Elevator and escalator market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. The market growth is attributed to factors such as the increasing large and multi-story complexes, rising need for foot traffic management at public places such as malls, and rising popularity for energy-efficient escalators and elevators. Owing to this such factors the market players are launching a space-saving design, advanced technologies for the elevator and escalator market to cater to the growing demand and stay competitive in the region. For instance, in May 2023, TK Elevator GmbH, a pioneer in the?elevator industry launched the EOX in North America. The eco-efficient elevator platform was engineered to meet the demands of two- to 10-story buildings with its space-saving design, advanced technologies and reduced lead times. EOX came with features including Eco-mode?reduces the elevator’s speed and acceleration during low traffic times, enhanced in-car sensors monitor?entrance safety and ride quality.
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Among the type segments, the escalator segment is anticipated to register significant growth during the forecast period. Increasing urban population has accelerated the demand for commercial and institutional buildings, along with the rising importance of vertical transit systems for smooth function of buildings is propelling the segments’ growth. According to the World Bank, over 50% of the population lives in urban areas. By 2045, the world’s urban population will increase by 1.5 times to 6 billion. Therefore, the rising demand to plan for growth and provide the basic services, infrastructure, and affordable housing expands the population’s need. Additionally, to tackle problems of traffic congestions, many governments across the globe are focused on development of efficient metro rail systems, thereby propelling the demand for market. According to the Washington Metropolitan Area Transit Authority, in September 2022, Metro completed installation of 27 new escalators with 13 more underway as part of the project. Further, Metro’s contractor KONE will install the escalators as part of an ongoing project to replace 130 escalators across the Metrorail system by 2028, helping to ensure the regional infrastructure remains in a state of good repair.
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- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Elevator and Escalators Market Report Segment
By Technology
- Hydraulic
- Traction
- Machine Room-Less
By Type
- Elevator
- Escalator
- Moving Walkways
By Application
- Residential
- Corporate Office
- Hypermarkets
- Malls
- Others (Industrial)
Global Elevator and Escalators Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global elevator and escalator market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who stands where’ in the market
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