Global Elevators and Escalators Market registered a revenue of USD 117 Billion in 2019 and is forecast to expand at a 6.3% CAGR during the forecast period (2020-2027), because of the increasing investment in residential and commercial infrastructure across the emerging economies.

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Key Drivers and Emerging Trends

The major factors fueling the elevators and escalators market includes increasing adoption of advanced safety features in escalators, technological innovations, and the expansion of construction sectors are driving the elevators and escalators industry growth during the forecast period. The ongoing advancement in the Internet of Things (IoT) technology is further fueling the market growth. Moreover, the rising expenditure on infrastructural development by nations has paved the way for market. As per the UNCTAD Trade and Development report over 40 developing countries are focusing on infrastructure projects. Thus, the strategic government initiatives from several developing nations to drive the country are likely to increase the development of bridges, dams, and urban infrastructures like highways, schools, ports, and airports, which, in turn, is expected to drive the elevators and escalators market size.

Furthermore, the increasing development of smart cities has fueled the demand for high-speed lifts, propelling the market growth. For instance, as per the Policy Forum, the smart city investment by China was around USD 30.4 billion in 2018 and is projected to touch more than USD 59.9 billion by 2023. For instance, the Merdeka PNB 118 is a 644m skyscraper under construction in Malaysia. However, the growing concerns pertaining elevator and escalators incidents are projected to hamper the market growth. As per the U.S. Bureau of Labor Statistics and Consumer Product Safety Commission, over 30 people were killed and nearly 17,000 were seriously injured in elevator and escalator incidents every year in the U.S

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Elevator Technology Segment Analysis

Machine Room-Less Traction elevator technology is estimated to witness a faster CAGR over the forecast period because of its higher efficiency and smooth ride to its passengers. The technology is equipped with newly designed permanent magnet motors (PMM), which eliminates the cost and environmental concerns associated with a buried hydraulic cylinder filled with hydraulic oil. Moreover, the use of a gearless traction type machine in machine room less traction elevator ensures ride quality and better performance, driving the segment’s growth.

Type Segment Analysis

Elevators type is expected to dominate the elevator and escalator market over the forecast, owing to the growing use of elevators in different industries. Moreover, escalators segment is forecast to hold a larger share over the upcoming years, because of the growing demand for escalators across the commercial infrastructures, which include commercial parks and shopping malls. The development of aerospace infrastructure has increased the demand for escalators and moving walkways, fueling the segment’s growth.

End-Use Industry Segment Analysis

Residential segment is likely to hold a larger share over the forecast period, owing to improving living standards in developing economies. Moreover, the residential market is driven by the advancement of living standards across emerging economies, rapid urbanization and accelerating population. A significant increase in the construction of residential buildings will further add to the market growth.

Rising penetration of elevators and escalators in commercial centers including malls, retail centers, and co-working places is predicted to pave the way for commercial sector. The inclination towards eco-efficiency, flexible design, and security is predicted to expand the segment’s share.

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Regional – Segment Analysis:

The North American market is expected to dominate the elevators and escalators market over the upcoming years, because of the rapid urbanization across countries like Canada, the US, and Mexico. The growing emphasis of leading manufacturers to strengthen their existence in the regional market is another factor propelling the market especially, in the U.S. For instance, in June 2021, TK Elevator acquired Accurate Elevator to expand its presence in the regional market. Moreover, this acquisition is the fifth successive acquisition made by TK Elevator in 2021 across the market in North America.

The APAC region is estimated to hold a larger share during the upcoming years, primarily because of the easy access to resources, affordable labor prices, and strong regulatory norms in these emerging nations. The rising application of elevators and escalators in the commercial, residential, and infrastructure industries are projected to drive the elevators and escalators market. Rapid industrialization, rising middle-class population, and changing lifestyles are other factors fueling the regional growth.

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 2021, Schindler entered into a partnership agreement with citizenM hotels, the major Netherlands-based boutique hotel chain, to offer service and advancements for escalators and elevators in all of the Group’s existing buildings across the globe, as well as the installation of future vertical mobility solutions in the chain’s new hotels.
  • In 2021, Hitachi Ltd. Hitachi Elevator Asia Pte. Ltd. (Hitachi Elevator Asia) has developed an innovative elevator solution. This product provides a safer and hygienic elevator system that can find its application to comply with the safety regulations after the outbreak of COVID-19. The company has developed touchless lift solutions that can be operated using a touchless button to navigate lift on multiple floors and mobile access system, which help the certified phones to operate the lift from a remote mobile phone.
  • In 2020, Hitachi Ltd. decided to acquire 9.99% share in Yungtay Engineering (Taiwan) to expand its elevator and escalator business. Till date, Hitachi acquired ~51% share in Yungtgay.
  • In 2020, CCL Industries Inc. decided to acquire InTouch Labels and Packaging Co., Inc. (InTouch), near Boston, Massachusetts. InTouch is a specialized short-run digital label converter and was added to Avery’s direct-to-consumer operations.
  • In 2020, Bay State Elevator decided to acquire Otis to expand in the northeast US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York
  • 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 elevator
  • Machine room less traction elevator
  • Hydraulic

Global Elevators and Escalators Market by Type

• • Elevator
  • Escalator
  • Moving Walkways

Based on End-use Industry:

• • Residential
  • Commercial
  • Institutional
  • Infrastructure
  • Others

Global Elevators and Escalators Market by Application

• • Commercial
  • Non-commercial

Global Elevators and Escalators Market by Services

• • New installation
  • Maintenance & repair
  • 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)
    • By Elevator Technology
    • By Type
    • By Application
    • By Services
    • 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)
    • By Elevator Technology
    • By Type
    • By Application
    • By Services
    • 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)
    • By Elevator Technology
    • By Type
    • By Application
    • By Services
    • 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)
    • By Elevator Technology
    • By Type
    • By Application
    • By Services
    • 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