Elevator and Escalator Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for elevators and escalators. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure.

Key Insights:

Elevator and Escalator Market Size (2024E): US$97.6 Bn
Projected Market Value (2031F): US$150.7 Bn
Global Market Growth Rate (CAGR 2024 to 2031): 6.4%

Elevator and Escalator Market - Report Scope:

Elevators and escalators are essential components of modern infrastructure, playing a crucial role in enhancing the efficiency and accessibility of buildings. This market encompasses various product types, including passenger elevators, freight elevators, escalators, and moving walkways. The market caters to commercial, residential, and industrial sectors, providing solutions that improve vertical transportation and accessibility in high-rise buildings, shopping malls, airports, and other facilities. Market growth is driven by urbanization, increasing construction activities, and advancements in elevator and escalator technology, which enhance performance, safety, and energy efficiency.

Market Growth Drivers:

The global elevators and escalators market is propelled by several key factors, including rapid urbanization and the increasing number of high-rise buildings. The demand for modern, efficient, and eco-friendly transportation solutions in commercial and residential spaces is driving market expansion. Technological advancements, such as the integration of IoT and smart technologies, offer enhanced functionality, predictive maintenance, and energy efficiency, further fueling market growth. The rise in construction activities and the renovation of existing infrastructure also contribute to the growing need for advanced elevators and escalators.

Market Restraints:

Despite promising growth prospects, the elevators and escalators market faces challenges related to high installation and maintenance costs. Regulatory compliance and safety standards impose additional costs and operational burdens on manufacturers and service providers. Moreover, the market is affected by fluctuations in raw material prices and supply chain disruptions. Addressing these challenges requires innovation in cost-effective solutions and streamlined regulatory processes to improve market accessibility and operational efficiency.

Market Opportunities:

The elevators and escalators market presents significant growth opportunities driven by emerging trends in smart building technologies and green construction practices. The integration of advanced technologies, such as predictive analytics, energy-efficient systems, and smart control mechanisms, enhances market appeal and opens new avenues for innovation. Additionally, the expansion of urban infrastructure and the development of mega-projects offer substantial growth potential for market players. Strategic partnerships, investment in R&D, and the introduction of sustainable and cost-effective solutions are essential to capitalize on these opportunities and sustain market leadership.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the elevators and escalators market globally?
Which product types and applications are driving adoption across different sectors?
How are technological advancements reshaping the competitive landscape of the elevators and escalators market?
Who are the key players contributing to the elevators and escalators market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the global elevators and escalators market?

Competitive Intelligence and Business Strategy:

Leading players in the global elevators and escalators market, including Otis Worldwide Corporation, Schindler Group, and KONE Corporation, focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest in R&D to develop advanced elevator and escalator solutions, including energy-efficient systems, smart technologies, and customized solutions for diverse applications. Collaborations with construction firms, real estate developers, and technology providers facilitate market access and promote technology adoption. Emphasis on safety, reliability, and sustainability enhances market growth and fosters customer loyalty in the rapidly evolving elevators and escalators landscape.

Key Companies Profiled:

KONE Corporation
Hitachi Ltd.
Schindler Group
Otis
Toshiba Elevators and Building Systems Corporation
Mitsubishi Electric Corporation
TK Elevator
Hyundai Elevator Co. Ltd.
Fujitec Co., Ltd.
SJEC Corporation

Elevator and Escalator Market Research Segmentation

By Product

Elevator
Escalator
Moving Walkways

By Technology

Traction Elevator
Machine room less traction elevator
Hydraulic

By End-Use Industry

Residential
Commercial
Institutional
Infrastructure

By Service

New installation
Maintenance & repair
Modernization

By Region

North America
Europe
Asia Pacific
South America
The Middle East & Africa

Product Code: PMRREP34696

1. Executive Summary

1.1. Global Elevator and Escalator Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Macro-Economic Factors
- 2.3.1. Global Sectorial Outlook
- 2.3.2. Global GDP Growth Outlook
- 2.3.3. Global Construction Industry Outlook
2.4. COVID-19 Impact Analysis
2.5. Forecast Factors - Relevance and Impact

