Elevator & Escalator Market Scope
An elevator is a type of vertical transport equipment which is powered by an electric motor. Escalator is basically a moving staircase which carries people between floors of a building. Old age people mostly preferred elevator and escalator. Demand for elevators and escalators has increased due to an increase in old population. For instance, According to an article published by the U.S. Census Bureau, the aging population held more than 8.5% share of the total population worldwide during the year 2015. In addition, it is anticipated to increase its share to 12.0% by 2030. Therefore, the rising number of aging population across the world and rapid urbanization are likely to be a major driver for the global elevators and escalators market over the forecast period.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | KONE Corporation (Finland), United Technologies (United States), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan) and Hyundai Elevator Co., Ltd. (South Korea) |
CAGR | % |
The market is highly fragmented with the presence of various players operating in the market. Various players operating on the market such as KONE Corporation (Finland), United Technologies (United States), Schindler (Switzerland), among others. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Elevator & Escalator market throughout the predicted period.
KONE Corporation (Finland), United Technologies (United States), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan) and Hyundai Elevator Co., Ltd. (South Korea) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Omega Elevators (India), GTS Elevator (Turkey), Sodimas (France), Toshiba Corporation (Japan) and Electra Ltd. (Israel).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Elevator & Escalator market by Type and Region with country level break-up.
On the basis of geography, the market of Elevator & Escalator has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In December 2023, ThyssenKrupp partners with a renewable energy company to explore integrating solar panels into elevator systems for sustainable energy generation.
In November 2023, SJEC Elevator Group Introduces the EcoMove elevator series, emphasizing energy efficiency and sustainability through regenerative braking and lightweight materials.
Influencing Trend:
Technology Advancement in Elevators and Escalators
Market Growth Drivers:
Growth in the Construction and Infra Sectors and Changing Demographic Trends and Increase Building Along With Upcoming New Hotels & Shopping Malls
Challenges:
Issue related to Compliance with Standards and Regulations
Restraints:
Lack of Skilled Labour for the after Sales Maintenance
Opportunities:
Development of Innovative Technologies as well as Rising Demand for Smart Elevators and Growing Demand from Emerging Market such as China, India, Brazil, among others
Key Target Audience
Elevators and Escalators Manufacturers, Regulatory Bodies, Component Suppliers and Distributors