The Global Elevators and Escalators Market is estimated to reach USD 135.3 Billion by 2024 at a CAGR of 6.5%.
Elevators is a platform which is mainly used to transit people vertically within the floors and level across the building. Whereas, Escalators can be referred as the mode of transporting people through moving staircase within the building. These are useful in the residential and commercial builds to transit higher count of population at a time. These offers ease in transporting people especially aged population across the building at a faster speed. In industries, these are mainly dedicated to transport the loads and commodities within the warehouse or industrial plant.
Elevators and Escalators Market: Drivers & Restraints
Increasing Construction of High Rise Buildings
The concept of high rise building and skyscrapers emerged successfully mainly owing to development of newer construction material and elevators, which helps to transit people on board across the building. Overcrowded cities with busier lifestyle, has given birth to the high rise buildings, which possess higher ability to shelter people. Due to this, advantages, it is used for residential and commercial purpose. The construction of the tall and high rise building as escalating at a rapid pace, which is the prominent factor driving the market growth. As per the data shared by the Council on Tall Buildings and Urban Habitat (CTBUH), the count of the building above height of 200 meters worldwide has been increased 12.3% in 2017, when compared to 2016, whereas, the building above 300 meters has shown a growth of 66% in 2017 from 2013.
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Rise in Focus On the Modernizing the Commercial Infrastructure
With the world getting more advanced, there exist higher need for more efficient and advanced technologies. While considering commercial infrastructure, higher focus towards revamping and modernizing in order to provide higher benefits to the public. Also, increasing installation of the escalators in the high traffic areas such as railway stations and metro station, for carrying more population in a single transit, is further pushing the market growth. Increasing projects for modernizing the railways, metro and airports especially in developing economies such as India, is further pushing the market growth uphill.
High Repair and Maintenance Cost
With excessive usage of elevators in high traffic commercial spaces and moderate to high usage in residential buildings, there exist the maintenance at regular intervals. The maintenance and repair cost may or may not be related to the elevator failure, but it is often done in order to promote smooth working of the lift. The average cost dedicated for maintenance cost ranges from USD 170 to USD 2000, however, this cost rises in case of emergency. Also, the average Repair and Maintenance Cost for the elevators and escalators installed in the high rise building is higher than that of the low rise buildings.
Elevators and Escalators Market: Key Segments
This market research report offers a comprehensive analysis of key market trends in the global Elevators and escalators market. It includes detailed discussion on historical market trends, current market dynamics, consumer landscape, growth opportunities and challenges backed by tactful feedbacks.
- By Elevators, the market is segmented into: Hydraulic Elevators, Traction Elevators, Climbing Elevators, Pneumatic Elevator and Electromagnetic Propulsion Elevators
- By Escalator, the market is segmented into: Step Type Escalator, Wheelchair escalator, Spiral Escalator, and Levytator
- By Escalator, the market is segmented into: Residential Apartment, Commercial Complexes, and Industrial Building and Infrastructure
- Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
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List of the leading companies operating in the Elevators and Escalators market include:
- Mitsubishi Electric Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Schindler Group
- Thyssenkrupp AG
- Otis Elevator Company
- ABB Ltd.
- Hitachi Ltd.
- KONE Corporation
- Fujitec Co., Ltd.
- Cibes Lift Group AB
- Toshiba Elevators
- Other Key Companies
Elevators and Escalators Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Elevators and Escalators Market, by Elevators
- Geared Traction Elevators
- Gearless Traction Elevators
Electromagnetic Propulsion Elevators
Elevators and Escalators Market, by Escalator
- Step Type Escalator
- Wheelchair escalator
- Spiral Escalator
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Elevators and Escalators Market, by Application
- Railways and Metro Stations
- Commercial Buildings
Industrial Building and Infrastructure
- Manufacturing Facility
Elevators and Escalators Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the major developments impacting the global market and its growth?
- What will be the effects of the developments in the global market on the industry and on the market players in the near and far future?
- What are the evolving types of the global market?
- What are the evolving applications of global market?
- What are the major characteristics that will affect the global market growth during the study period?
- Who are the key players operating in the global market?
- How are the major players leveraging in the existing market conditions?
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