Escalators and Elevators Market (By Type: Escalators, Elevators, Moving Walkways; By Service: Maintenance & Repair, New Installation; By End User: Residential, Commercial, Industrial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027

The global Escalators and Elevators (PP) market is expected to reach the market value of around US$ 135 Bn by 2027 and is anticipated to grow at a CAGR of around 6.1% in terms of revenue during the forecast period 2020 – 2027.

Elevators are a device used primarily to move people upwards around the floors on buildings and on ground. In comparison it is possible to refer escalators as the style by transferring steps within the building to move people. These are useful for the movement of higher population at a time in residential and industrial buildings. This facilitates the quicker transportation of particularly elderly people in the city. For manufacturing, the goods and cargo are primarily shipped inside the factory or production facility.

The report provides analysis of global Escalators and Elevators market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.

Market Dynamics

The expanded use of elevators and escalators at airports, for the purpose of fast transportation, hospitals malls, metroways, and office premises, stimulates development on the market. Another aspect that enhances its position in the residential sector is the rise of geriatric population. The booming housing industry, which results in a growing demand for elevators in buildings with high and middle elevations, further fuels business development. The expansion of the sector has also had a positive effect on social indicators, such as an improved per-capital income and raised living standards.

Regional Stance

Asia Pacific held significant market share in 2019 and projected to govern the market amid the projected time span in the global elevator and escalator industry. The region is predicted to retain its global supremacy over the projected period. Expansion of the regional sector is due to this the rising amount of building infrastructure and the increase in smart cities are expected to further encourage the development of the industry in the region over the predicted period. Besides, the demand for elevators and escalators in Europe is estimated to have a large sales share. The national producers introduce IoT on lifts and escalators as this greatly decreases running costs. Furthermore, IoT incorporation of elevators and escalators enhances operation quality by efficiently reducing downtime. Such trends are expected to push the worldwide development of lifts and escalators over time.

Report coverage

The market research study on “Escalators and Elevators Market (Escalators and Elevators Market By Type: Escalators, Elevators, Moving Walkways, Escalators and Elevators Market By Service: Maintenance & Repair, New Installation; Escalators and Elevators Market By End User: Residential, Commercial, Industrial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Escalators and Elevators market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Escalators and Elevators market size, and segment markets by type, service, end use, and geography along with the information on companies operating in the market. The Escalators and Elevators market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.  

The global Escalators and Elevators market is segmented as below:

Market Segmentation

Escalators and Elevators Market By Type

• Escalators
• Elevators
• Moving Walkways

Escalators and Elevators Market By Service

• Maintenance & Repair
• New Installation

Escalators and Elevators Market By End User

• Residential
• Commercial
• Industrial

Escalators and Elevators Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Mexico
• Brazil
• Rest of Latin America  

Middle East & Africa

• GCC
• South Africa
• Rest of MEA

Key Players and Market Situation

Participants include major global players such United Technologies Corporation, SJEC Corporation, Hitachi, Mitsbushi, Kone Corporation, Otis Elevator Company, Schindler Holding Ltd., and ThyssenKrupp AG., and Others.

The safety of escalators and elevators, was considered the utmost priority, since many malfunctions have been found. Fatalities will seriously affect the brand's reputation, resulting in the stringent quality tests carried out by escalators and lift manufacturers on many occasions before their goods are commercially released.