3. Value Added Insights

3.1. Product Adoption Analysis
3.2. Growing Urbanization and Infrastructure Development
3.3. Advancements in Technology
3.4. Regulatory Landscape
3.5. Value Chain Analysis
- 3.5.1. List of Distribution Channel/Marketplaces
  - 3.5.1.1. Retail
  - 3.5.1.2. Independent Dealers
  - 3.5.1.3. Distributor Network
  - 3.5.1.4. Online Platforms
- 3.5.2. List of End User (Industry)
3.6. Key Deals and Mergers
3.7. PESTLE Analysis
3.8. Porter's Five Force Analysis

4. Price Trend Analysis, 2019-2031

4.1. Key Highlights
4.2. Key Factors Impacting Product Prices
4.3. Pricing Analysis, By Product
4.4. Regional Prices and Product Preferences

5. Global Elevator and Escalator Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
- 5.1.1. Market Volume (Units) Projections
- 5.1.2. Market Size (US$ Bn) and Y-o-Y Growth
- 5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
- 5.2.1. Historical Market Size (US$ Bn) Analysis, 2019-2023
- 5.2.2. Current Market Size (US$ Bn) Analysis and Forecast, 2024-2031
5.3. Global Elevator and Escalator Market Outlook: Product
- 5.3.1. Introduction / Key Findings
- 5.3.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Product, 2019-2023
- 5.3.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product, 2024-2031
  - 5.3.3.1. Elevator
  - 5.3.3.2. Escalator
  - 5.3.3.3. Moving Walkways
5.4. Market Attractiveness Analysis: Product
5.5. Global Elevator and Escalator Market Outlook: Technology
- 5.5.1. Introduction / Key Findings
- 5.5.2. Historical Market Size (US$ Bn) Analysis, By Technology, 2019-2023
- 5.5.3. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
  - 5.5.3.1. Traction Elevator
  - 5.5.3.2. Machine room-less Traction Elevator
  - 5.5.3.3. Hydraulic
5.6. Market Attractiveness Analysis: Technology
5.7. Global Elevator and Escalator Market Outlook: End-use Industry
- 5.7.1. Introduction / Key Findings
- 5.7.2. Historical Market Size (US$ Bn) Analysis, By End-use Industry, 2019-2023
- 5.7.3. Current Market Size (US$ Bn) Analysis and Forecast, By End-use Industry, 2024-2031
  - 5.7.3.1. Residential
  - 5.7.3.2. Commercial
  - 5.7.3.3. Institutional
  - 5.7.3.4. Infrastructure
  - 5.7.3.5. Others
5.8. Market Attractiveness Analysis: End-use Industry
5.9. Global Elevator and Escalator Market Outlook: Service
- 5.9.1. Introduction / Key Findings
- 5.9.2. Historical Market Size (US$ Bn) Analysis, By Service, 2019-2023
- 5.9.3. Current Market Size (US$ Bn) Analysis and Forecast, By Service, 2024-2031
  - 5.9.3.1. New installation
  - 5.9.3.2. Maintenance & repair
  - 5.9.3.3. Modernization
5.10. Market Attractiveness Analysis: Service

6. Global Elevator and Escalator Market Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Region, 2019-2023
6.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Region, 2024-2031
- 6.3.1. North America
- 6.3.2. Europe
- 6.3.3. East Asia
- 6.3.4. South Asia and Oceania
- 6.3.5. Latin America
- 6.3.6. Middle East & Africa
6.4. Market Attractiveness Analysis: Region

