Elevator and Escalator Market Exceeds USD 116 Billion in 2023, Predicts 7.1% CAGR Triumph Until 2030

How big is the Global Elevator and Escalator market?

According to MarkNtel Advisors study, The Global Elevator and Escalator Market size was valued at around USD 116 Billion in 2023 and is estimated to grow at a CAGR of about 7.1% during the forecast period, i.e., 2024-30.

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Global Elevator and Escalator Market Key Trend:

Rising Demand for IoT-Integrated Elevators and Escalators - With the advent of advanced technologies such as the Internet of Things (IoT) and its integration into elevators & escalators, manufacturers have maximized their revenues in the historical years. The integration has led to the smooth functioning of these setups in terms of gathering, analyzing, and exchanging data and maintaining entry and exit-related records. Other than this, IoT has enabled elevators and escalators to anticipate traffic and respond in real time with minimal error. These advantages have compelled investors and manufacturers to integrate such products with cutting-edge technologies, which, in turn, has led to market enlargement in the historical period. For instance,

Hyundai Elevator Co. and LG Uplus Corp., a major wireless carrier, have collaborated to manufacture smart safety management systems, including IoT sensor safety rings, belts, and hats, and exclusive applications for elevator installers and control platforms. (October, 2022)

Leading Companies in the Global 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

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Global Elevator and Escalator Market Segmentation:

By Type

Elevator
Traction
Hydraulic
Machine Room less
Escalator
Moving Walkway
Moving Stairs

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.

By Service

New Installation
Modernization
Maintenance

By End User

Residential
Commercial
Retail
Health Care
Hospitality
Government & Transportation
Other

Regional/ Countries Insight:

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

Here, 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.

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About MarkNtel Advisors:

MarkNtel Advisors is a leading consulting, data analytics, and market research company that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.