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Global Elevator and Escalator Market to reach USD 142.52 billion by the end of 2030.

Global Elevator and Escalator Market Size study & Forecast, by Product (Elevators, Escalators, Moving Walkway) by Business (New Equipment, Maintenance, Modernization), by Application (Residential, Commercial, Industrial) and Regional Analysis, 2023-2030

Product Code: OIRBC-23102741
Publish Date: 30-10-2023
Page: 200

Global Elevator and Escalator Market is valued approximately USD 83.86 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.0% over the forecast period 2023-2030. Elevators and escalators are two common types of vertical transportation systems used in buildings and public spaces. The key factors driving the market growth is rising investment in infrastructure development, growing need for reducing energy consumption in buildings, growing urbanization and high-rise construction, and growing aging population and accessibility needs is anticipated to support the market growth during forecast period.

Moreover, the market is anticipated to be driven by the growth of smart cities. For instance, according to the Policy Forum, China spent over USD 30.4 billion on smart cities in 2018 and is expected to spend more than USD 59.9 billion by 2023. Furthermore, the industry is rising as a result of the increased need for high-speed lifts caused by skyscraper construction. For example, in Malaysia, the Merdeka PNB 118 skyscraper is 644 meters tall. It is anticipated that this skyscraper will be Southeast Asia’s tallest skyscraper. Additionally, the rising development of innovative technologies and rising demand for smart elevators is anticipated to create the lucrative opportunity for the market during forecast period. However, the compliance with standards and regulations stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Elevator and Escalator Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the growing investment in infrastructure development, growth of commercial constructions, and rising development of innovative technologies in the region. Whereas, the Asia Pacific is anticipated to grow with the highest CAGR during the forecast period, owing to factors such as the supportive government initiatives for smart cities projects, Surging adoption of smart technologies, and growing investment in construction industry.

Major market player included in this report are:
Thyssenkrupp AG (Cinven, Advent and RAG Foundation) (Germany)
United Technologies (U.S.)
Schindler (Switzerland)
Kone Corporation (Finland)
Hitachi, Ltd. (Japan)
Hyundaielevator Co., Ltd. (South Korea)
Mitsubishi Electric Corporation (Japan)
Johnson Elevator Co., Ltd. (China)
Fujitec Co., Ltd (Japan)
Toshiba Corporation (Japan)
Recent Developments in the Market:
Ø In Feb. 2021, Schindler and citizenM hotels, the top boutique hotel chain based in the Netherlands, have signed a partnership agreement to offer maintenance and modernization services for escalators and lifts in all of the Group’s current buildings worldwide. Additionally, Schindler will install future vertical mobility solutions in the chain’s new hotels.
Global Elevator and Escalator Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Business, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Elevators
Escalators
Moving Walkway
By Business:
New Equipment
Maintenance
Modernization
By Application:
Residential
Commercial
Industrial

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Elevator and Escalator Market, by Region, 2020-2030 (USD Billion)
1.2.2. Elevator and Escalator Market, by Product, 2020-2030 (USD Billion)
1.2.3. Elevator and Escalator Market, by Business, 2020-2030 (USD Billion)
1.2.4. Elevator and Escalator Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Elevator and Escalator Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Elevator and Escalator Market Dynamics
3.1. Elevator and Escalator Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Rising need for reducing energy consumption in buildings
3.1.1.2. Growing investment in infrastructure development
3.1.2. Market Challenges
3.1.2.1. Compliance with standards and regulations
3.1.3. Market Opportunities
3.1.3.1. Rising development of innovative technologies and rising demand for smart elevators
Chapter 4. Global Elevator and Escalator Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Elevator and Escalator Market, by Product
5.1. Market Snapshot
5.2. Global Elevator and Escalator Market by Product, Performance – Potential Analysis
5.3. Global Elevator and Escalator Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
5.4. Elevator and Escalator Market, Sub Segment Analysis
5.4.1. Elevators
5.4.2. Escalators
5.4.3. Moving Walkway
Chapter 6. Global Elevator and Escalator Market, by Business
6.1. Market Snapshot
6.2. Global Elevator and Escalator Market by Business, Performance – Potential Analysis
6.3. Global Elevator and Escalator Market Estimates & Forecasts by Business 2020-2030 (USD Billion)
6.4. Elevator and Escalator Market, Sub Segment Analysis
6.4.1. New Equipment
6.4.2. Maintenance
6.4.3. Modernization
Chapter 7. Global Elevator and Escalator Market, by Application
7.1. Market Snapshot
7.2. Global Elevator and Escalator Market by Application, Performance – Potential Analysis
7.3. Global Elevator and Escalator Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Elevator and Escalator Market, Sub Segment Analysis
7.4.1. Residential
7.4.2. Commercial
7.4.3. Industrial
Chapter 8. Global Elevator and Escalator Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Elevator and Escalator Market, Regional Market Snapshot
8.4. North America Elevator and Escalator Market
8.4.1. U.S. Elevator and Escalator Market
8.4.1.1. Product breakdown estimates & forecasts, 2020-2030
8.4.1.2. Business breakdown estimates & forecasts, 2020-2030
8.4.1.3. Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Elevator and Escalator Market
8.5. Europe Elevator and Escalator Market Snapshot
8.5.1. U.K. Elevator and Escalator Market
8.5.2. Germany Elevator and Escalator Market
8.5.3. France Elevator and Escalator Market
8.5.4. Spain Elevator and Escalator Market
8.5.5. Italy Elevator and Escalator Market
8.5.6. Rest of Europe Elevator and Escalator Market
8.6. Asia-Pacific Elevator and Escalator Market Snapshot
8.6.1. China Elevator and Escalator Market
8.6.2. India Elevator and Escalator Market
8.6.3. Japan Elevator and Escalator Market
8.6.4. Australia Elevator and Escalator Market
8.6.5. South Korea Elevator and Escalator Market
8.6.6. Rest of Asia Pacific Elevator and Escalator Market
8.7. Latin America Elevator and Escalator Market Snapshot
8.7.1. Brazil Elevator and Escalator Market
8.7.2. Mexico Elevator and Escalator Market
8.8. Middle East & Africa Elevator and Escalator Market
8.8.1. Saudi Arabia Elevator and Escalator Market
8.8.2. South Africa Elevator and Escalator Market
8.8.3. Rest of Middle East & Africa Elevator and Escalator Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Thyssenkrupp AG (Cinven, Advent and RAG Foundation) (Germany)
9.3.1.1. Key Information
9.3.1.2. Overview
9.3.1.3. Financial (Subject to Data Availability)
9.3.1.4. Product Summary
9.3.1.5. Recent Developments
9.3.2. United Technologies (U.S.)
9.3.3. Schindler (Switzerland)
9.3.4. Kone Corporation (Finland)
9.3.5. Hitachi, Ltd. (Japan)
9.3.6. Hyundaielevator Co., Ltd. (South Korea)
9.3.7. Mitsubishi Electric Corporation (Japan)
9.3.8. Johnson Elevator Co., Ltd. (China)
9.3.9. Fujitec Co., Ltd (Japan)
9.3.10. Toshiba Corporation (Japan)
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
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Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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