PUNE,
India, July 26, 2024 /PRNewswire/ --
The Elevator and Escalator Market Report by
Product Type (Elevator, Escalator & Moving walkways), Elevator
Technology (Traction, Machine room-less, Hydraulic), Service (New
installation, Maintenance & Repair & Modernization),
End-Use Industry (Commercial, Industrial) is expected to reach
194.97 Billion by 2030 from 127.97 Billion in 2023 at a CAGR of
6.2%.
Global Elevator and Escalator Market 2023-2030: Key
Highlights:
Market Size in
2023
|
USD 127.97
Billion
|
Market Size in
2030
|
USD 194.97
Billion
|
CAGR
|
6.2 %
|
Forecast
Period
|
2024-2030
|
Base
Year
|
2023
|
Number of
Pages
|
229
|
No. of
Tables
|
135
|
No. of Charts and
Figures
|
193
|
Segment
Covered
|
By Product Type,
Elevator Technology, Service, and End Use Industry
|
Regional
Scope
|
North America, Europe,
Asia Pacific, Middle East and Africa, South America
|
Report
Coverage
|
Market Share, Size, and
Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
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Otis Elevator Company (US): Leader in Elevator and Escalator
Industry
Otis Elevator Company has a long-standing reputation and
extensive experience in the industry operating in over 300 cities
worldwide, with more than 2 million installations in the U.S.
alone. The company has maintained its position as a leading player
in the global elevator and escalator market in 2023 by introducing
advanced technologies such as Otis Gen3 Core Elevator, a digitally
connected elevator system featuring enhanced efficiency, safety,
and connectivity launched in North
America in 2023. The ability to meet the demand with a wide
range of products has contributed to its leadership of the company
within the market.
ThyssenKrupp Elevator AG (Finland): A Prominent Manufacturer
ThyssenKrupp Elevator is recognized as one of the largest
elevator manufacturers globally. In the year 2022-2023, the company
sales reached about 9 Billion with a 14% YoY growth which signifies
its production capacity and ability to mitigate challenges. The
company has prioritized sustainability by developing eco-friendly
products and practices that align with growing environmental
regulations and consumer demand for greener solutions.
The Elevator Segment to Dominate the Elevator and Escalator
Market during the Forecast Period
In 2022, more than 60% of the population has relocated to urban
cities necessitating the demand for elevators. With the growing
urbanization, the new elevator installations particularly from
China, India, and Southeast
Asia contribute to about 50% of the Asia Pacific region. Elevators have become
more popular due to their versatility in residential and commercial
buildings. The integration of advanced technologies like IoT and AI
has led to the development of smart elevators, enhancing
efficiency, safety, and user experience. For instance, KONE's
UltraRope technology reduces energy consumption by up to 15%
compared to conventional steel rope elevators, addressing
environmental concerns. Additionally, about 30% of elevators in
Europe are more than 20 years old,
which is contributing to the increasing demand for upgrades to
comply with safety regulations. By 2030, the global population of
people aged 60 and above is expected to grow to 1.4 billion,
highlighting the importance of installing elevators in public and
residential buildings to improve accessibility.
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The Machine Room Less Segment to grow fastest during the
forecast period
The Machine Room Less (MRL) MRL elevators eliminate the
need for a separate machine room, freeing up to 40% of building
space for other purposes. This is particularly advantageous in
urban areas with limited space. With gearless traction systems,
these elevators can save up to 30% in energy compared to
traditional geared systems. For instance, Mitsubishi Electric's
NEXIEZ-MRL effectively minimizes power usage through the use of
regenerative drives, transforming excess energy into reusable
electricity. MRL elevators offer a simpler and faster installation
and maintenance process, resulting in a 20% reduction in labor
costs and reducing project timelines. Additionally, they provide
enhanced safety features such as advanced braking systems and
remote monitoring for increased reliability and quicker response
times. The focus on green building standards in the European Union
has accelerated the adoption of MRL elevators, with around 50% of
all new installations in Europe
being MRL systems. Similarly, in the
United States, the demand for LEED-certified buildings has
led to a noticeable increase in the use of MRL technology. Otis and
Schindler are making substantial investments in MRL technology,
with Otis's Gen2 Switch and Schindler's 3300 models leading the way
in the industry. The flexibility, affordability, and eco-friendly
advantages of MRL elevators are opening up growth opportunities in
the global elevator escalator market.
Asia Pacific Region to be the fastest growing during the
forecast period
The Asia-Pacific region is
experiencing a surge in demand for elevators and escalators due to
rapid urbanization, population growth, and increased
infrastructural development. The concentration of populations in
urban areas has necessitated the construction of high-rise
buildings and commercial spaces further amplifying the need for
vertical transportation solutions. China, India,
and Japan are leading the
infrastructure growth with significant investments driving the
demand for elevators and escalators. In particular, China leads the global elevator installations
market with more than 60%instalations that are driven by the
high-rise projects and urban regeneration initiatives in
Shanghai and Beijing. In addition, initiatives like the
Smart Cities Mission and the goal of achieving 40% urbanization by
2030 support the growth of the Indian elevator and escalator
market. Also, governments are implementing large-scale initiatives,
including the construction of new airports, railway systems, and
smart cities, all of which necessitate the use of vertical
transportation solutions. Energy efficiency and smart elevator
systems are advancing in the Asia-Pacific region, solidifying its position
as a hub.
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Competitive Landscape
The Elevator and Escalator Market companies include significant
key players like Otis Elevator Company (USA), Kone Corporation (Finland), Schindler Group (Switzerland), Mitsubishi Electric Corporation
(Japan), ThyssenKrupp Elevator AG
(Finland), Hitachi Ltd.
(Japan), Fujitec Co., Ltd.
(Japan) among others.
Browse for Related Reports: Engineering Equipment
Market Research Report & Consulting
Traction Elevators Market: The market is a
USD 43.61 Bn Market in the year 2023
and is projected to grow at a CAGR of 6.9 % to become a
USD 69.57 Bn Market in the year
2030.
Elevator Ropes Market: The market size was valued
at US$ 701.54 Mn in 2023, and the
total revenue is expected to grow by 3.9% from 2024 to 2030,
reaching nearly US$ 916.99 Bn.
Elevators Market: The market was valued at
USD 96.81 Bn in 2023 and is expected
to reach USD 151.43 Bn by 2030, at a
CAGR of 6.6 % during the forecast period.
Escalator Cleaning Machine Market: The market size
was valued at USD 941.15 Bn in 2023
and is expected to reach USD 2065.04
Bn by 2030, at a CAGR of 11.88 % from forecast 2024 to
2030.
Traction Elevators Market: The market is a
USD 43.61 Bn Market in the year 2023
and is projected to grow at a CAGR of 6.9 % to become a
USD 69.57 Bn Market in the year
2030.
Electric Power Tools Market: The market was valued
at USD 31.87 Billion in 2023, and is
expected to reach USD 56.42 Billion
by 2030, exhibiting a CAGR of 8.5% during the forecast period
(2024-2030).
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