CHICAGO, Jan. 19, 2024 /PRNewswire/ -- The report "Elevators & Escalators Market by Type (Elevators, Escalators, Moving walkways), Service (New installation, Maintenance & Repair), Elevator Technology (Traction, Machine- Room-Less, & Hydraulic), & End-use Industry and Region - Global Forecast to 2028", is projected to grow from USD 152.1 billion in 2023 to USD 207.4 billion by 2028, at a CAGR of 6.4% during the forecast period.
Elevators & escalators market growth in the Asia Pacific region is propelled by the construction industry, rapid urbanization, and the surge in high-rise buildings. This has led to heightened demand and increased sales of these products. Furthermore, changing demographics, including a growing aging population and an expanding middle-class seeking improved living standards, are additional factors driving market growth.
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Elevator type segment is estimated to lead the elevators and escalators market during the forecast period.
The elevators type segment is anticipated to lead the elevators and escalators market's growth. This dominance is attributed to various factors such as the increasing construction of high-rise buildings, urbanization, and a growing emphasis on energy-efficient and innovative elevator technologies. The demand for diverse types of elevators, including hydraulic, traction, and machine-room-less traction elevators, contributes to the segment's leading position. As urban landscapes evolve and infrastructural development intensifies, elevators become integral for vertical mobility, and their versatile applications in residential, commercial, institutional, and infrastructural sectors drive the overall market growth.
Machine-room-less traction elevator technology is the major elevator technology in the global elevators and escalators market.
Machine-room-less traction elevator technology is the largest elevator technology segment of the elevators and escalators market. The machine-room-less traction elevator technology segment is expected to grow at the highest CAGR from 2023 to 2028. This segment is set to lead the elevators and escalators market, driven by its space-efficient design, eliminating the need for a separate machine room. Machine-room-less traction elevators offer optimal space utilization, enhanced architectural flexibility, and are known for energy efficiency and modern safety standards, aligning with the demand for contemporary building designs.
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Residential is projected to lead the Elevators and Escalators market.
The Residential sector is set to lead the Elevators and Escalators market due to increased demand driven by factors such as urbanization, high-rise residential constructions, changing demographics, and the preference for modern amenities in smart homes. Elevators play a crucial role in enhancing accessibility and convenience in residential complexes, particularly in the growing trend of vertical urban living. The desire for advanced living spaces, coupled with the need for efficient vertical transportation solutions, positions the Residential end-use industry as a key driver for market growth.
Asia Pacific is expected to witness the fastest growth in the Elevators and Escalators market during the forecast period.
The Elevators and Escalators market in the Asia Pacific region is expected to experience significant growth, with the highest Compound Annual Growth Rate (CAGR) projected between 2023 and 2028. Key economies like China, India, and Japan are major contributors to this growth, driving a substantial share of the market throughout the forecast period. The Asia Pacific market emerges as a lucrative sector for elevators and escalators, benefitting from robust industrial development and overall economic improvement. China, in particular, plays a pivotal role with numerous manufacturing plants, highlighting its influence on market dynamics. The rapid industrialization across the broader Asia Pacific region creates a favorable environment for the expansion of the Elevators and Escalators market, indicating sustained growth in the industry.
Key players
Major companies such as Schindler Group (Switzerland), Otis (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), Mitsubishi Electric Corporation (Japan), TK Elevator (Germany), SJEC Corporation (China), and other leading companies in this market.
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