7. North America Elevator and Escalator Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 7.3.1. By Country
- 7.3.2. By Product
- 7.3.3. By Technology
- 7.3.4. By End-use Industry
- 7.3.5. Service
7.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 7.4.1. U.S.
- 7.4.2. Canada
7.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product, 2024-2031
- 7.5.1. Elevator
- 7.5.2. Escalator
- 7.5.3. Moving Walkways
7.6. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 7.6.1. Traction Elevator
- 7.6.2. Machine room-less Traction Elevator
- 7.6.3. Hydraulic
7.7. Current Market Size (US$ Bn) Analysis and Forecast, By End-use Industry, 2024-2031
- 7.7.1. Residential
- 7.7.2. Commercial
- 7.7.3. Institutional
- 7.7.4. Infrastructure
- 7.7.5. Others
7.8. Current Market Size (US$ Bn) Analysis and Forecast, By Service, 2024-2031
- 7.8.1. New installation
- 7.8.2. Maintenance & repair
- 7.8.3. Modernization
7.9. Market Attractiveness Analysis

8. Europe Elevator and Escalator Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 8.3.1. By Country
- 8.3.2. By Product
- 8.3.3. By Technology
- 8.3.4. By End-use Industry
- 8.3.5. Service
8.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 8.4.1. Germany
- 8.4.2. France
- 8.4.3. U.K.
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Turkey
- 8.4.8. Rest of Europe
8.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product, 2024-2031
- 8.5.1. Elevator
- 8.5.2. Escalator
- 8.5.3. Moving Walkways
8.6. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 8.6.1. Traction Elevator
- 8.6.2. Machine room-less Traction Elevator
- 8.6.3. Hydraulic
8.7. Current Market Size (US$ Bn) Analysis and Forecast, By End-use Industry, 2024-2031
- 8.7.1. Residential
- 8.7.2. Commercial
- 8.7.3. Institutional
- 8.7.4. Infrastructure
- 8.7.5. Others
8.8. Current Market Size (US$ Bn) Analysis and Forecast, By Service, 2024-2031
- 8.8.1. New installation
- 8.8.2. Maintenance & repair
- 8.8.3. Modernization
8.9. Market Attractiveness Analysis

9. East Asia Elevator and Escalator Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 9.3.1. By Country
- 9.3.2. By Product
- 9.3.3. By Technology
- 9.3.4. By End-use Industry
- 9.3.5. Service
9.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 9.4.1. China
- 9.4.2. Japan
- 9.4.3. South Korea
9.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product, 2024-2031
- 9.5.1. Elevator
- 9.5.2. Escalator
- 9.5.3. Moving Walkways
9.6. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 9.6.1. Traction Elevator
- 9.6.2. Machine room-less Traction Elevator
- 9.6.3. Hydraulic
9.7. Current Market Size (US$ Bn) Analysis and Forecast, By End-use Industry, 2024-2031
- 9.7.1. Residential
- 9.7.2. Commercial
- 9.7.3. Institutional
- 9.7.4. Infrastructure
- 9.7.5. Others
9.8. Current Market Size (US$ Bn) Analysis and Forecast, By Service, 2024-2031
- 9.8.1. New installation
- 9.8.2. Maintenance & repair
- 9.8.3. Modernization
9.9. Market Attractiveness Analysis

10. South Asia & Oceania Elevator and Escalator Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 10.3.1. By Country
- 10.3.2. By Product
- 10.3.3. By Technology
- 10.3.4. By End-use Industry
- 10.3.5. Service
10.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 10.4.1. India
- 10.4.2. Southeast Asia
- 10.4.3. ANZ
- 10.4.4. Rest of South Asia & Oceania
10.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product, 2024-2031
- 10.5.1. Elevator
- 10.5.2. Escalator
- 10.5.3. Moving Walkways
10.6. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 10.6.1. Traction Elevator
- 10.6.2. Machine room-less Traction Elevator
- 10.6.3. Hydraulic
10.7. Current Market Size (US$ Bn) Analysis and Forecast, By End-use Industry, 2024-2031
- 10.7.1. Residential
- 10.7.2. Commercial
- 10.7.3. Institutional
- 10.7.4. Infrastructure
- 10.7.5. Others
10.8. Current Market Size (US$ Bn) Analysis and Forecast, By Service, 2024-2031
- 10.8.1. New installation
- 10.8.2. Maintenance & repair
- 10.8.3. Modernization
10.9. Market Attractiveness Analysis

