in North America. The market for elevators and escalators in APAC is anticipated to be driven by the expanding use of these devices in the region's infrastructural, commercial, and residential sectors. As the middle class expands, discretionary money rises, and lifestyles change, industrialization is anticipated to fuel demand for escalators and elevators throughout the projected period.
The major key players are ThyssenKrupp AG (Cinven, Advent, and RAG Foundation), CT Elevator Pte Ltd, Schindler, KONE CORPORATION, Hitachi, Ltd., HYUNDAI ELEVATOR CO. LTD., Mitsubishi Electric Corporation, Otis Worldwide Corporation, FUJITEC CO., LTD, Toshiba Corporation and others.
CT Elevator Pte Ltd-Company Financial Analysis
RECENT DEVELOPMENT
Hyundai and LG Electronics: In August 2021, A MoU for the delivery of smart building solutions and robotic synchronization was inked by Hyundai and LG Electronics. Companies hope to exchange technology that links elevators with automatically driving robots through this Memorandum of Understanding. It is primarily a smart building solution that makes use of a home network setup and signage technologies from LG Electronics.
Hitachi Ltd: In July 2021, New elevator technology was introduced by Hitachi Elevator Asia Pte. Ltd. (Hitachi Elevator Asia), a division of Hitachi Ltd. During the COVID-19 pandemic, this technology's sanitary, safer elevator system may come in handy. The touchless buttons on this device can be used to operate touchless control systems. It features movable control systems and can manage Lifts on several Floors.
| Report Attributes | Details |
| Market Size in 2022 | US$ 85.2 Bn |
| Market Size by 2030 | US$ 144.21 Bn |
| CAGR | CAGR of 6.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Elevators, Escalators, Moving Walkway) • By Business (New Equipment, Maintenance, Modernization) • By Application (Residential, Commercial, Industrial) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | ThyssenKrupp AG (Cinven, Advent and RAG Foundation), CT Elevator Pte Ltd, Schindler, KONE CORPORATION, Hitachi, Ltd., HYUNDAI ELEVATOR CO. LTD., Mitsubishi Electric Corporation, Otis Worldwide Corporation, FUJITEC CO., LTD, Toshiba Corporation |
| Key Drivers | • The demand for accessible infrastructure, such as elevators and escalators, to accommodate those with mobility impairments, is growing, as the world's population ages. • More energy-efficient elevator and escalator systems are being developed by manufacturers as a result of rising energy prices and environmental concerns. • The performance, safety, and convenience of these systems are improved through the Integration of cutting-edge technology like IoT (Internet of Things), predictive maintenance, and smart controls. |
| Market Challenges | • Manufacturing and distribution can be hampered by weaknesses in the worldwide supply chain, as shown by the COVID-19 pandemic. • Maintaining passenger safety is of utmost importance, and any mishaps or malfunctions may result in legal action and reputational harm. • Elevators and escalators produce carbon emissions and use electricity. Sustainability issues must be addressed by businesses. |
The Elevator and Escalator Market is expected to grow at 6.9% CAGR from 2023 to 2030.
According to our analysis, the Elevator and Escalator Market is anticipated to reach USD 142.54 billion By 2030.
The market is anticipated to develop as a result of rising infrastructure expenditure and an increase in the use of energy-efficient elevators and escalators.
The leading participants in the ThyssenKrupp AG (Cinven, Advent, and RAG Foundation), CT Elevator Pte Ltd, Schindler, KONE CORPORATION, Hitachi, Ltd.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Elevator and Escalator Market, By Product
8.1 Elevators
8.2 Escalators
8.3 Moving Walkway
9. Elevator and Escalator Market, By Business
9.1 New Equipment
9.2 Maintenance
9.3 Modernization
10. Elevator and Escalator Market, By Application
10.1 Residential
10.2 Commercial
10.3 Industrial
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Elevator and Escalator Market by Country
11.2.2North America Elevator and Escalator Market By Product
11.2.3 North America Elevator and Escalator Market By Business
11.2.4 North America Elevator and Escalator Market By Application
11.2.5 USA
11.2.5.1 USA Elevator and Escalator Market By Product
11.2.5.2 USA Elevator and Escalator Market By Business
11.2.5.3 USA Elevator and Escalator Market By Application
11.2.6 Canada
11.2.6.1 Canada Elevator and Escalator Market By Product
11.2.6.2 Canada Elevator and Escalator Market By Business
11.2.6.3 Canada Elevator and Escalator Market By Application
11.2.7 Mexico
11.2.7.1 Mexico Elevator and Escalator Market By Product
11.2.7.2 Mexico Elevator and Escalator Market By Business
11.2.7.3 Mexico Elevator and Escalator Market By Application
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Elevator and Escalator Market by Country
11.3.1.2 Eastern Europe Elevator and Escalator Market By Product
11.3.1.3 Eastern Europe Elevator and Escalator Market By Business
11.3.1.4 Eastern Europe Elevator and Escalator Market By Application
