Dublin, March 28, 2023 (GLOBE NEWSWIRE) -- The "Elevator and Escalator Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global elevator and escalator market grew from $101.78 billion in 2022 to $111.04 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The elevator and escalator market is expected to grow to $146.67 billion in 2027 at a CAGR of 7.2%.
Asia-Pacific was the largest region in the elevator and escalator market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increase in infrastructure investment is expected to propel the growth of the elevator and escalator market going forward. Infrastructure refers to the construction of real assets such as bridges, roads, and buildings. With the increasing heights of buildings, the requirement for elevators and escalators has also increased, in order to save time and provide effectiveness for people.
For instance, in November 2021, according to the Indian Brand Equity Foundation, an Indian government agency, the central government had allocated $1.89 billion in the union budget for the development of infrastructure.
Also, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India, and a 13% share of the total FDI inflows worth $ 81.72 billion was allocated for the development of infrastructure activities. Therefore, the increase in infrastructure investments is driving the growth of the elevator and escalator markets.
Product innovations are a key trend gaining popularity in the elevator and escalator market. Major companies operating in the elevator and escalator sector are focused on developing ground-breaking digitally connected technology to sustain their position in the market.
For instance, in March 2021, KONE Elevator, an Indian elevator manufacturing company, launched digitally connected KONE DX class elevators, which redefined the elevator experience. KONE DX Class helps customers use additional software and services for elevators throughout the entire lifetime of a building. The use of open application programming interfaces (APIs) makes the elevator easy to manage and integrate different devices, apps, and services with new and existing systems.
The countries covered in the elevator and escalator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Scope
Markets Covered:
1) By Product: Elevators; Escalators; Moving Walkway
2) By Business: New Equipment; Maintenance; Modernization
3) By Elevator Technology: Traction Elevator; Machine Room Less Traction Elevator; Hydraulic
4) By End User: Residential; Commercial; Institutional; Infrastructure; Other End Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $111.04 billion |
| Forecasted Market Value (USD) by 2027 | $146.67 billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Elevator and Escalator Market Characteristics
3. Elevator and Escalator Market Trends And Strategies
4. Elevator and Escalator Market - Macro Economic Scenario
5. Elevator and Escalator Market Size And Growth
6. Elevator and Escalator Market Segmentation
7. Elevator and Escalator Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Kone Corporation
- Hitachi Ltd
- Schindler Holding Ltd.
- Thyssenkrupp AG
- Mitsubishi Electric Corporation
- Toshiba Corporation.
- Yuanda China Hldgs
- Meilun Elevator
- IFE Elevators
- Joylive Elevator
- Dongnan Elevator
- Guangri Elevator
- Canny Elevator
- Volkslift
- Syney Elevator
For more information about this report visit https://www.researchandmarkets.com/r/1ubpai
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