11. Latin America Elevator and Escalator Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

11.1. Key Highlights
11.2. Pricing Analysis
11.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 11.3.1. By Country
- 11.3.2. By Product
- 11.3.3. By Technology
- 11.3.4. By End-use Industry
- 11.3.5. Service
11.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 11.4.1. Brazil
- 11.4.2. Mexico
- 11.4.3. Rest of Latin America
11.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product, 2024-2031
- 11.5.1. Elevator
- 11.5.2. Escalator
- 11.5.3. Moving Walkways
11.6. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 11.6.1. Traction Elevator
- 11.6.2. Machine room-less Traction Elevator
- 11.6.3. Hydraulic
11.7. Current Market Size (US$ Bn) Analysis and Forecast, By End-use Industry, 2024-2031
- 11.7.1. Residential
- 11.7.2. Commercial
- 11.7.3. Institutional
- 11.7.4. Infrastructure
- 11.7.5. Others
11.8. Current Market Size (US$ Bn) Analysis and Forecast, By Service, 2024-2031
- 11.8.1. New installation
- 11.8.2. Maintenance & repair
- 11.8.3. Modernization
11.9. Market Attractiveness Analysis

12. Middle East & Africa Elevator and Escalator Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

12.1. Key Highlights
12.2. Pricing Analysis
12.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 12.3.1. By Country
- 12.3.2. By Product
- 12.3.3. By Technology
- 12.3.4. By End-use Industry
- 12.3.5. Service
12.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 12.4.1. GCC Countries
- 12.4.2. Egypt
- 12.4.3. South Africa
- 12.4.4. Northern Africa
- 12.4.5. Rest of Middle East & Africa
12.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product, 2024-2031
- 12.5.1. Elevator
- 12.5.2. Escalator
- 12.5.3. Moving Walkways
12.6. Current Market Size (US$ Bn) Analysis and Forecast, By Technology, 2024-2031
- 12.6.1. Traction Elevator
- 12.6.2. Machine room-less Traction Elevator
- 12.6.3. Hydraulic
12.7. Current Market Size (US$ Bn) Analysis and Forecast, By End-use Industry, 2024-2031
- 12.7.1. Residential
- 12.7.2. Commercial
- 12.7.3. Institutional
- 12.7.4. Infrastructure
- 12.7.5. Others
12.8. Current Market Size (US$ Bn) Analysis and Forecast, By Service, 2024-2031
- 12.8.1. New installation
- 12.8.2. Maintenance & repair
- 12.8.3. Modernization
12.9. Market Attractiveness Analysis

13. Competition Landscape

13.1. Market Share Analysis, 2024
13.2. Market Structure
- 13.2.1. Competition Intensity Mapping By Market
- 13.2.2. Competition Dashboard
13.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 13.3.1. KONE Corporation
  - 13.3.1.1. Overview
  - 13.3.1.2. Segments and Products
  - 13.3.1.3. Key Financials
  - 13.3.1.4. Market Developments
  - 13.3.1.5. Market Strategy
- 13.3.2. Hitachi Ltd.
- 13.3.3. Schindler Group
- 13.3.4. Otis
- 13.3.5. Toshiba Elevators and Building Systems Corporation
- 13.3.6. Mitsubishi Electric Corporation
- 13.3.7. TK Elevator
- 13.3.8. Hyundai Elevator Co. Ltd.
- 13.3.9. Fujitec Co., Ltd.
- 13.3.10. SJEC Corporation
- 13.3.11. Kleemann Group
- 13.3.12. Sigma Elevator Company
- 13.3.13. Orona Group
- 13.3.14. Other Players

14. Appendix

14.1. Research Methodology
14.2. Research Assumptions
14.3. Acronyms and Abbreviations