The elevators and escalators market is evaluated at US$75.526 billion in 2018 and is expected to grow at a CAGR of 2.76% to reach US$88.923 billion in 2024. Elevators and Escalators provide speedy process and continence traveling around the building which is considered one of the reasons for their high adoption around the globe. Rapid urbanization and increasing investment in the construction sector are other key factors augmenting the growth of the market. Rapid growing geriatric population and technological advancement in smart elevators and escalators will also fuel up the market growth. However, high installation and maintenance cost remains a key challenge.
Growing geriatric population
Increasing investment in the construction sector
High installation and maintenance cost
In May 2019, Telefónica and Schindler entered into a global partnership for digital connectivity. Under the agreement, Telefónica will provide IoT and network connectivity solutions to Schindler for smart elevators and escalators.
In March 2019, Mitsubishi Electric Corporation announced tlaunch Nexiez-Lite MRL in India.
Major industry players profiled as part of the report are Schindler Holding Ltd., Kone Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, and United Technologies among others.
The elevators and escalators market has been analyzed through the following segments:
By End User
Middle East and Africa