Global Elevators & Escalators Market Insights Forecasts to 2032

• The Global Elevators & Escalators Market Size was valued at USD 125.86 Billion in 2022.
• The Market is growing at a CAGR of 7.3% from 2022 to 2032
• The Worldwide Elevators & Escalators Market Size is expected to reach USD 254.2 Billion by 2032
• North America is expected to grow the fastest during the forecast period

The Global Elevators & Escalators Market Size is expected to reach USD 254.2 Billion by 2032, at a CAGR of 7.3% during the forecast period 2022 to 2032.

A lift or elevator is an automated system that is utilized in buildings to carry, lift, transport, or move individuals and objects from one level to another. An elevator is capable of helping transport persons or commodities from one level to another in a variety of environments, including residential complexes, business buildings, malls, and hospitals. Elevators are additionally employed to transport materials, machinery, and finished products between floors in factories and industrial plants. An escalator is a continuous strip of moving stairs that transports people between the levels of a structure while constantly climbing or decreasing. The device typically consists of a chain with motorized steps that propel itself upwards and downwards along the path while remaining horizontal. As the development of government structures such as residential complexes, transportation hubs, hotels, workplaces, and banks increase in both developed and developing countries, so does the demand for more elevators and escalators. Furthermore, the increasing trend of replacing aged infrastructure with skyscrapers as a result of rising demand is projected to boost the worldwide elevators & escalators market dynamics.

Driving Factors

With rising demand in the commercial, residential, and infrastructure industries, the elevators and escalators industry is likely to rise significantly in the future years. In addition, growing expenditure on infrastructure by nations in transition has the potential to drive elevators and escalators market growth. Furthermore, the market is also projected to be driven by the growth of smart cities. Additionally, industry development is being driven by the increased need for high-speed lifts as skyscrapers are being built. As a result, the market is anticipated to be driven by the growing governmental efforts from various developing countries to drive their economies, which are anticipated to lead to the development of bridges, dams, and urban infrastructure growth such as roads, schools, ports, and airports. Elevators and escalators are in high demand, which boosts the market for these products as greater resources are put into infrastructure projects for both commercial and residential use. Moreover, variables such as rising population, urbanization, and shifting lifestyle patterns contribute to the market for elevators and escalators. As a result, such Elevators and Escalators market factors have improved the elevators and escalators market dynamics globally over the forecast period.

Furthermore, the incorporation of Technology in elevators and escalators provides the worldwide elevator and escalator market with an intriguing potential for expansion. IoT technologies enable modern lifts and escalators to automatically predict and adapt to traffic in real time, engage with service teams, and allow consumers to contact lifts and escalators through a smartphone application. In addition, elevators consume 2% to 7% of the overall energy used in the building and have great room for improvement in terms of energy usage. As a result, elevator producers are concentrating on the creation of energy-efficient elevators. Furthermore, the spike in government energy-saving measures is projected to boost sales of energy-efficient devices.

Restraining Factors        

However, severe government rules and policies governing the safety of elevators and escalators have compelled manufacturers to meet rigorous standards and licenses. Employees working in elevator repair and maintenance jobs account for nearly half of all fatal lift events. Passenger accidents, on the other hand, are critical. Strict operating standards and safety restrictions prevent these elevators and escalators from these tragedies.

Market Segmentation

By Product Type Insights

The escalators segment is dominating the market with the largest revenue share over the forecast period.

On the basis of product type, the global elevators & escalators market is segmented into the elevators, escalators, and moving walkways. Among these, the escalators segment is dominating the market with the largest revenue share of 58.6% over the forecast period. This is due to the strong demand from business establishments such as retail centers and commercial parks. Furthermore, as the aerospace infrastructure develops, so does the market for escalators and moving walkways. Moreover, given their significant market penetration, demand for elevators is predicted to expand steadily.

By Technology Insights

The machine room less traction segment is witnessing significant CAGR growth over the forecast period.

On the basis of technology, the global elevators & escalators market is segmented into traction, machine room less traction, hydraulic, and others. Among these, the machine room less traction segment is witnessing significant CAGR growth over the forecast period. The machine room less elevator technology is a comparatively recent technology that has emerged as a result of technological advances. Because of this technique, the overall dimension of electric motors found in traction equipment has been significantly reduced. They likewise prevent the costs and environmental risks connected with a subterranean hydraulic cylinder loaded with hydraulic oil. A gearless traction type machine is also used in machine room less elevators. This leads to improved efficiency and operating reliability.

