Elevator and Escalator Market Size 2023, Industry Trends, Future Growth, Top Companies, Global Report 2028

Published April 13, 2023

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.

  • Canny Elevator Co. Ltd.
  • Electra Elevators.
  • Fujitec Co. Ltd.
  • Gulf Elevators & Escalators Co. Ltd.
  • Hitachi Ltd.
  • Hyundai Elevator Co. Ltd.
  • Johnson Lifts Private Limited
  • Kleemann Group
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
  • Schindler Holding Ltd.
  • Sigma Elevator Company and Toshiba Elevator and Building Systems Corporation (Toshiba Corporation).

The report has segmented the market on the basis of 

Breakup by Type:

  • Elevators
  • Escalators
  • Moving Walkways

Breakup by Service:

  • New Installation
  • Maintenance and Repair
  • Modernization

Breakup by End Use:

  • Residential
  • Commercial
    • Offices
    • Hospitality
    • Mixed Block
    • Others

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Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023- 2028)
  • Porter's Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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