Elevator & Escalator Market: Growth Drivers and Forecast 2024-2032

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Market Summary:

The “Elevator & Escalator Market Research Report Overview by 2024” market size is reached USD 88.59 billion by 2023 and it is expected to reach USD 167.62 billion by 2032 between the forecast period and expected Compound annual growth rate of 7.5% between the forcast period by (2023-2032).

The Elevator & Escalator Market has experienced substantial growth in recent years, driven by several key factors, including rising demand for its products, a widening customer base, and advancements in technology. This report offers an in-depth analysis of the market, covering aspects such as market size, trends, drivers and constraints, competitive dynamics, and future growth prospects.

Top Companies of Elevator & Escalator Market:

Most of the manufacturers in the market report are listed below:

• Fujitec Co. Ltd (Japan)
• Hitachi Ltd (Japan)
• Hyundai Elevator Co Ltd (South Korea)
• Kone Corporation (Finland)
• Mitsubishi Electric Corporation (Japan)
• Otis Worldwide Corporation (U.S.)
• Schindler (Switzerland)
• SJEC Corporation (China)
• TK Elevator GmbH (Germany)
• Toshiba Corporation (Japan)

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Segmentation:

Elevator and Escalator Market Size, Share & Industry Analysis by Product (Elevators, Escalators, and Moving Walkways), By Business (New Equipment, Maintenance, and Modernization), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2024-2032

Market Coverage:

• Market Trends
• Market Breakup by Segment
• Market Breakup by Region
• Price Analysis
• Impact of COVID-19
• Market Forecast

The Elevator & Escalator Market report offers insights into the market landscape, which is further divided into sub-regions and countries. Alongside the market share for each country and sub-region, this section of the report highlights potential profit opportunities. Additionally, it details the market share and growth rate for each region.

Regional Analysis:

• North America (By Product, By Business, By Application, and By Country)
  • U.S. (By Product)
  • Canada (By Product)
• Europe (By Product, By Business, By Application, and By Country)
  • Germany (By Product)
  • U.K. (By Product)
  • France (By Product)
  • Italy (By Product)
  • Turkey (By Product)
  • Rest of Europe
• Asia Pacific (By Product, By Business, By Application, and By Country)
  • China (By Product)
  • India (By Product)
  • Japan (By Product)
  • South Korea (By Product)
  • Southeast Asia (By Product)
  • Rest of Asia Pacific
• Middle East & Africa (By Product, By Business, By Application, and By Country)
  • GCC (By Product)
  • South Africa (By Product)
  • Rest of the Middle East & Africa
• Latin America (By Product, By Business, By Application, and By Country)
  • Brazil (By Product)
  • Mexico (By Product)
  • Rest of Latin America

Report coverage:

• Key growth drivers, restraining factors, opportunities and potential challenges for the market.
• Complete knowledge of regional developments.
• List of major industry players.
• Key strategies adopted by market players.
• Recent industry developments include product launches, partnerships, mergers and acquisitions.

The report also highlights limiting factors and regional industrial presence that may impact market growth trends beyond the forecast period of 2032. The market research aims to gain a complete understanding of the industry’s potential and provide information that will help companies to make informed decisions. The Elevator & Escalator Market Report is an impressive 100+ page document that includes a comprehensive table of contents, a list of figures, tables and graphs, as well as a comprehensive analysis.

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Industry Developments:

• • Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
  • TK Elevator GmbH launched the new EXO Renew Series of elevators for low-rise and high-rise residential buildings. It is versatile, designed for using 100% green electricity and requires 28% less energy compared to other models.
  • Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd, received an order of 538 elevators for large-scale residential housing projects in Gurgaon, India. These elevators would be manufactured and supplied from a high-rise elevator manufacturing facility based in Chennai, India. This order would be completed by the end of 2025.
  • Schindler signed a partnership with Umm AI Qura, based in Saudi Arabia, to provide 150 elevator orders for installation at Makkah, Saudi Arabia. This order includes 65 Schindler 5000 series elevators, 44 Schindler 7000 series elevators, and five elevators for the platform. These elevators help to improve passenger transportation from restaurants and hotels. 
  • Hitachi Ltd introduced a new touchless operating panel for monitoring and controlling elevators and escalators. It has features such as enabling touchless use, a simplified method, and operating through a numerical pad.

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