Elevator and Escalator Market Size Worth USD 267.92 Billion in 2032 | Emergen Research

The global elevator and escalator market size was USD 143.40 Billion in 2022 and is expected to register a revenue CAGR of 6.5% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for green buildings and energy-efficient products is a major factor driving the market revenue growth. Smart vehicle transportation systems, such as automated parking garages and vertical conveyors for cars, require effective ways to move people between different levels.

Elevators become important in such buildings to ensure easy access to various floors hence driving the market revenue growth. Elevators also make it possible for individuals to transport products from one floor to another quickly and easily, because they were designed to raise a lot of weight. People who have discomfort or difficulties walking, with the help of escalators can walk for longer distances in relative comfort which is also driving the market revenue growth.

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Rising demand for reducing energy consumption in buildings is another factor contributing to revenue growth of the market. Elevators represent 3%-7% of a building's energy consumption. Elevator manufacturers are manufacturing premium lifts that are particularly energy efficient for mid- and high-rise buildings that have enhanced controls, hardware, and other technologies that not only use less energy, but are also considerably more compact, efficient, and even produce electricity hence driving the market revenue growth.

Some Key Highlights From the Report

• The elevator segment accounted for largest revenue share in 2022. Elevators are becoming increasingly popular for use in one's home or office as the cost of equipment and installation falls. Elevator technological advancements make travel faster and more dependable, eliminating the need for passengers to worry about breakdowns. It also makes it possible for individuals to transport products from one floor to another quickly and easily. They are built to transport heavy loads with ease because they are designed to hold a lot of weight. Therefore, all these factors are driving revenue growth of this segment.

• The new installation segment accounted for a significantly large revenue share in 2022. Older buildings without elevators can require new installations to enhance accessibility and modernize building which is a major factor driving revenue growth of this segment. Moreover, technological advancements, such as energy-efficient systems, smart controls, and improved safety features, are creating high demand from builders and property owners looking for modern solutions which as a result is also contributing to revenue growth of this segment.

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Some major companies in the global market report include

Schindler, Otis, ThyssenKrupp AG, KONE Corporation, Hitachi, Ltd., EITA Elevator, Electra Elevators, Hyundaielevator Co., Ltd., Toshiba Elevators and Building Systems Corporation, and Sigma Elevator Company.

For the purpose of this report, Emergen Research has segmented the global elevator and escalator market on the basis of type, service, elevator technology, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
o Elevator
o Escalator
o Moving Walkways
• Service Outlook (Revenue, USD Billion; 2019-2032)
o New Installation
o Maintenance & Repair
o Modernization
• Elevator Technology Outlook (Revenue, USD Billion; 2019-2032)
o Traction Elevator
o Machine Room Less Traction Elevator
o Hydraulic
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Residential
o Commercial
o Institutional
o Others
• Regional Outlook (Revenue, USD Billion, 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. U.K.
3. France
4. Spain
5. BENELUX
6. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. Israel
4. Rest of MEA

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Key Questions Answered in the Report:

What is the growth rate of the Elevator and Escalator Market?

What is the anticipated market valuation of Elevator and Escalator Market industry by 2032?

What are the key growth driving and restraining factors of the Elevator and Escalator Market?

Who are the prominent players operating in the market?

What are the key strategies adopted by these companies?

What are the key opportunities and growth prospects of the Elevator and Escalator Market industry over the forecast period?

Which region is expected to show significant growth in the coming years?

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