By Application Insights

The commercial segment accounted for the largest revenue share of more than 57.2% over the forecast period.

On the basis of application, the global elevators & escalators market is segmented into residential, commercial, institutional, infrastructure, and others. Among these, the commercial segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Elevators and escalators are widely used within commercial settings such as malls, shopping complexes, and co-working spaces. The commercial industry is being driven by a rising transition toward environmental sustainability, flexible design, and safety. Furthermore, the rise in independent contractors has increased the need for several co-working spaces in recent years. As a result, increasing expenditures in office space are likely to lead to market growth.

Regional Insights

Asia Pacific dominates the market with the largest market share over the forecast period.

Asia Pacific is dominating the Elevators & Escalators Market with more than 36.8% market share over the forecast period. The Asia Pacific market is being driven by rising demand from rapidly developing nations such as China and India. Some of the reasons propelling the market forward include the abundant accessibility of raw materials, relatively inexpensive labor, and a moderately strong regulatory environment in these emerging countries. Furthermore, the growing popularity of elevators and escalators in the region's residential, commercial, and infrastructural industries is likely to drive the Asia Pacific elevators and escalators market. The market for elevators and escalators is anticipated to increase throughout the estimated time frame as a result of industrial development, an expanding middle-class population, higher disposable income, and lifestyle shifts.

North America, on the contrary, is expected to grow the fastest during the forecast period. A significant factor in the development of the sector, particularly in the United States, is the numerous attempts made by international manufacturers to establish their foothold in the regional marketplace. Through smart acquisitions or mergers of major domestic firms, several major global market competitors are strategically attempting to expand their operations and develop an enduring client base in the region.

The Europe Elevators & Escalators Market Size is expected to register a substantial CAGR growth rate during the forecast period. This can be attributed to the increased development of modern products by European manufacturers, as well as their expanding usage in nations such as Germany and the United Kingdom. High-rise residential construction and remodeling will additionally present an opportunity for expansion for the market as a whole in this region.

List of Key Market Players

• Fujitec Co. Ltd.
• Hitachi, Ltd.
• Hyundai Elevator Co., Ltd.
• Johnson Elevator Co., Ltd.
• KONE Oyj
• Mitsubishi Electric Corporation
• United Technologies
• Orona Group
• Otis Elevator Company
• Schindler Group
• ThyssenKrupp AG
• Toshiba Corporation
• Gulf Elevator & Escalator Co, Ltd

Key Market Developments

• On June 2023, Hitachi, Ltd. announced that Hitachi Elevator Engineering Company Limited, which operates in the Hong Kong Special Administrative Region, has received an order from a Hong Kong developer, Sun Hung Kai Properties Limited, for a total of 160 elevators, escalators, and moving sidewalks for the Hong Kong West Kowloon Station complex. The order includes 115 elevators, including 22 high-speed elevators with a rated speed of 300 m/min, 41 escalators, four moving sidewalks, a destination floor reservation system, and a FI-700 elevator management system for effective elevator operations. The units will be produced by Hitachi Elevator (China) Co., Ltd., a Chinese manufacturing, sales, and service company, and will be delivered in December 2024. This is the largest order in Hong Kong for Hitachi Group elevators and escalators.

• On April 2022, Mitsubishi Electric Corporation stated that it has formally agreed to acquire Motum AB, a Swedish company that primarily runs elevators and automatic doors in Sweden. Mitsubishi Electric intends to use the acquisition to expand its expertise in servicing and modernizing elevators and escalators in Sweden and other countries outside of Europe. Mitsubishi Electric intends to use Motum's strengths in the future to develop its company throughout Europe and other regions.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Elevators & Escalators Market based on the below-mentioned segments:

Elevators & Escalators Market, Product Type Analysis

• Elevator
• Escalator
• Moving Walkways

Elevators & Escalators Market, Technology Analysis

• Traction
• Machine Room Less Traction
• Hydraulic

Elevators & Escalators Market, Service Analysis

• New Installation
• Maintenance & Repair
• Modernization

Elevators & Escalators Market, Technology Analysis

• Residential
• Commercial
• Institutional
• Infrastructure
• Others

Elevators & Escalators Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa