Elevator And Escalator Market Size, Share, Growth Analysis, By Type, Service, Elevator Technology, & End-use Industry, By Region - Industry Forecast 2024-2031

Global Elevator And Escalator Market size was valued at USD 79.7 billion in 2019 and is poised to grow from USD 83.86 billion in 2023 to USD 212.017 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).

The elevator and escalator market is experiencing growth driven by heightened investment in infrastructure projects across both developing and developed nations. This expansion is expected to accelerate with the construction of iconic commercial landmarks like White Magnolia Tower, Raffles City, and the Lakhta Center. Manufacturers are increasingly prioritizing safety in their products, further fueling market demand. However, the COVID-19 pandemic severely impacted the construction sector, leading to widespread lockdowns and halting financial activities. This situation resulted in diminished new building and modernization initiatives, stifling global market growth. Challenges such as cash liquidity shortages, uncertainties in public investments, and cautious investor sentiment have also hindered sales, highlighting a complex landscape for the elevator and escalator industry moving forward.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Elevator And Escalator market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Elevator And Escalator Market Segmental Analysis

Global Elevator And Escalator Market is segmented by Type, Service, Elevator Technology, End-use Industry and region. Based on Type, the market is segmented into Elevators, Escalators, Moving walkways. Based on Service, the market is segmented into New installation, Maintenance & Repair, Modernization. Based on Elevator Technology, the market is segmented into Traction, Machine- Room-Less, Hydraulic. Based on End-use Industry, the market is segmented into Residential, Commercial, Institutional, Infrastructure, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Elevator And Escalator Market

The Global Elevator and Escalator market is poised for growth, largely driven by increased infrastructure investments in developing economies. The UNCTAD Trade and Development report highlights over 40 developing countries prioritizing infrastructure projects, which indicates that government initiatives in emerging nations are likely to spur economic development through the construction of essential structures like bridges, dams, and urban facilities, such as roads and airports. For example, India plans to allocate $1.4 trillion to infrastructure over the next five years. Moreover, the focus on energy-efficient elevators and escalators presents opportunities for market expansion, as they currently account for 2% to 7% of total building energy consumption. Industries like oil and gas, manufacturing, and automotive rely on elevators for heavy object transportation, amplifying demand. Therefore, manufacturers should innovate to incorporate new features and enhance elevator efficiency.

Restraints in the Global Elevator And Escalator Market

The global elevator and escalator market faces significant restraints due to escalating concerns regarding accidents associated with these systems. Incidents often involve maintenance and repair personnel becoming trapped in the moving components of escalators and elevators. Nevertheless, it is anticipated that the frequency of such occurrences will decline as advancements in workplace safety protocols, enhanced training, and increased regulatory standards are implemented. Furthermore, manufacturers are focusing on improving the quality of their products and adhering to stringent safety regulations, which is expected to positively impact market revenues, ultimately fostering a safer operational environment within the industry.

Market Trends of the Global Elevator And Escalator Market

The Global Elevator and Escalator market is witnessing a significant shift towards sustainability, driven by consumer demand for eco-friendly products. Established companies are innovating green technologies, incorporating features like LED lighting, recycled materials, and water-soluble paints into their designs. The adoption of magnetic motors is also on the rise, providing efficient alternatives to traditional rope and pulley systems. This trend is propelling investments in environmentally conscious solutions, as evidenced by KONE's successful launch of high-rated green products such as the TransitMaster 140 escalator and S MonoSpace elevators. Such initiatives reflect a broader market commitment to sustainability, aligning with global environmental goals.