- 9 December 2020 23:21
Elevator and Escalator Market Report Study 2020 to 2027
The global elevator and escalator market size surpassed around USD 71.68 billion in 2019 and expanding over USD 114.90 billion by 2027, anticipated to expand at a compound annual growth rate (CAGR) of 6.3% during period 2020 to 2027.
The main objective for the use of elevators and escalators is their efficiency in vertical transport. An elevator can be defined as a closed cabin that is driven by electric motors that either drive traction cables, counterweight systems, or pump hydraulic fluid to raise a cylindrical piston. Elevators are resourceful vertical mobility solutions as they are able to use urban space efficiently and make movement in buildings possible for everyone. In the scope of this report, the two main types of elevators covered are passenger elevators and freight elevators.
An escalator can be defined as a moving staircase, or a conveyor transport device that is used for carrying people between floors of a building. The device traditionally consists of a motor-driven chain of individual, linked steps that move up or down on tracks, allowing the step treads to remain horizontal.
The rising investment in commercial and residential infrastructure in the developing and developed economies is resulting in the growth of the market. Construction works of the largest and tallest commercial projects in several regions are likely to increase the adoption of the product. For instance, White Magnolia Tower, Raffles City, Xujiahui Center, One Manhattan West, and Lakhta Center are few of the projects in the urban areas where the escalator and elevator manufacturers are focused on contributing. Also, the increasing focus of manufacturers in offering products with improved safety is expected to result in the escalator and elevator market growth.
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The escalators segment is anticipated to be the fastest-growing segment in the market.
The Asia Pacific region is projected to grow at a significant growth rate in the global elevators and escalators market over the projection period.
Europe region is expected to have a significant revenue share in the elevators and escalators market.
- The report covers the forecast and analysis for the elevator and escalator market on a global and regional level.
- The report includes the positive and the negative factors that are influencing the growth of the market.
- Future market opportunities and detailed information about the market are discussed.
- The revenue generated by the prominent industry players has been analyzed in the report.
- The market numbers have been calculated using top-down and the bottom-up approaches.
- The elevator and escalator market has been analyzed using Porter’s Five Forces Analysis.
- The market is segmented on the basis of product type, business type, service type, and application which in turn is bifurcated on a regional level as well.
- All the segments have been evaluated based on the present and the future trends.
- The report deals with the in-depth quantitative and qualitative analyses of the elevator and escalator market.
- The report includes the detailed company profiles of the prominent market players.
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- Otis Elevator Company
- Kone Corporation
- Schindler Group
- Thyssenkrupp AG
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- SJEC Corporation
Segments Covered in the Report
- Moving Walkways
- New Equipment
- North America
- Asia Pacific
- South Korea
- Rest of the World