The “Elevators & Escalators Market by Type (Elevators, Escalators, Moving walkways), Service (New installation, Maintenance & Repair), Elevator Technology (Traction, Machine-Room-Less, & Hydraulic), & End-use Industry and Region – Global Forecast to 2028” is expected to grow at a compound annual growth rate (CAGR) of 6.4% from USD 152.1 billion in 2023 to USD 207.4 billion by 2028, according to a recently published report by MarketsandMarketsTM. Elevators and escalators that are technologically advanced and environmentally friendly have been developed in response to increased awareness of energy efficiency and environmental effects, which is driving the market ahead. The market for elevators and escalators has been steadily expanding due in part to the ongoing evolution of architectural trends as well as the demand for increased accessibility.
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- 351 Market data Tables
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- 294 Pages and in-depth TOC on “Elevators & Escalators Market – Global Forecast to 2028″
This report also provides a comprehensive analysis of the companies listed below:
The market for elevators and escalators is dominated by several prominent companies, such as the Mitsubishi Electric Corporation (Japan), TK Elevator (Germany), SJEC Corporation (China), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), Otis (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), and others.
Investing in and expanding, collaborating with others, developing new products, and merging and acquiring are some of the main tactics these big competitors have used to strengthen their positions in the elevator and escalator market.
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Schindler Group (Switzerland)
The Schindler Group, a pioneer in the elevator and escalator industries with roots in Switzerland that dates back to 1874, is well-known for providing creative vertical transportation solutions. Schindler is a global manufacturer, designer, installer, and maintainer of moving walkways, escalators, and elevators with a strong focus on sustainability, safety, and state-of-the-art technology. The company’s varied portfolio supports urban mobility and accessibility by serving a variety of industries, including residential, commercial, and infrastructural projects.
OTIS (US)
OTIS, a leading American company, is a pioneer in the elevator and escalator industry, boasting a rich legacy dating back to 1853 when it was founded by Elisha Otis. The company operates through two segments: New Equipment and Service. The New Equipment segment focuses on the design, manufacturing, sale, and installation of a comprehensive range of passenger and freight elevators. Meanwhile, the Service segment is dedicated to providing maintenance, repair, and modernization services aimed at upgrading both elevators and escalators.
KONE Corporation (Finland)
KONE Corporation, a Finnish multinational, stands at the forefront of the elevator and escalator industry, having been founded in 1910. Renowned for its innovative and eco-efficient solutions, KONE specializes in the design, manufacturing, installation, and maintenance of elevators, escalators, and automatic building doors. The company has a global presence and has played a pivotal role in shaping urban environments with its emphasis on sustainable and technologically advanced vertical transportation systems. Operating in more than 60 countries, KONE has a significant presence in the Americas, Europe, Asia Pacific, and the Middle East.
Hitachi Ltd. (Japan)
Hitachi Ltd., a Japanese multinational conglomerate, is a global leader in diversified business sectors ranging from information technology and electronics to infrastructure and industrial systems. Leveraging its extensive expertise in engineering and manufacturing, Hitachi provides a comprehensive range of elevators, escalators, and moving walkways that prioritize safety, efficiency, and sustainability. In 2022, over 60% of the company’s revenue was generated from the Japanese market. Hitachi’s growth in the market is anticipated to be propelled by its smart elevator solutions, which incorporate advanced technologies such as SG and IoT.
The Elevators and Escalators market in the Asia Pacific region is expected to experience significant growth, with the highest Compound Annual Growth Rate (CAGR) projected between 2023 and 2028. Key economies like China, India, and Japan are major contributors to this growth, driving a substantial share of the market throughout the forecast period. The Asia Pacific market emerges as a lucrative sector for elevators and escalators, benefitting from robust industrial development and overall economic improvement. China, in particular, plays a pivotal role with numerous manufacturing plants, highlighting its influence on market dynamics. The rapid industrialization across the broader Asia Pacific region creates a favorable environment for the expansion of the Elevators and Escalators market, indicating sustained growth in the industry.
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