Elevator and Escalator Market Report Global Forecast By Product (Elevators, Escalators, Moving Walkway), End Use (Residential, Commercial, Industrial), Countries and Company Analysis (2024-2032)

Driving Forces of Elevator and Escalator Market 

Growing focus on sustainability and energy efficiency 

The need to design sustainable and energy-efficient elevators and escalators is becoming more and more important, and it is propelling the market forward. Smart technology such as LED lighting that uses less electricity, regenerative drives that feed energy back into the building grid, and standby modes that drastically cut down on power consumption when the systems are not in use are increasingly being implemented by businesses. By lowering operating costs, these technologies not only provide affordable solutions but also appeal to a growingly ecologically conscious consumer base. The adoption of green technology is in line with global sustainability goals, which provides producers and consumers with additional motivation to make this shift. As such, it is expected that the focus on sustainability will remain a crucial factor in dictating the market's trajectory.

An increase in building-related activities 

One cannot emphasize how important infrastructure development is to the growth of the elevator and escalator industries. The necessity for effective vertical transportation systems grows as cities continue to expand vertically. In recently built apartment buildings, there is also a high demand for comfort and convenience, which includes quick, safe, and efficient elevators. These massive construction projects reflect shifting consumer expectations and the rise of metropolitan regions, which now view these transit networks as necessary components of modern living rather than just luxurious extras.  

There is a rising global need for sustainable infrastructure due to concerns about greenhouse gas emissions. Infrastructure that is robust and sustainable must get a substantial amount of funding in order to reach net zero emissions by 2050 and the sustainable development goals by 2030. The Organization for Economic Co-operation and Development (OECD) projects that in order to finance development objectives and create a low-carbon, climate-resilient future, annual infrastructure investments of USD 6.9 trillion will be required until 2050.

The aging population's increasing need for more accessibility 

The global demography is changing due to the steady increase in the older population. This emphasizes how important it is for escalators and elevators to improve accessibility in both public and private settings. In 2020, there were more adults 60 years of age and older than children under five, according to Who. In addition, in 2050, 80 percent of older adults would live in low- and middle-income countries. 

A geriatric population poses distinct issues, including reduced mobility and an increased requirement for safety features. Because of this, there is already a niche market for elevators and escalators that have features like user-friendly interfaces, emergency call buttons, and slower speeds for easy boarding and disembarking. These are already being used as standard features in several nations with sizable aging populations. In addition to being important from a societal standpoint, this emphasis on inclusivity presents businesses with a strong chance to develop and personalize their product lines. Thus, the aging population is an important factor of technological innovation in this industry as well as contributing to the current need for accessible systems.

Asia Pacific Elevator and Escalator Market 

Elevators and escalators are in high demand due to the fast urbanization, population growth, and increased infrastructure development occurring in the Asia-Pacific region. Significant urbanization has been occurring in the Asia-Pacific area as people from rural areas move to cities in search of greater job opportunities and higher living standards. The necessity for vertical transportation solutions has increased due to the development of high-rise buildings and commercial spaces brought about by the concentration of population in metropolitan centers. 

A number of Asia-Pacific nations are making significant investments in infrastructure development in an effort to solve urban difficulties and accelerate economic growth. Governments are launching large-scale initiatives like smart cities, new airports, and rail networks, all of which inevitably call for vertical mobility solutions. 

Furthermore, significant investments in infrastructure are being made, especially in China, India, and Japan. Due to its significant urbanization projects and construction of towering buildings, China has become the world's largest market for elevators and escalators. Elevators and escalators are in high demand in India because to the country's fast urbanization and infrastructure development, particularly in large cities. 

In India, the budget for 2023–24 calls for a 33% increase in capital expenditure for infrastructure, totaling INR 10 lakh crore (about USD 122 billion), or 3.3% of GDP. A historic capital outlay of INR 2.40 lakh crore (USD 29 billion) has been set aside for the Railways in the Union Budget 2023–2024. This is a nine-fold increase in comparison to the expenditure in 2013–14. Additionally, the number of National Infrastructure Pipeline (NIP) projects has increased from 6,835 to 9,142, encompassing 34 sub-sectors, according to news sources. Under this plan, 2,476 projects worth USD 1.9 trillion are now in development. Almost half of the 3,906 under-development projects in the roads and bridges subsector are related to the transportation sector. 

Due to the rapid development in urbanization and the huge infrastructure expenditures undertaken, particularly in China and India, the Asia-Pacific region is therefore expected to develop at a high rate in the market over the forecast period.

Global Elevator and Escalator Company Analysis

The key players in elevator and escalator industry are Schindler Group, Otis Worldwide Corporation, ThyssenKrupp AG, Kone Oyj, Hitachi Limited, Fujitec Co. Limited, Toshiba Corporation and Mitsubishi Electric Corporation.

Global Elevator and Escalator Company News 

March 2024-Based in the United Arab Emirates, Otis Worldwide Corporation was awarded a contract to modernize 34 elevators at the Burj Khalifa. A ten-year maintenance and upgrading contract was awarded to the company. 

October 2023- The new EXO Renew Series of elevators for high-rise and low-rise residential buildings was introduced by TK Elevator GmbH. It is adaptable, made to run entirely on renewable energy, and uses 28% less energy than previous models. 

August 2023- A 538 elevator order was received by Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd., for large-scale residential development projects located in Gurgaon, India. A high-rise elevator manufacturing factory located in Chennai, India, would produce and supply these elevators. We would finish this order by the end of 2025. 

March 2023- Hyundai Elevator Co. intended to launch a brand-new, AI-based non-contact elevator button that makes use of infrared sensors. This innovative technology is run via an API platform and a smartphone.

Product– Market breakup in 3 viewpoints:

1. Elevators
2. Escalators
3. Moving Walkway

End Use– Market breakup in 3 viewpoints:

1. Residential
2. Commercial
3. Industrial

Countries– Market breakup in 25 viewpoints:

1. North America

1.1    United States

1.2    Canada

2. Europe

2.1    France       

2.2    Germany  

2.3    Italy            

2.4    Spain          

2.5    United Kingdom    

2.6    Belgium     

2.7    Netherland

2.8    Turkey

3. Asia Pacific 

3.1    China          

3.2    Japan         

3.3    India           

3.4    Australia   

3.5    South Korea            

3.6    Thailand    

3.7   Malaysia    

3.8   Indonesia  

3.9    New Zealand

4. Latin America

4.1    Brazil

4.2    Mexico

4.3    Argentina

5. Middle East & Africa

5.1    South Africa

5.2    Saudi Arabia

5.3   UAE

All the key players have been covered from 4 Viewpoints:

• Business Overview
• Key Persons
• Recent Development & Strategies
• Financial Insights

Key Players Analysis:

• Schindler Group
• Otis Worldwide Corporation
• ThyssenKrupp AG
• Kone Oyj
• Hitachi Limited
• Fujitec Co. Limited
• Toshiba Corporation
• Mitsubishi Electric Corporation