Market Overview: Global Elevator and Escalator Market
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Elevator and Escalator Market Insights 2024-30
The Global Elevator and Escalator Market size is valued at around USD 116 Billion in 2023 and is projected to grow at a CAGR of around 7.1% during the forecast period, i.e., 2024-30.
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Top Players in the Elevator and Escalator Market:
- Canny Elevator Company Ltd.
- Fujitec Co Ltd
- Hitachi, Ltd.
- Hyundai Elevator Co., Ltd.
- Kone Oyj
- Mitsubishi Electric Corporation
- Orona S.Coop.
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- ThyssenKrupp Elevator AG
- Toshiba Elevator and Building Systems Corporation
- Others
Segmentation Analysis of Elevator and Escalator Market
Elevator and Escalator Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2024-30, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
-By Type
- Elevator
- Escalator
Between the two, the Escalator segment is expected to grow substantially and emerge as the fastest-growing category in the market during the forecast period. It owes principally to the higher installation rate witnessed by the escalators, especially in the Middle East and Asian countries, owing to the higher infrastructural development, such as aerospace, entertainment, etc., in the past few years. Another factor driving the demand for escalators is the swift inclination of facility owners toward installing efficient elevators entwined with the growing awareness regarding the benefits of these varieties, including less energy consumption, smoother rides, high speeds, & the capability to serve high-rise buildings like skyscrapers. Moreover, their long vertical distance traveling abilities make them the suitable for mid-rise, high-rise, & even ultra-high-rise buildings. Backed by such aspects, the installation of elevators particularly, traction is expanding and positively influencing the industry altogether.
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-By Service
- New Installation
- Modernization
- Maintenance
-By End User
- Residential
- Commercial
- Retail
- Health Care
- Hospitality
- Government & Transportation
- Others
A Comprehensive Geographical Analysis:
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
the Asia Pacific region acquired a significant share of the escalators and elevators market in the historical period, with China and India holding prominent shares. It owes principally to the ongoing expansive policies and several initiatives the governments have laid down to encourage the modernization and urbanization of states across the region. With countries like India making a substantial shift from being an agrarian economy to an IT-based industrial and commercial hub with the government’s thrust on ‘Digital India’ and ‘Make in India’ policies, the need for more advanced and technically equipped buildings has been on the rise. In fact, according to United Nations, India is likely to witness a massive urban population surge between 2015 and 2030, adding around 164 million people to its urban base.
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