Rapid urbanization around the world is creating lucrative growth opportunities for the global elevators and escalators market finds Fortune Business Insights in their recent study. The study is titled “Elevators and Escalators“ Market: Global Market Analysis Insights and Forecasts 2018 – 2026.” A major factor boosting this market is the advancement in the construction industry and changing demographic trends.
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Fortune Business Insights predicts the global construction industry to grow by 85% to reach a valuation of USD 15.5 Tn by the end of 2030 out of which 57% of market value is shared by three countries namely India the U.S. and China. Thus boost in the construction industry is likely to bode well for the global elevator and escalator market in the future. Among end-users, the commercial elevators segment is expected to dominate the global market.
- KONE Corporation
- Schindler Holding Ltd.
- Hyundai Elevator Company
- Fujitec Egypt Co. Ltd.,
- Mitsubishi Electric Automation, Inc.
- Otis Elevator Co.
Rising Investment towards Improving Infrastructure among Various End-Use Industries to Boost Market
Major factors encouraging the use of elevators and escalators are the rising number of differently-abled people and the geriatric population accompanied by the need to provide them ease of mobility in public areas. Governments are taking a keen interest in ensuring ease of locomotion and mobility to people and therefore investing in modern construction designs in malls and other public places. Demand for better accessibility and improved mobility is aiding the expansion of this market. With busy and tight work schedules the necessity for elevators and escalators is increasing by the day.
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Increasing investments by market players for improving infrastructure and installation of elevators and escalators in public places such as airports shopping malls railway stations and others will help the market grow remarkably in the coming years. The development of innovative technologies and energy-efficient products is likely to drive the market for escalators and elevators remarkably.
However, the fact that the new generation elevators and escalators come with high installation and maintenance costs may hinder the growth of the market. This coupled with the need for compliance with stringent regulatory standards may pose a threat to the elevators and escalators market.
Nevertheless, the development of innovative technologies and the introduction of smart elevators will create lucrative growth opportunities for the global market. The introduction of energy-efficient elevators is on the rise because of the changing demographics and the need for conserving energy. This will help the market grow at promising rates during the forecast period.
Major Segments Mentioned:
1. By Product Type
- Moving Walk Ways
2. By Service
- Maintenance & Repair
- New Installation
3. By Technology
- Electric lifts
- Hydraulic lifts
4. By End User
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
On the contrary, the high cost associated with upgraded technology is a factor that may restrain the global Elevator and Escalator market.
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Major Table of Content for Elevator and Escalator Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Elevator and Escalator Market Analysis, Insights and Forecast, 2026
- North America Elevator and Escalator Market Analysis, Insights and Forecast, 2026
- Europe Elevator and Escalator Market Analysis, Insights and Forecast, 2026
- Asia Pacific Elevator and Escalator Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Elevator and Escalator Market Analysis, Insights and Forecast, 2026
- Latin America Elevator and Escalator Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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