Elevator and Escalator Market to grow by USD 60.75 billion from 2022 to 2027 | Growing investment in smart cities to drive the growth

NEW YORK, Sept. 12, 2023 /PRNewswire/ — The elevator and escalator market is expected to grow by USD 60.75 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 8.92% during the forecast period. The market is segmented by product (elevators and escalators), application (commercial, residential, and industrial), and geography (APAC, Europe, Middle East and Africa, North America, and South America). The growing investment in smart cities is a key factor driving market growth. It is increasingly important for cities to accommodate these people, given the increasing numbers of migrants moving from rural areas into towns and cities. This has led to a worldwide increase in the concept of smart cities. Several smart city initiatives are being implemented in many parts of the world. Smart cities will provide smarter solutions to tackle urban population growth, allowing for more efficient traffic congestion management; this includes the introduction of an energy-efficient road network leading to an efficient public transport system. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the elevator and escalator market: Braun Elevator, Brobeil Aufzuge GmbH and Co.KG, ESCON Elevators Pvt. Ltd., Fuji Electric Co. Ltd., Fuji Elevators Co., Fujitec Co. Ltd., HIRO LIFT Hillenkotter and Ronsieck GmbH, Hitachi Ltd., Hyundai Elevator Co. Ltd., Kohler Co., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Savaria Corp., SCHAEFER GmbH, Schindler Holding Ltd., ThyssenKrupp AG, Toshiba Corp., Weidmuller Interface GmbH and Co. KG, and WITTUR HOLDING GmbH
• Elevator and Escalator Market is fragmented in nature.
• Market to observe 8.45% YOY growth in 2023.

Market Dynamics:

Major Trend

The use of regenerative drives in elevators and escalators is a major trend in the market. The development of regenerative drive systems is a result of the need to develop energy-efficient indoor transportation systems. When going up with a light load or going down with a heavy load, elevators tend to generate more power than is required. In addition, the regenerative drives save energy by allowing the engine to become a generator during periods of low load. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

Reluctance to modernize elevators and reduce their energy use is a significant challenge restricting market growth. Various methods of optimizing elevator energy consumption are available, such as the use of more efficient AC motors and regenerative machines. However, these solutions have not yet become widespread. Furthermore, most office supervisors have lighting, heating, and cooling systems in mind first when looking to reduce energy consumption in their buildings. In addition, companies like Schindler are offering elevator lighting as part of an energy-efficient solution to expand their presence in the market. Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The elevators segment will account for a major share of the market’s growth during the forecast period. An elevator, also known as a lift in many countries, is a vertical transport vehicle that facilitates the movement of people or goods between different floors of a building or other multi-story structure. Furthermore, escalators are essential for the smooth vertical movement of people, especially in public places. One of the key factors driving the market growth is the growing demand for cost-effective and eco-friendly escalators in commercial and public buildings. Hence, these factors are expected to drive market growth during the forecast period.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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