Europe Currently Holds 25.6%, The Largest Share Of The Elevator And Escalator Market

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.

Some benefits of hydraulic elevators include low civil engineering requirements, high security, and exceptional shaft utilization. The growing trend to replace outdated infrastructure with skyscrapers in order to meet growing demand is also predicted to increase the size of the global market.

On the other hand, strict workplace security and safety regulations, training to reduce accidents, and a rise in product quality brought on by manufacturers are anticipated to drive revenue for the future expansion of the elevator and escalator markets.

The popularity of Hitachi’s moving walkways is growing as a result of the development of futuristic technology that can move many people with the least amount of waiting time. This will probably offer original solutions for current elevator and escalator market trends.

The incorporation of IoT represents a significant growth opportunity for the market. Additionally, it is anticipated that the trend toward commercial and mixed-block development will increase demand for elevators and escalators in the real estate sector.

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Infrastructural development witnessed across the world, besides the increase in population is encouraging growth in the construction indusCtry. This has been creating growth opportunities for the elevator and escalator market. Despite requiring expert handling and maintenance expenditure, the demand for elevators and escalators are projected to increase further in the coming years.

The recent COVID-19 outbreak has resulted in declining market growth. However, several factors are expected to drive the elevator and escalator market during the forecast period.

FMI offers an exhaustive overview of the elevator and escalator market along with its potential, growth drivers and restraints.

Some of the key takeaways from the report are highlighted below-

• Product-wise, the elevator is expected to lead the market followed by escalator during the forecast period
• Load type-wise, the passenger segment will exhibit hegemony in the coming years
• The new system installation type is set to gain traction in the global market
• Commercial end-use segment is projected to exhibit the highest growth followed by the residential segment throughout the forecast period
• New-age IoT technology will cater to the steady market growth in the near future
• East Asia elevator and escalator market will maintain the lead while emerging as the highest growing market among all other regions

COVID-19 Impact Analysis

The elevator and escalator market growth has been declining due to the novel coronavirus outbreak. As consumers have shifted their focus more on emergency services such as medical, diagnostic, pharmaceutical and others instead of building and construction sectors, the market growth rate has fallen temporarily.

Added to this, the factors such as non-operational manufacturing units, unavailability of labours, scarcity of raw materials, disruptive supply chain and logistics sector, financial crisis, job recession, and others have slowed down the progress of market.

According to FMI, the elevator and escalator market is set to recover by the first quarter of the year 2021.

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Competitive Landscape

As the elevator and escalator market potential is growing gradually, key market players are investing their efforts and assets to capitalize on the coming opportunities. Leading companies are focusing on launching a diverse range of products to target a broad range of end users.

For instance,

• Fujitec Co., Ltd launched its advanced range of elevators – Viridian MRL, Viridian PMGL, Viridian Geared, and others, applicable to diverse end-use categories such as hospitals, offices, industrial buildings, and others.
• In 2020, Hyundai Elevator launched its new world-class elevator and escalator with cutting-edge technologies such as regenerative inverter for eco-friendly energy saving.