Elevator and Escalator Market Size to Garner US$ 114.90 Bn by 2027

The global elevator and escalator market was valued at US$ 71.68 billion and expected to garner US$ 114.90 billion by 2027 with a CAGR of 6.3% from 2020 to 2027.

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OTTAWA, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Elevator and Escalator Market (By Product: Elevators, Escalators & Moving Walkways; By Business: New Equipment, Maintenance and Modernization; By Application: Residential, Commercial and Industrial) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.

An elevator is a kind of upright transport system that effectually and proficiently transports goods or people among any levels or floors in any building infrastructure or any commercial places. Elevators and escalators are the two unavoidable parts of the regular life of humans. Hectic time agendas and augmented number of the elderly population require the facility of elevators and escalators in residential sectors around the world. Smart elevators are innovative system that permits programmed upright moving of travelers or things. Smart elevators are designed simplifies transportation amongst different the levels of any infrastructure. Furthermore, an escalator is a moving flight of steps, in other words, a staircase which aids in transferring passengers amid floors of infrastructure. The process comprises of a chain of independently connected steps that is essentially driven by the motor that moves up and down the tracks, therefore, maintaining effective transportation.

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Growth Factors

Elevators and escalators are experiencing the fastest growth rate for the transportation of people and other goods in developed as well as developing economies. The rapid urbanization and industrialization across emerging countries such as India and China are heightening market growth and development. The demand for smart cities together with smart infrastructure will have a positive impact on powering market growth. Furthermore, with the advancement of technology, vendors are investing high on R&D to provide smart elevators to the customers with better designs and attractive features. This investment by the big organizations and the major players across the world will improve the growth and development of the escalators and elevators market in the near future. Moreover, in order to diminish the travel time in moving and transportation of goods and people is going to boost the development of the market. In addition, the increasing number of aged and elderly population will also support the growth of elevators and escalators in residential constructions and apartments in developed and developing countries. On the other hand, safety issues and a dearth of skilled workforce are expected to hinder the elevators and escalators market growth.

Report Highlights

  • The Asia Pacific region is the largest and fastest-growing region in the elevator & escalator market. A huge number of high-rise buildings in metro cities are driving market demand.
  • Technological innovation is amplifying the speed of elevators and escalators and reducing transportation time.
  • The global elevator & escalator market is extremely competitive with the presence of several global and regional players. Vendors are investing in product innovation to increase their consumer base.

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Regional Snapshots

By geographically, the Asia Pacific region is expected to hold the largest market share and dominate the elevators & escalators market during the forecast period. The growth of the elevators & escalators market in this region is boosted by factors such as the development of the residential, commercial, institutional, and infrastructure industries. Furthermore, the growing population and economic development are other factors that further propel the growth of this market. The region offers potential growth opportunities, as developing economies such as Asia Pacific is expected to record fastest compound annual growth rate on account of presence of evolving economies including India and China. Booming advanced commercial and residential sector in these nations is further propelling the market growth. Europe is anticipated to witness significant growth in the maintenance and modernization of escalators and elevators market. The North America region is projected to exhibit growth in elevators and escalators service offerings over the projection period. The Middle East & Africa region is estimated to considerably contribute to the elevators & escalators market growth in the near future owing to snowballing commercial and residential construction activities. Further, the political uncertainty of Brazil is further anticipated to impact the growth of the market in the Latin America region.

Key Players & Strategies

Key vendors functioning in the global escalators and elevators marketplace are Otis Elevator Company, Kone Corporation, Schindler Group, Hitachi, Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Elevators and Building Systems Corporation, and many others. Various domestic and international manufacturers are striving to gain market share hence, creating a competitive setting in the market. The elevator and escalator market vendors have become more conscious about improving and enhancing their products. Furthermore, safety is considered as the highest priority as there have been numerous mishaps owing to malfunctioning of elevators and escalators, particularly elevators. Mortalities may considerably dent the image of a brand as a result of which elevators and escalators manufacturers adhere to strict quality checks under numerous conditions before commercially releasing their products.

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