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.
DRIVERS
Growing geriatric population
Increasing investment in the construction sector
RESTRAINTS
High installation and maintenance cost
INDUSTRY UPDATE
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 to launch 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.
| Report Metric | Details |
| Market size value in 2018 | US$75.526 billion |
| Market size value in 2024 | US$88.923 billion |
| Growth Rate | CAGR of 2.76% from 2018 to 2024 |
| Base year | 2018 |
| Forecast period | 2019–2024 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Technology, End User, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Schindler Holding Ltd., Kone Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., United Technologies, Kleemann Hellas SA., Fujitec Co., Ltd., Hyundai Elevator, ThyssenKrupp Elevator Technology |
| Customization scope | Free report customization with purchase |
Segmentation
The elevators and escalators market has been analyzed through the following segments:
By Technology
Hydraulic
Traction
Machine-Room-Less
By End User
Residential Sector
Commercial Sector
Industrial Sector
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Australia
Others
Frequently Asked Questions (FAQs)
Q1. What will be the elevators and escalators market size by 2024?
A1. The global elevators and escalators market is expected to reach a total market size of US$88.923 billion in 2024.
Q2. What is the size of global elevators and escalators market?
A2. Elevators and Escalators market is evaluated at US$75.526 billion in 2018.
Q3. What are the growth prospects for elevators and escalators market?
A3. The elevators and escalators market is expected to grow at a CAGR of 2.76% during the forecast period.
Q4. What factors are anticipated to drive the elevators and escalators market growth?
A4. Rapid urbanization and increasing investment in the construction sector are other key factors augmenting the growth of the elevators and escalators market.
Q5. Who are the major players in the elevators and escalators market?
A5. Major industry players profiled as part of the elevators and escalators market report are Schindler Holding Ltd., Kone Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, and United Technologies among others.
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