11.3.1.5 Poland
11.3.1.5.1 Poland Elevator and Escalator Market By Product
11.3.1.5.2 Poland Elevator and Escalator Market By Business
11.3.1.5.3 Poland Elevator and Escalator Market By Application
11.3.1.6 Romania
11.3.1.6.1 Romania Elevator and Escalator Market By Product
11.3.1.6.2 Romania Elevator and Escalator Market By Business
11.3.1.6.4 Romania Elevator and Escalator Market By Application
11.3.1.7 Turkey
11.3.1.7.1 Turkey Elevator and Escalator Market By Product
11.3.1.7.2 Turkey Elevator and Escalator Market By Business
11.3.1.7.3 Turkey Elevator and Escalator Market By Application
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Elevator and Escalator Market By Product
11.3.1.8.2 Rest of Eastern Europe Elevator and Escalator Market By Business
11.3.1.8.3 Rest of Eastern Europe Elevator and Escalator Market By Application
11.3.2 Western Europe
11.3.2.1 Western Europe Elevator and Escalator Market By Product
11.3.2.2 Western Europe Elevator and Escalator Market By Business
11.3.2.3 Western Europe Elevator and Escalator Market By Application
11.3.2.4 Germany
11.3.2.4.1 Germany Elevator and Escalator Market By Product
11.3.2.4.2 Germany Elevator and Escalator Market By Business
11.3.2.4.3 Germany Elevator and Escalator Market By Application
11.3.2.5 France
11.3.2.5.1 France Elevator and Escalator Market By Product
11.3.2.5.2 France Elevator and Escalator Market By Business
11.3.2.5.3 France Elevator and Escalator Market By Application
11.3.2.6 UK
11.3.2.6.1 UK Elevator and Escalator Market By Product
11.3.2.6.2 UK Elevator and Escalator Market By Business
11.3.2.6.3 UK Elevator and Escalator Market By Application
11.3.2.7 Italy
11.3.2.7.1 Italy Elevator and Escalator Market By Product
11.3.2.7.2 Italy Elevator and Escalator Market By Business
11.3.2.7.3 Italy Elevator and Escalator Market By Application
11.3.2.8 Spain
11.3.2.8.1 Spain Elevator and Escalator Market By Product
11.3.2.8.2 Spain Elevator and Escalator Market By Business
11.3.2.8.3 Spain Elevator and Escalator Market By Application
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Elevator and Escalator Market By Product
11.3.2.9.2 Netherlands Elevator and Escalator Market By Business
11.3.2.9.3 Netherlands Elevator and Escalator Market By Application
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Elevator and Escalator Market By Product
11.3.2.10.2 Switzerland Elevator and Escalator Market By Business
11.3.2.10.3 Switzerland Elevator and Escalator Market By Application
11.3.2.11.1 Austria
11.3.2.11.2 Austria Elevator and Escalator Market By Product
11.3.2.11.3 Austria Elevator and Escalator Market By Business
11.3.2.11.4 Austria Elevator and Escalator Market By Application
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Elevator and Escalator Market By Product
11.3.2.12.2 Rest of Western Europe Elevator and Escalator Market By Business
11.3.2.12.3 Rest of Western Europe Elevator and Escalator Market By Application
11.4 Asia-Pacific
11.4.1 Asia-Pacific Elevator and Escalator Market by Country
11.4.2 Asia-Pacific Elevator and Escalator Market By Product
11.4.3 Asia-Pacific Elevator and Escalator Market By Business
11.4.4 Asia-Pacific Elevator and Escalator Market By Application
11.4.5 China
11.4.5.1 China Elevator and Escalator Market By Product
11.4.5.2 China Elevator and Escalator Market By Business
11.4.5.3 China Elevator and Escalator Market By Application
11.4.6 India
11.4.6.1 India Elevator and Escalator Market By Product
11.4.6.2 India Elevator and Escalator Market By Business
11.4.6.3 India Elevator and Escalator Market By Application
11.4.7 Japan
11.4.7.1 Japan Elevator and Escalator Market By Product
11.4.7.2 Japan Elevator and Escalator Market By Business
11.4.7.3 Japan Elevator and Escalator Market By Application
11.4.8 South Korea
11.4.8.1 South Korea Elevator and Escalator Market By Product
11.4.8.2 South Korea Elevator and Escalator Market By Business
11.4.8.3 South Korea Elevator and Escalator Market By Application
11.4.9 Vietnam
11.4.9.1 Vietnam Elevator and Escalator Market By Product
11.4.9.2 Vietnam Elevator and Escalator Market By Business
11.4.9.3 Vietnam Elevator and Escalator Market By Application
11.4.10 Singapore
11.4.10.1 Singapore Elevator and Escalator Market By Product
11.4.10.2 Singapore Elevator and Escalator Market By Business
11.4.10.3 Singapore Elevator and Escalator Market By Application
11.4.11 Australia
11.4.11.1 Australia Elevator and Escalator Market By Product
11.4.11.2 Australia Elevator and Escalator Market By Business
11.4.11.3 Australia Elevator and Escalator Market By Application
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Elevator and Escalator Market By Product
11.4.12.2 Rest of Asia-Pacific Elevator and Escalator Market By Business
11.4.12.3 Rest of Asia-Pacific Elevator and Escalator Market By Application
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Elevator and Escalator Market by Country
11.5.1.2 Middle East Elevator and Escalator Market By Product
11.5.1.3 Middle East Elevator and Escalator Market By Business
11.5.1.4 Middle East Elevator and Escalator Market By Application
11.5.1.5 UAE
11.5.1.5.1 UAE Elevator and Escalator Market By Product
