Elevator and Escalator Market Booms with 7.1% CAGR Forecast for 2024-30

Elevator and Escalator Market

Global Elevator and Escalator Market Insights Report Overview

According to the latest market study by MarkNtel Advisors titled “Global Elevator and Escalator Market: Industry Size, Share, Trends, Growth, Opportunity Analysis 2024-2030” presents a thorough examination of market drivers, opportunities and challenges.

Utilizing a quantitative approach, it offers precise insights into market size, share, and growth. Crafted by industry experts, the report delves into consumption patterns, geographical analysis, and competitive landscapes. Its objective is to furnish valuable insights for clients seeking to comprehend and leverage market dynamics. With a dual focus on historical achievements and future projections, it furnishes a nuanced understanding of the market terrain.

Elevator and Escalator Market Overview:

The Global Elevator and Escalator Market size is valued at around USD 116 Billion in 2023 and is projected to grow at a CAGR of around 7.1% during the forecast period, i.e., 2024-30.

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Global Elevator and Escalator Market Key Trend:

Rising Demand for IoT-Integrated Elevators and Escalators – With the advent of advanced technologies such as the Internet of Things (IoT) and its integration into elevators & escalators, manufacturers have maximized their revenues in the historical years. The integration has led to the smooth functioning of these setups in terms of gathering, analyzing, and exchanging data and maintaining entry and exit-related records. Other than this, IoT has enabled elevators and escalators to anticipate traffic and respond in real time with minimal error. These advantages have compelled investors and manufacturers to integrate such products with cutting-edge technologies, which, in turn, has led to market enlargement in the historical period.

Competitor Insight: Elevator and Escalator Market

This report focuses on major market participants like:

  • Canny Elevator Company Ltd.
  • Fujitec Co Ltd
  • Hitachi, Ltd.
  • Hyundai Elevator Co., Ltd.
  • Kone Oyj
  • Mitsubishi Electric Corporation
  • Orona S.Coop.
  • Otis Worldwide Corporation
  • Schindler Holding Ltd.
  • ThyssenKrupp Elevator AG
  • Toshiba Elevator and Building Systems Corporation
  • Others

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Segmentation Summary: Elevator and Escalator Market

This segmentation analysis outlines prominent sections in the report’s table of contents. Each segment undergoes thorough analysis, including sub-segments, to showcase both current and historical market sizes. The analysis underscores investment opportunities for rapid growth, particularly in the Elevator and Escalator Market, with notable highlighting on:

-By Type

  • Elevator
  • Escalator

Between the two, the Escalator segment is expected to grow substantially and emerge as the fastest-growing category in the market during the forecast period. It owes principally to the higher installation rate witnessed by the escalators, especially in the Middle East and Asian countries, owing to the higher infrastructural development, such as aerospace, entertainment, etc., in the past few years. Another factor driving the demand for escalators is the swift inclination of facility owners toward installing efficient elevators entwined with the growing awareness regarding the benefits of these varieties, including less energy consumption, smoother rides, high speeds, & the capability to serve high-rise buildings like skyscrapers. Moreover, their long vertical distance traveling abilities make them the suitable for mid-rise, high-rise, & even ultra-high-rise buildings. Backed by such aspects, the installation of elevators particularly, traction is expanding and positively influencing the industry altogether.

-By Service

  • New Installation
  • Modernization
  • Maintenance

-By End User

  • Residential
  • Commercial
  • Retail
  • Health Care
  • Hospitality
  • Government & Transportation
  • Others

Elevator and Escalator Market Geographical Reach:

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

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Key Questions Addressed:

  • Factors Driving Market Growth: Understand the primary drivers propelling the Elevator and Escalator market forward.
  • Access to Reliable Reports: Learn where to access dependable market reports for informed decision-making.
  • Growth Projections: Gain insights into anticipated growth projections for the coming years.
  • Geographical Hotspots: Identify geographical poised for significant market growth soon.

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About Us

MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.

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