Elevator & Escalator Market: Introduction Transparency Market Research delivers key insights on the global elevator & escalator market. In terms of revenue, the global elevator & escalator market is estimated to expand at a CAGR of 7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global elevator & … Continue reading Elevator & Escalator Market is projected to surpass the revenue of US$ 66.3 Bn by 2031
Elevator and Escalator Market Expected to Exceed $66.3 Billion by 2031
Elevator & Escalator Market: Introduction
Transparency Market Research delivers key insights on the global elevator & escalator market. In terms of revenue, the global elevator & escalator market is estimated to expand at a CAGR of 7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global elevator & escalator market report.
In this market report, TMR predicts that the global elevator & escalator market would be largely driven by factors such as increasing number of high-rise buildings in developing economies. Moreover, innovations in technology and design of elevators & escalators are expected to boost their demand in the upcoming years.
The elevator & escalator market report covers new installation, maintenance & repair, and refurbishing. Maintenance & repair is expected to dominate the global elevator & escalator market and expand at a rapid rate during the forecast period. Large installed base of elevators & escalators in Asia Pacific and Europe is driving the market. End users have to invest in maintenance services every year. Elevator & escalator refurbishing services is projected to witness higher growth in the near future.
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The growing commercial construction at the global level is driving the commercial segment, in terms of end use. Both developing as well as developed countries are investing in high-rise commercial complexes, which are projected to be a positive factor driving the elevator & escalator market in the near future. The Increasing number of residential buildings will lead to new installations of elevators and escalators as well as maintenance services.
In terms of elevator type, the passenger elevators segment accounted for the largest market share and is expected to maintain its dominance in the upcoming years. Majority of countries demand energy efficient passenger elevators. Developing countries investing in the real estate sector are anticipated to drive this market.
In terms of escalator type, the step type segment held the highest market share. Modern step type escalators are made of metal. Earlier, wood was also used to manufacture them. These characteristics are driving the product demand among consumers.
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Elevator & Escalator Market: Prominent Regions
Presently, Asia Pacific dominates the global elevator & escalator market, followed by North America and Europe. China is the largest consumer of elevators and escalators globally. Rising number of high-rise buildings in Asia Pacific is driving the sales of elevators as well as escalators. Supportive government policies are encouraging companies to set up their manufacturing units in this region. The elevator & escalator market in India and China is projected to expand at a higher pace. A large number of global real estate companies is investing in residential and commercial sectors in these countries. The growing disposable income, coupled with huge population, is creating the need for elevators & escalators in crowded commercial places. Rising number of shopping malls, corporate buildings, and offices in Tier 1 and Tier 2 cities is expected to boost the demand for elevators and escalators.
Europe is the second largest market for elevators & escalators globally. The availability of technologically advanced products coupled with high consumer spending on elevators and escalators over the past few years drives this market.
Elevator & Escalator Market: Key Players
The competition landscape of the elevator & escalator market is moderately fragmented with leading players accounting for majority of the revenue share. Key players operating in the global elevator & escalator market include Fujitec Co. Ltd., Hitachi, Ltd., Hyundai Elevator Co., Ltd., KONE Oyj, Mitsubishi Electric Corporation, Orona Group, Otis Elevator Company, Schindler Group, thyssenKrupp AG, and Toshiba Corporation.
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