Elevators and Escalators Market was estimated at USD 117 Billion in 2019 and anticipated to grow at 6.3% CAGR during the forecast period.

Elevators are powdered by electronic motors and help in effectively transporting people or goods between different floors of a building or any commercial spaces. Escalators run on alternating current motors in the form of a moving staircase whose steps move in an upward and downward direction. It has more capacity to move a large number of people as compared to the elevators. They are a type of vertical transportation that requires more power as it operates continuously. Elevators and escalators provide better convenience to people while traveling in a shopping mall, hotels, airports, and train stations.

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The significant factors driving the growth of the global elevators and escalators market include the rapid urbanization, changing demographic trends, and the expansion in the construction industry across the globe. The strong demand from various end-use sectors such as commercial, residential, and hospitals, will further boost the growth of the global elevators and escalators market. Moreover, the increasing concerns for safety among the geriatric population will increase the demand for the elevators and escalators over the forecast period. An increase in the usage of elevators and escalators in various commercial spaces such as shopping malls, airports, and train stations will create immense growth opportunities in the market. In addition to this, the increasing commercial activities and rising investment for the improvement of infrastructure at public places will further drive the global elevators and escalators market. On the other edge, the high installation cost and set up costs of escalators and elevators may hamper the growth of the global elevators and escalators market in upcoming years.

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Based on the elevator technology, the Machine Room-Less Traction elevator technology is expected to grow at a higher CAGR during the forecast period owing to its remarkable benefits such as higher efficiency and provides a smooth ride to its passengers.

Based on the type, the Elevators type is projected to lead the market over the forecast attributed to the accelerated usage of elevators in various industries. The elevators type is further divided into passenger elevator, freight elevator, and other types of elevators. The passenger elevators segment is predicted to grow at a higher CAGR over the forecast period owing to its strong demand in commercial and residential spaces.

Based on the application, the Non-Commercial segment is projected to grow at a higher CAGR during the forecast period owing to the strong demand for elevators and escalators in the residential sector. Moreover, the drastic rise in the construction of residential and high-rise buildings will further drive the growth of the non-commercial application in the global elevators and escalators market.

Based on the services, the New Installation services segment is anticipated to dominate the market during the forecast period attributed to the rapid expansion in the construction sector driven by the growth in GDP.

Based on the building type, the High rise segment is predicted to grow at a higher CAGR in the global elevators and escalators market over the forecast period owing to the continuous advancements in the transportation sector, which has transformed the construction sector.

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Based on the region, the Asia-Pacific region is expected to dominate the global elevators and escalators market in 2018 due to the rapid urbanization and the significant demographic changes in this region. China and India are the emerging market in the Asia-Pacific region owing to the growth of the commercial and non-commercial industries in these nations. In addition to this, the large presence of manufacturers and distributors for elevators and escalators in this region will further boost the growth of the Asia-Pacific region. A rise in the disposable income, along with the drastic growth in the standard of living of individuals, will drive the demand for elevators and escalators in the Asia-Pacific region.

Various notable players operating in the market include Kone Corporation, United Technologies, Schindler Holding Ltd., Mitsubishi Electric Corporation, Thyssenkrupp AG, Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., Toshiba Corporation, and Electra Ltd., among others.

Key Developments:

• • In 2019, Mitsubishi Electric Corporation established a new elevator and escalator company, i.e., MELCO Elevator Lao Sole Co., Ltd., to increase its business operations in Laos.
  • In 2019, Toshiba Elevator and Building Systems Corporation subsidiary of Toshiba Corporation established a Toshiba Elevator Limited Liability Company to strengthen business operations in the Vietnam market.
  • In 2018, Otis Elevator Company subsidiary of United Technologies introduced the link escalator that offers better safety, quality, and reliability, thereby providing enhanced customer experience.

The global elevators and escalators market has been segmented on the basis of elevator technology, type, application, services, building type and regions. Based on elevator technology, the market is segmented into traction, hydraulic and machine room-less traction. Based on type, the market is segmented into elevators, escalators and moving walkways. Based on elevators, the market is segmented into passenger elevator, freight elevator and others. Based on passenger elevator, the market is segmented into bed elevator, service elevator, observation elevator and residential elevator. Based on freight elevator, the market is segmented into dumbwaiters and vehicle elevators. Based on application, the market is segmented into commercial and non-commercial. Based on services, the market is segmented into new installation, maintenance and modernization. Based on building type, the market is segmented into low rise, mid rise and high rise.

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Key questions answered in this research report:

• • At what pace is global elevators and escalators market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in elevators and escalators market? What will be the impact of drivers and restraints in the future?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global elevators and escalators market?
  • What are the various application areas of global elevators and escalators market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 117 Billion
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Elevator Technology, By Type, By Application, By Services, By Building Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Kone Corporation, United Technologies, Schindler Holding Ltd., Mitsubishi Electric Corporation, Thyssenkrupp AG, Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., Toshiba Corporation, Electra Ltd among others.; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Elevators and Escalators Market by Elevator Technology

• • Traction
  • Hydraulic
  • Machine Room-Less Traction

Global Elevators and Escalators Market by Type

• • Elevators
    • Passenger Elevator
      • Bed Elevator
      • Service Elevator
      • Observation Elevator
      • Residential Elevator
    • Freight Elevator
      • Dumbwaiters
      • Vehicle Elevators
    • Others
  • Escalators
  • Moving Walkways

Global Elevators and Escalators Market by Application

• • Commercial
  • Non-commercial

Global Elevators and Escalators Market by Services

• • New Installation
  • Maintenance
  • Modernization

Global Elevators and Escalators Market by Building Type

• • Low Rise
  • Mid Rise
  • High Rise

Global Elevators and Escalators Market by Region

• • North America Elevators and Escalators Market
    (Option 1: As a part of the free 25% customization)
    • North America Market by Elevator Technology
    • North America Market by Type
    • North America Market by Application
    • North America Market by Services
    • North America Market by Building Type
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Elevators and Escalators Market
    (Option 2: As a part of the free 25% Customization)
    • Europe Market by Elevator Technology
    • Europe Market by Type
    • Europe Market by Application
    • Europe Market by Services
    • Europe Market by Building Type
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Elevators and Escalators Market
    (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Market by Elevator Technology
    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Application
    • Asia-Pacific Market by Services
    • Asia-Pacific Market by Building Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Elevators and Escalators Market
    (Option 4: As a part of the free 25% Customization)
    • RoW Market by Elevator Technology
    • RoW Market by Type
    • RoW Market by Application
    • RoW Market by Services
    • RoW Market by Building Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Elevators and Escalators Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Kone Corporation
  • United Technologies
  • Schindler Holding Ltd.
  • Mitsubishi Electric Corporation
  • Thyssenkrupp AG
  • Fujitec Co., Ltd.
  • Hitachi Ltd.
  • Hyundai Elevator Co., Ltd.
  • Toshiba Corporation
  • Electra Ltd