Rising demand for reducing energy consumption in buildings is a major factor driving elevator and escalator Elevator and Escalator Market revenue growth
Vancouver, Oct. 03, 2023 (GLOBE NEWSWIRE) — The global elevator and escalator market size was USD 143.40 Billion in 2022 and is expected to register a revenue CAGR of 6.5% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for green buildings and energy-efficient products is a major factor driving the market revenue growth. Smart vehicle transportation systems, such as automated parking garages and vertical conveyors for cars, require effective ways to move people between different levels. Elevators become important in such buildings to ensure easy access to various floors hence driving the market revenue growth. Elevators also make it possible for individuals to transport products from one floor to another quickly and easily, because they were designed to raise a lot of weight. People who have discomfort or difficulties walking, with the help of escalators can walk for longer distances in relative comfort which is also driving the market revenue growth.
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Rising demand for reducing energy consumption in buildings is another factor contributing to revenue growth of the market. Elevators represent 3%-7% of a building's energy consumption. Elevator manufacturers are manufacturing premium lifts that are particularly energy efficient for mid- and high-rise buildings that have enhanced controls, hardware, and other technologies that not only use less energy, but are also considerably more compact, efficient, and even produce electricity hence driving the market revenue growth. Energy-efficient elevators and escalators result in lower operating costs for building owners and operators, resulting in long-term financial savings.
However, high cost of installation and maintenance is a major factor that is restraining the market revenue growth. Electric escalators and lifts need specialized installation and maintenance, which is costly, especially for bigger buildings.
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Scope of Research
Report Details
Outcome
Market size in 2022
USD 143.40 Billion
CAGR (2023–2032)
6.5%
Revenue forecast to 2032
USD 267.92 Billion
Base year for estimation
2022
Historical data
2019–2021
Forecast period
2023–2032
Quantitative units
Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
Type, service, elevator technology, end-use, and region.
Regional scope
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled
Schindler, Otis, ThyssenKrupp AG, KONE Corporation, Hitachi, Ltd., EITA Elevator, Electra Elevators, HYUNDAIELEVATOR CO., LTD., Toshiba Elevators and Building Systems Corporation, Sigma Elevator Company.
Customization scope
10 hours of free customization and expert consultation
Major Companies and Competitive Landscape
The global elevator and escalator market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
Schindler.
Otis.
ThyssenKrupp AG.
KONE Corporation.
Hitachi, Ltd.
EITA Elevator.
Electra Elevators.
Hyundaielevator Co., Ltd.
Toshiba Elevators and Building Systems Corporation.
Sigma Elevator Company
Strategic Development
On 13 December 2020, L&T Technology Services Limited, a leading global pure-play engineering services company, announced that it has been selected as one of Schindler's key partners to provide innovative digital engineering capabilities. Schindler is a Swiss-based global leading provider of elevators, escalators, moving walks, and related services. L&T Technology Services provides product development, innovation, and engineering services and solutions to help Schindler speed its digitization and connection activities, according to the agreement.
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Some Key Highlights From the Report
The elevator segment accounted for largest revenue share in 2022. Elevators are becoming increasingly popular for use in one's home or office as the cost of equipment and installation falls. Elevator technological advancements make travel faster and more dependable, eliminating the need for passengers to worry about breakdowns. It also makes it possible for individuals to transport products from one floor to another quickly and easily. They are built to transport heavy loads with ease because they are designed to hold a lot of weight. Therefore, all these factors are driving revenue growth of this segment.
The new installation segment accounted for a significantly large revenue share in 2022. Older buildings without elevators can require new installations to enhance accessibility and modernize building which is a major factor driving revenue growth of this segment. Moreover, technological advancements, such as energy-efficient systems, smart controls, and improved safety features, are creating high demand from builders and property owners looking for modern solutions which as a result is also contributing to revenue growth of this segment.
The traction elevator segment accounted for a significantly large revenue share in 2022. Elevator with traction lifts is commonly utilized in buildings with more than 60 feet of travel, up to the world's most renowned skyscrapers, because of their smooth ride quality and ability to move at high speeds which is driving revenue growth of this segment. Moreover, rising demand for traction lifts since they are utilized in mid to high-rise structures such as business buildings, hotels, and condo/apartment complexes is also contributing to revenue growth of this segment.
The market in Asia Pacific accounted for largest revenue share in 2022. Rising construction of buildings equipped with smart vehicle transportation systems owing to growing urbanization is a major factor driving the market revenue growth in this region. Increasing populations in urban centers drive the construction of new residential, commercial, and mixed-use buildings, leading to higher demand for elevators and escalators. Innovations in elevator and escalator technology, including smart controls, energy-efficient systems, predictive maintenance, and touchless interfaces, can drive demand as building owners seek modern solutions which is another factor driving the market revenue growth in this region.
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For the purpose of this report, Emergen Research has segmented the global elevator and escalator market on the basis of type, service, elevator technology, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019–2032)
Elevator
Escalator
Moving Walkways
Service Outlook (Revenue, USD Billion; 2019–2032)
New Installation
Maintenance & Repair
Modernization
Elevator Technology Outlook (Revenue, USD Billion; 2019–2032)
Traction Elevator
Machine Room Less Traction Elevator
Hydraulic
End-Use Outlook (Revenue, USD Billion; 2019–2032)
Residential
Commercial
Institutional
Others
Regional Outlook (Revenue, USD Billion, 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Israel
Rest of MEA
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