Elevator & Escalator Market: Key Factors Driving Growth and Revenue Insights by 2024

The Elevator & Escalator Market sector is undergoing significant transformation, with substantial growth and technological advancements expected by 2032. According to a new in-depth market research report, the sector is poised for expansion, driven by various factors such as market size, share, and emerging trends.

This comprehensive report provides key insights into the Elevator & Escalator Market, exploring critical market segmentation and definitions. It highlights the essential components driving growth, offering a clear picture of the industry’s trajectory. Utilizing SWOT and PESTEL analyses, the report evaluates the market’s strengths, weaknesses, opportunities, and threats, while also considering political, economic, social, technological, environmental, and legal factors that impact the market landscape.

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Market Summary:

The global elevator & escalator market size was valued at USD 88.59 billion in 2023. The market is projected to grow from USD 94.05 billion in 2024 to USD 167.62 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period.

Recent industry developments are;

• • 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.

Browse Detailed TOC, Tables and Figures with Charts which is spread across 100+ Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.

Major Players:

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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Elevator & Escalator Market Segmentation:

By Product

• Elevators
• Escalators
• Moving Walkway

By Business

• New Equipment
• Maintenance
• Modernization

By Application

• Residential
• Commercial
• Industrial

Reasons to purchase this report:

This report offers a detailed analysis of the competitive landscape, emerging growth areas, market conditions, and key trends within the Elevator & Escalator Market. It helps businesses identify expansion opportunities while addressing potential risks and challenges. By assessing product portfolios and business segments, the report provides valuable insights that guide stakeholders in formulating informed investment and market strategies.

The in-depth understanding of industry dynamics presented in the report supports the creation of effective strategies for success in the Elevator & Escalator Market, greatly enhancing decision-making. Overall, this report is an essential resource for those looking to stay updated in this rapidly evolving industry.

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Drivers & Restraints:

• Drivers:
  • Increasing urbanization and construction of high-rise buildings driving the demand for elevators and escalators in residential and commercial sectors.
  • Growing focus on accessibility and safety regulations promoting the installation of modern elevator and escalator systems.
• Restraints:
  • High initial installation and maintenance costs of elevators and escalators may limit adoption in some regions.
  • Space constraints in older buildings and retrofitting challenges hindering the implementation of new systems.

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…!

Elevator & Escalator Market Regional Segmentation:

• 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

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