Elevator and Escalator Market to Surpass $ 105 Billion by 2025
Increasing infrastructure development, growing investments in construction projects, growth in real estate sector, increasing number of high-rise buildings and rising consumer focus on modernization to fuel global elevator & escalator market through 2025
According to TechSci Research report, “Global Elevator & Escalator Market By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, By Region, Competition Forecast & Opportunities, 2025’’, the global elevator & escalator market is projected to cross USD 105 billion by 2025, on account of growing demand for high speed and machine room less elevators. Rising development of high-rise commercial and residential buildings, increasing capital inflow into the real-estate sector, and growing infrastructure development and construction activities are expected to propel the global elevator and escalator market. Moreover, improving after sales services, proactive maintenance & modernization of equipment and use of UltraRope elevator technology for high-rise buildings are expected to positively influence the global elevator & escalator market in the coming years.
Browse 80 market data Tables and 489 Figures spread through 444 Pages and an in-depth TOC on“Global Elevator & Escalator Market “
Global Escalator & Elevator Market can be segmented based on type, service, end-user, elevator technology, elevator door type, and region. In terms of type, the market can bifurcate into Elevator, Escalator & Moving Walkways. Elevators dominated the market in 2019 and are expected to maintain its market dominance during the forecast period, backed by the wide usage in residential sector. In terms of technology, the market is segmented into Hydraulic, Traction & Machine Room-Less Traction. Traction & Machine room less traction is the widely used elevator technology, globally, owing to its better safety features, low maintenance cost and high energy efficiency compared to other technologies. Furthermore, the development of high-rise residential and commercial buildings that require faster mode of vertical transportation is anticipated to increase demand for high-speed elevators, which is possible only with traction machine elevators.
Based on service, the market can be segmented into Maintenance & Repair, New Installation and Modernization. Maintenance and Repair service segment accounts for the largest market share, due to the increasing repair, reconstruction, and rehabilitation activities of existing infrastructure along with strict government safety norms in Europe and North America. Market players are increasingly focusing on long-term maintenance and repair contracts. In the global elevator and escalator market, Asia-Pacific is the largest contributor, followed by North America and Europe, and this trend is expected to prevail over the next five years.
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Otis Elevator Company, Schindler Holding Ltd. KONE Corporation, ThyssenKrupp AG, Mitsubishi Electric Corporation, Canny Elevator Co., Ltd, Hitachi Group, Fujitec Company Limited, Hyundai Elevator, and Toshiba Elevator and Building Systems Corporation are among the leading players operating in the global escalator & elevator market. Companies operating in the market are using organic strategies such as product advancement through addition of new features, partnerships, mergers and collaborations to boost their share in global elevator & escalator market.
“Increasing infrastructure developments across major developed as well as developing countries coupled with an increasing number of multi-storey commercial and residential buildings across the globe are boosting demand for elevators and escalators, globally. Moreover, increasing construction activities, rising urbanization, technological advancements such as energy-saving regenerative drives, and strengthening after sales service have also been positively influencing the market. Continuance of such upward trend in infrastructure and construction activities across the globe is expected to drive the global elevator and escalator market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Elevator & Escalator Market By Type, By Service, By Elevator Technology, By End-User, By Elevator Door Type, By Region, Competition Forecast & Opportunities, 2025” has evaluated the future growth potential of global elevator & escalator market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global elevator & escalator market.
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