11.5.1.5.2 UAE Elevator and Escalator Market By Business
11.5.1.5.3 UAE Elevator and Escalator Market By Application
11.5.1.6 Egypt
11.5.1.6.1 Egypt Elevator and Escalator Market By Product
11.5.1.6.2 Egypt Elevator and Escalator Market By Business
11.5.1.6.3 Egypt Elevator and Escalator Market By Application
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Elevator and Escalator Market By Product
11.5.1.7.2 Saudi Arabia Elevator and Escalator Market By Business
11.5.1.7.3 Saudi Arabia Elevator and Escalator Market By Application
11.5.1.8 Qatar
11.5.1.8.1 Qatar Elevator and Escalator Market By Product
11.5.1.8.2 Qatar Elevator and Escalator Market By Business
11.5.1.8.3 Qatar Elevator and Escalator Market By Application
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Elevator and Escalator Market By Product
11.5.1.9.2 Rest of Middle East Elevator and Escalator Market By Business
11.5.1.9.3 Rest of Middle East Elevator and Escalator Market By Application
11.5.2 Africa
11.5.2.1 Africa Elevator and Escalator Market by Country
11.5.2.2 Africa Elevator and Escalator Market By Product
11.5.2.3 Africa Elevator and Escalator Market By Business
11.5.2.4 Africa Elevator and Escalator Market By Application
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Elevator and Escalator Market By Product
11.5.2.5.2 Nigeria Elevator and Escalator Market By Business
11.5.2.5.3 Nigeria Elevator and Escalator Market By Application
11.5.2.6 South Africa
11.5.2.6.1 South Africa Elevator and Escalator Market By Product
11.5.2.6.2 South Africa Elevator and Escalator Market By Business
11.5.2.6.3 South Africa Elevator and Escalator Market By Application
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Elevator and Escalator Market By Product
11.5.2.7.2 Rest of Africa Elevator and Escalator Market By Business
11.5.2.7.3 Rest of Africa Elevator and Escalator Market By Application
11.6 Latin America
11.6.1 Latin America Elevator and Escalator Market by Country
11.6.2 Latin America Elevator and Escalator Market By Product
11.6.3 Latin America Elevator and Escalator Market By Business
11.6.4 Latin America Elevator and Escalator Market By Application
11.6.5 Brazil
11.6.5.1 Brazil Elevator and Escalator Market By Product
11.6.5.2 Brazil Elevator and Escalator Market By Business
11.6.5.3 Brazil Elevator and Escalator Market By Application
11.6.6 Argentina
11.6.6.1 Argentina Elevator and Escalator Market By Product
11.6.6.2 Argentina Elevator and Escalator Market By Business
11.6.6.3 Argentina Elevator and Escalator Market By Application
11.6.7 Colombia
11.6.7.1 Colombia Elevator and Escalator Market By Product
11.6.7.2 Colombia Elevator and Escalator Market By Business
11.6.7.3 Colombia Elevator and Escalator Market By Application
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Elevator and Escalator Market By Product
11.6.8.2 Rest of Latin America Elevator and Escalator Market By Business
11.6.8.3 Rest of Latin America Elevator and Escalator Market By Application
12. Company profile
12.1 thyssenkrupp AG (Cinven, Advent and RAG Foundation)
12.1.1 Company Overview
12.1.2 Financials
12.1.3 Product Type/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 CT Elevator Pte Ltd
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product Type/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Schindler
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product Type/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 KONE CORPORATION
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product Type/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Hitachi, Ltd
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product Type/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 HYUNDAI ELEVATOR CO. LTD.
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product Type/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Mitsubishi Electric Corporation
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product Type/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Otis Worldwide Corporation
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product Type/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 FUJITEC CO., LTD
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product Type/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Toshiba Corporation
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product Type/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Application News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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The Automatic Tube Cleaning System Market size was estimated at USD 115 million in 2022 and is expected to reach USD 159.8 million by 2030 at a CAGR of 4.2% during the forecast period of 2023-2030.
The Industrial Automation Market size was estimated at USD 206.85 Billion in 2022 and is expected to reach USD 433.8 Billion by 2030 at a CAGR of 9.7% during the forecast period of 2023-2030.
The Renting & Leasing Test and Measurement Equipment Market develop at a CAGR of 4.3% over the forecast period 2023-2030.
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