The new report by Expert Market Research titled, ‘Global Escalators and Elevators Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global escalators and elevators market, assessing the market based on its segments like type, service, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 5.8%
- Forecast Market Size (2026[VS1] ): USD 162 billion
The market for escalators and elevators has seen substantial growth due to factors such as rising growth of the commercial sector. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the escalators and elevators market. Increasing investment in commercial industries, such as office spaces, shopping centers, department stores, etc., has seen a high rate of growth in escalators and elevators. In addition, advances in technology have generated an increasing demand for the escalators and elevators industry to make the infrastructure smoother and eco-friendly. Moving walkways continue to be embraced by the aviation industry, thereby helping the growth of the market.
Industry Definition and Major Segments
Lifts, which are primarily containers used to move passengers and freight up and down, are often referred to as elevators, usually between the floors of a building. Escalators are mobile staircases built from one storey to the next to freight citizens. Moving walkways are moving sidewalks that are horizontally or on an incline holding individuals. They are normally powered by electric motors to elevate or travel along with traction cables or pump hydraulic fluid. These also help to transport large items as well as help move wounded or disabled people.
Based on the type, the industry is divided into:
- Moving Walkways
Based on the service, the industry is divided into:
- New installation
- Maintenance and Repair
Based on the end use, the industry is divided into:
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Geographically, the industry’s growth is due to developments in the Asia Pacific region and is constantly rising as nations are investing more and more in infrastructure. The world’s ever-growing population is forcing growing nations to invest in better and modernized infrastructure, increasing the growth of escalators and elevators in the industry. Increasing demand for these commercial and residential infrastructures, such as shopping malls, museums, offices, residences, etc., is expected to show substantial growth in the forecast period. Demand for sustainable manufacturing of escalators and elevators is also driving this industry’s growth rate.
Key Market Players
The major players in the market Mitsubishi Electrical Corporation, Toshiba Corporation, Schindler Group, Thyssenkrupp AG, Hyundai Elevator Co. Ltd., Fujitec Co. Ltd., KONE Elevator India Private Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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