The latest research study "Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global elevator and escalator market size reached US$ 145.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.
An elevator refers to a closed cabin operated by electric motors that drive
counterweight systems, traction cables, and pump hydraulic fluid to extend a
cylindrical piston. It is a suitable vertical mobility solution that utilizes
urban space efficiently and makes movement in buildings possible. On the other
hand, an escalator represents a conveyor transport device, and a moving
staircase used for hauling people in a building from one floor to another. It
consists of a motor-driven chain of linked, individual steps that move up and
down on trails to allow the step treads to remain horizontal.
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Elevator And Escalator Market Trends and Drivers:
The escalating demand for these systems in residential, commercial, and
industrial spaces across the globe is among the primary factors driving the
elevator and escalator market. Besides this, the rising number of modernizing
and renovation activities in commercial locations, such as shopping malls,
airports, offices, hospitals, and hotels, for enhanced safety and aesthetic
appeal is further augmenting the market growth. Moreover, the introduction of
smart elevators and escalators that are integrated with big data analytics,
predictive maintenance, the internet of things (IoT), Bluetooth, Wi-Fi,
artificial intelligence (AI), and long-term evolution (LTE) technologies, which
are faster and more reliable and assist in improving the operational efficiency
and safety while lowering energy costs, is also catalyzing the global market.
Apart from this, the emerging trend of urbanization, the increasing working
population, and the inflating investments in the expansion of smart cities
across countries are acting as significant growth-inducing factors.
Furthermore, substantial improvements in existing infrastructural evolution and
the extensive research and development (R&D) activities by the leading
players are expected to bolster the elevator and escalator market in the coming
years.
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Elevator And Escalator Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with
the detailed profiles of the key players operating in the market.
The report has segmented the market on the basis of
Breakup by Type:
Breakup by Service:
Breakup by End Use:
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Breakup by Region:
Key highlights of the report:
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