The global elevators & escalators market size is expected to reach USD 229.0 billion by 2030 according to a new study by Polaris Market Research. The report “Elevators & Escalators Market Share, Size, Trends, Industry Analysis Report, By Type (Elevators, Escalators, Moving Walkways); By Service (New installation, Maintenance & Repair, Modernization); By Elevator Technology; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global urbanization rate has increased significantly, owing to increased educational and employment opportunities in urban areas. The growing urban population has increased the demand for commercial and industrial buildings. According to the United Nations Department of Economic and Social Affairs, the global urban population will reach 68 percent by 2050, up from 55 percent in 2018. The volume of commercial building structures of square footage has also risen to accommodate people.
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This has enhanced the significance of vertical transit systems in ensuring the smooth operation of buildings. These factors have positively influenced the elevator market, as escalators allow for the continuous mobility of persons from one floor to another. Furthermore, to address traffic congestion issues, many governments worldwide are focusing on the development of efficient metro rail systems, which is driving industry demand.
Besides, the rise in purchasing power of the masses in developing countries has resulted in a significant rise in shopping complexes. These technological advantages have increased the use of escalators in the industry. Based on the type, the moving walkways segment accounted for the leading share in the market. As companies shift their manufacturing capacity to moving walkway alternatives, the elevator and escalator market is expected to grow.
Stakeholders are taking cues from such businesses to increase the availability of vertical and horizontal direction moving walkways that provide clients with the flexibility to use them in various environments. The development of new airport projects, the opening of shopping centers in tier 1 and tier 2 cities, and train station refurbishments boost demand for moving walkway solutions. Such patterns will translate into revenue growth for elevator and escalator companies.
Market players such as Schindler Group, Electra Elevators, Escon Elevators, Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevator, Kleemann, Kone Corporation, Eita Elevator, Mitsubishi Electric Corporation, Orona, Sigma Elevator Company, Otis Elevator, Thyssenkrupp AG, and Toshiba Elevators And Building Systems Corporation are key players operating in the global market.
The procedure is quick and simple, and it works with all elevator models and producers. The app, developed in collaboration with TK Elevator (previously thyssenkrupp Elevator), is now being rolled out globally. LIFT Check is now accessible for iOS and Android, and it complements the DEKRA DIGITAL elevator protection portfolio.
Polaris Market Research has segmented the elevators & escalators market report based on type, service, elevator technology, end-use, and region:
Elevators & Escalators, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Elevators & Escalators, Service Outlook (Revenue - USD Billion, 2018 - 2030)
Elevators & Escalators, Elevator Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Elevators & Escalators, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Elevators & Escalators, Regional Outlook (Revenue - USD Billion, 2018 - 2030)