The global Elevator & Escalator Market By 2024 is expected to witness significant growth, with its market size projected to increase from USD 88.59 billion in 2023 to 2032 by USD 167.62 billion. This reflects a compound annual growth rate (CAGR) of 7.5% over the forecast period. This report highlights industry growth trends, key drivers such as cost-effective solutions and sustainable practices, and emerging opportunities across residential, commercial, and industrial sectors.

The Elevator & Escalator Market comprises key manufacturers such as Fujitec Co. Ltd (Japan), Hitachi Ltd (Japan), Hyundai Elevator Co Ltd (South Korea), Kone Corporation (Finland), Mitsubishi Electric Corporation (Japan), Otis Worldwide Corporation (U.S.), Schindler (Switzerland), SJEC Corporation (China), TK Elevator GmbH (Germany), Toshiba Corporation (Japan) Expansions, collaborations, and deals were some of the major strategies adopted by these key players to enhance their positions in the Elevator & Escalator Market.

Market Scope:

Featuring in-depth analysis and forward-looking projections, this report is an essential resource for stakeholders aiming to leverage emerging opportunities and address challenges in the Elevator & Escalator Market. Key recent industry developments include;

    • Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
    • TK Elevator GmbH launched the new EXO Renew Series of elevators for low-rise and high-rise residential buildings. It is versatile, designed for using 100% green electricity and requires 28% less energy compared to other models.
    • Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd, received an order of 538 elevators for large-scale residential housing projects in Gurgaon, India. These elevators would be manufactured and supplied from a high-rise elevator manufacturing facility based in Chennai, India. This order would be completed by the end of 2025.
    • Schindler signed a partnership with Umm AI Qura, based in Saudi Arabia, to provide 150 elevator orders for installation at Makkah, Saudi Arabia. This order includes 65 Schindler 5000 series elevators, 44 Schindler 7000 series elevators, and five elevators for the platform. These elevators help to improve passenger transportation from restaurants and hotels.
    • Hitachi Ltd introduced a new touchless operating panel for monitoring and controlling elevators and escalators. It has features such as enabling touchless use, a simplified method, and operating through a numerical pad.

Elevator & Escalator Market Highlights:

The report provides valuable insights into the Compound Annual Growth Rate (CAGR) of the Elevator & Escalator Market, projecting its growth from 2023 to 2032. It offers a comprehensive analysis of the key drivers fueling market expansion, highlighting the factors that will propel growth during the forecast period. Additionally, the report delivers precise estimates of the market size and share, helping stakeholders understand the Elevator & Escalator Market’s position in the broader industry.

Future trends and consumer behavior forecasts are also covered, offering a forward-looking perspective on market shifts. The report includes a regional growth analysis, breaking down the performance of the Elevator & Escalator Market across;

      • North America (By Product, By Business, By Application, and By Country)
        • U.S. (By Product)
        • Canada (By Product)
      • Europe (By Product, By Business, By Application, and By Country)
        • Germany (By Product)
        • U.K. (By Product)
        • France (By Product)
        • Italy (By Product)
        • Turkey (By Product)
        • Rest of Europe
      • Asia Pacific (By Product, By Business, By Application, and By Country)
        • China (By Product)
        • India (By Product)
        • Japan (By Product)
        • South Korea (By Product)
        • Southeast Asia (By Product)
        • Rest of Asia Pacific
      • Middle East & Africa (By Product, By Business, By Application, and By Country)
        • GCC (By Product)
        • South Africa (By Product)
        • Rest of the Middle East & Africa
      • Latin America (By Product, By Business, By Application, and By Country)
        • Brazil (By Product)
        • Mexico (By Product)
        • Rest of Latin America

Segmentation of this market:

Elevator and Escalator Market Size, Share & Industry Analysis by Product (Elevators, Escalators, and Moving Walkways), By Business (New Equipment, Maintenance, and Modernization), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2024-2032

Explore a comprehensive Table of Contents, featuring detailed charts, tables, and figures, spread across 120+ pages. This report offers exclusive data, key statistics, industry trends, and insights into the competitive landscape within this niche sector.

Table of Contents:

      • Introduction
      • Research Scope
      • Market Segmentation
      • Research Methodology
      • Definitions and Assumptions
      • Executive Summary
      • Market Dynamics
        • Drivers
        • Restraints
        • Opportunities
      • Key Insights
      • Industry Developments – Mergers, Acquisitions, and Partnerships
      • Porter’s Five Forces Analysis
      • SWOT Analysis
      • Technological Advancements
      • Value Chain Analysis

TOC Continued…!

Drivers & Restrains:

      • Drivers:
        • Increasing urbanization and construction of high-rise buildings driving the demand for elevators and escalators in residential and commercial sectors.
        • Growing focus on accessibility and safety regulations promoting the installation of modern elevator and escalator systems.
      • Restraints:
        • High initial installation and maintenance costs of elevators and escalators may limit adoption in some regions.
        • Space constraints in older buildings and retrofitting challenges hindering the implementation of new systems.

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