Elevator And Escalator Market Is Anticipated To Be Appraised At US$ 232,656.1 Million By 2032

Due to the rising demand over the course of the forecast period, a CAGR of 5.3% is predicted for the global elevator and escalator market. It is projected to increase in value from US$138,234.5 Million in 2022 to US$ 232,656.1 Million by 2032. Due to the expansion of the building and construction industries, it is anticipated that the market share for elevators and escalators will increase.

Moreover, continuous investment for the improvement of infrastructure at public places like railway station, airports, shopping malls, etc. is further expected to upsurge the demand for elevators and escalators during the forecast period.

Tourism is another sector which encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries.

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A key factor affecting the growth of the elevators and escalators market negatively is its high initial cost of installation. Moreover, lack of skilled labour for the after sales maintenance is expected to hamper the growth of elevators and escalators market. Furthermore, escalation in consumption of energy and power by elevators and escalators is anticipated to retard the growth of the market during the forecast period.

One of the major factors driving the growth of the elevators and escalators market is the increasing demand from the end use sectors like residential, commercial, hospitals, etc. Additionally, increasing focus of government towards high rise infrastructures coupled with increasing need of rapid transit are expected to fuel the growth of global elevators and escalators market.

Elevators and Escalators Market: Segmentation

The global elevators and escalators market can be viewed as two separate niches too, namely elevators market and escalators market. Elevators, on the basis of its capacity are segmented into 450 kg – 1150 kg, 1150 kg – 1500 kg and 1500 kg – 2000 kg. On the other hand, escalators are further segmented into moving walkway and moving stairs escalators.

Global elevators and escalators market can be segmented on the basis of carriage type, application and region. On the basis of carriage type, the elevators and escalators market is segmented into passenger and freight. On the basis of application, the market is segmented into commercial, residential, hotels, transportation, parking and hospital. On the basis of regions, the global elevators and escalators market is segmented into North America, Asia Pacific excluding Japan (APEJ), Latin America, Western Europe, Eastern Europe, Japan and Middle East & Africa (MEA).

Elevators and Escalators Market: Region-wise Outlook

Based on regions, Asia Pacific led by China and India, holds about 65% share in total ageing population of the world and is expected to be the most prominent revenue generation region in the global elevators and escalators market.  Europe followed by North America is expected to witness positive growth during the forecast period.

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Elevators and Escalators Market: Players

Some of the examples of the players identified in the global elevators and escalators market are as follows:

• Otis Elevator Company
• Kone Corporation
• Schindler Group
• Thyssenkrupp AG
• Fujitec
• Hitachi, Ltd.
• Mitsubishi Electric Corporation
• Toshiba Elevators and Building Systems Corporation
• Hyundai Elevator Co., Ltd.
• SJEC Corporation

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.