NEW YORK , July 23, 2024 /PRNewswire/ -- The global elevator and escalator market size is estimated to grow by USD 76.7 billionn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 10.
13% during the forecast period. Increasing demand for smart elevators is driving market growth, with a trend towards elevator maintenance using iot platforms. However, reluctance to modernize elevators and reduce their energy use poses a challenge.
Key market players include Braun Elevator, Brobeil Aufzuge GmbH and Co.KG, ESCON Elevators Pvt. Ltd.
, Fuji Electric Co. Ltd., Fuji Elevators Co.
, Fujitec Co. Ltd., HIRO LIFT Hillenkotter and Ronsieck GmbH, Hitachi Ltd.
, Hyundai Elevator Co. Ltd., Kohler Co.
, KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp.
, Savaria Corp., SCHAEFER GmbH, Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp.
, Weidmuller Interface GmbH and Co. KG, and WITTUR HOLDING GmbH. Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Product (Elevators and Escalators), Application (Commercial, Residential, and Industrial), and Geography (APAC, Europe, Middle East and Africa, North America, and South America) Region Covered APAC, Europe, Middle East and Africa, North America, and South America Key companies profiled Braun Elevator, Brobeil Aufzuge GmbH and Co.
KG, ESCON Elevators Pvt. Ltd., Fuji Electric Co.
Ltd., Fuji Elevators Co., Fujitec Co.
Ltd., HIRO LIFT Hillenkotter and Ronsieck GmbH, Hitachi Ltd., Hyundai Elevator Co.
Ltd., Kohler Co., KONE Corp.
, Mitsubishi Electric Corp., Otis Worldwide Corp., Savaria Corp.
, SCHAEFER GmbH, Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp., Weidmuller Interface GmbH and Co.
KG, and WITTUR HOLDING GmbH Key Market Trends Fueling Growth The Internet of Things (IoT) is revolutionizing various industries, including the elevator and escalator market. IoT connects devices to the Internet, enabling real-time data exchange between systems and humans. This innovation offers significant benefits to businesses by enhancing building and equipment control, reducing operating costs, and improving service efficiency.
IoT integration with elevator systems allows predictive and prescriptive maintenance, minimizing downtimes. Key vendors, such as KONE Corp. And Mitsubishi Electric Corp.
, are investing in IoT and AI technology to boost efficiency. KONE Corp., for instance, uses IBM's Watson IoT Platform and Predictive Maintenance Insights for customized maintenance.
Despite security risks associated with IoT-enabled devices, continuous advancements mitigate threats. The implementation of IoT in elevator maintenance is a key growth driver for the global elevator and escalator market. The Elevator and Escalator market is experiencing significant growth due to increased construction activities in Massachusetts and the need to modernize aging infrastructure.
Sustainability and safety regulations are driving trends in this industry, with touchless controls, high-speed transportation systems in metro systems, and green elevators made from recycled materials becoming popular. Skilled labor is in high demand for installing various types of vertical transportation, including elevators, escalators, moving walkways, hydraulic lifts, cable lifts, wheelchair lifts, pneumatic lifts, glass lifts, and high-scraper elevators. Safety measures are a top priority, with temporary bans and regular inspections ensuring compliance.
Raw materials like LED lights, watersoluble paints, and building automation systems are also key components of this market. Notable projects include Deyaar Development's residential buildings and Stansted Airport's high-speed metro system. This market's economic growth is linked to infrastructure development, commercial establishments, healthcare facilities, offices, malls, residential apartments, and economic growth.
Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here! Market Challenges For more insights on driver and challenges - Download a Sample Report Segment Overview This elevator and escalator market report extensively covers market segmentation by 1.1 Elevators- The Elevator and Escalator market encompasses the production, sales, and installation of vertical transportation systems.
These systems include elevators and escalators used in commercial, residential, and industrial buildings. Market growth is driven by increasing construction activities and the need for efficient vertical transportation solutions. Key players in this market include Otis Elevator Company, Schindler Group, and Kone Corporation.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022) - Download a Sample Report Learn and explore more about Technavio's in-depth research reports The global Elevator and Escalator Services Market in GCC countries is experiencing significant growth due to rapid urbanization and infrastructure development. Key players are focusing on maintenance, modernization, and repair services to enhance safety and efficiency. In India , the Elevator and Escalator Market is booming, driven by increased construction activities and government initiatives for smart cities.
The market is characterized by strong demand for energy-efficient and technologically advanced solutions, with leading companies expanding their service portfolios to cater to diverse customer needs. Research Analysis The Elevator and Escalator market encompasses various types of vertical and horizontal transportation systems, including Elevators, Escalators, Moving Walkways, Wheelchair Lifts, Pneumatic Lifts, Glass Lifts, and High-speed systems. Massachusetts is witnessing increased construction activities, leading to a surge in demand for these systems in both new and existing buildings.
However, the aging infrastructure poses a challenge, necessitating safety regulations and sustainability initiatives. Touchless controls, safety measures, and high-speed systems are gaining popularity in transportation infrastructure, particularly in Metro systems. The market requires skilled labor and raw materials, such as steel, aluminum, and glass, to manufacture these systems.
Sustainability is a key focus, with the use of green elevators, recycled materials, LED lights, and watersoluble paints. Safety regulations and temporary bans on certain technologies, such as pneumatic lifts, impact market dynamics. High-speed elevators and escalators, including those in high-rise buildings and skyscrapers, continue to drive market growth.
Market Research Overview The Elevator and Escalator market encompasses various types of vertical transportation systems, including elevators, escalators, moving walkways, hydraulic lifts, cable lifts, wheelchair lifts, pneumatic lifts, glass lifts, high-speed lifts, and more. Massachusetts is witnessing increased construction activities, leading to a growing demand for these systems in residential buildings, industrial spaces, and commercial establishments. However, aging infrastructure and safety regulations necessitate continuous upgrades and modernization.
Sustainability is a key focus, with the adoption of green elevators made from recycled materials, LED lights, and watersoluble paints. Touchless controls and safety measures are essential for public transportation infrastructure, such as metro systems and airports. Skilled labor is crucial for installation and maintenance, while raw materials and energy efficiency are significant cost factors.
High-speed elevators and escalators are popular in metro systems, offices, malls, and residential apartments. Economic growth and the need for vertical conveyance in healthcare facilities, observation elevators, and temporary bans due to safety concerns further impact market trends. Building automation and smart elevators enhance user experience and efficiency.
Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries.
Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.
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