About Elevators And Escalators
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 |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
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. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Elevators And Escalators market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 coverage are Omega Elevators (India), GTS Elevator (Turkey), Sodimas (France), Toshiba Corporation (Japan) and Electra Ltd. (Israel).
Segmentation Overview
AMA Research has segmented the market of Global Elevators And Escalators market by Type (Elevators, Escalator and Moving Walkways), Application (Residential, Commercial, Institutional, Infrastructure and Others) and Region.
On the basis of geography, the market of Elevators And Escalators 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). If we see Market by Elevators, the sub-segment i.e. Traction Elevator will boost the Elevators And Escalators market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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
Market Leaders and their expansionary development strategies
In December 2023, ThyssenKrupp partners with a research institute to develop advanced materials and technologies for next-generation, ultra-reliable elevator components
In November 2023, Mitsubishi Electric unveils the NEXT elevator system, featuring integrated robots for automated cargo transport within buildings.
Key Target Audience
Elevators and Escalators Manufacturers, Regulatory Bodies, Component Suppliers and Distributors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.