Elevator and Escalator Market size is set to grow by USD 76.7 billion from 2024-2028, Increasing demand for smart elevators boost the market, Technavio

NEW YORK, June 10, 2024 /PRNewswire/ -- The global elevator and escalator market size is estimated to grow by USD 76.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 10.13%  during the forecast period. Increasing demand for smart elevators is driving market growth, with a trend towards elevator maintenance using iot platforms. However, reluctance to modernize elevators and reduce their energy use  poses a challenge. Key market players include Braun Elevator, Brobeil Aufzuge GmbH and Co.KG, ESCON Elevators Pvt. Ltd., Fuji Electric Co. Ltd., Fuji Elevators Co., Fujitec Co. Ltd., HIRO LIFT Hillenkotter and Ronsieck GmbH, Hitachi Ltd., Hyundai Elevator Co. Ltd., Kohler Co., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Savaria Corp., SCHAEFER GmbH, Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp., Weidmuller Interface GmbH and Co. KG, and WITTUR HOLDING GmbH.

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Market Driver

The Internet of Things (IoT) significantly impacts the elevator and escalator market by enabling predictive and prescriptive maintenance, enhancing building and equipment control, and improving service efficiency. Key vendors, such as KONE Corp. and Mitsubishi Electric Corp., invest in IoT and AI technology to increase efficiency and reduce downtimes.

IoT-enabled elevator systems, like KONE's offering using IBM Watson IoT Platform, monitor performance in real-time and modify maintenance accordingly. Despite security risks, continuous developments mitigate threats, ensuring a noteworthy impact on the market's growth during the forecast period. 

The Elevator and Escalator market is experiencing significant growth, with a focus on modernization and sustainability. Elements such as elevators, escalators, and moving walks are in high demand. Advanced technologies like cabless systems, regenerative braking, and destination dispatch are trending.

Construction projects and mass transit systems are major consumers. Safety regulations and energy efficiency are key concerns. Companies are investing in research and development to create innovative solutions. The market is expected to continue expanding in the coming years. 

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Market Challenges

• The global elevator and escalator market faces challenges due to the reluctance of businesses to modernize their systems for energy savings. Elevators account for a smaller energy consumption proportion in commercial buildings, yet offer potential for up to 50% electricity savings through advanced drives. However, the high initial costs of modernization, estimated at USD50,000-USD75,000 per car, hinder investment recovery due to stable electricity prices.
• Additionally, modernization takes elevators out of service for extended periods, averaging 12-15 months. To expand their market reach, companies like Schindler provide energy-saving elevator lighting systems as alternatives. These factors may negatively impact the growth of the elevator and escalator market during the forecast period.
• The Elevator and Escalator market faces several challenges. Lights and lifts are essential for building infrastructure, but their maintenance can be costly. These systems require consistent upkeep to ensure safety and efficiency. Additionally, the increasing demand for energy-efficient solutions adds complexity to the market.
• Commerical and residential buildings seek to reduce energy consumption, leading to a growing interest in green technologies. Furthermore, the need for faster and more convenient transportation solutions drives innovation in the sector. Safety regulations and technological advancements are key factors shaping the Elevator and Escalator market.

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Segment Overview 

1. Product 
• 1.1 Elevators
• 1.2 Escalators
2. Application 
• 2.1 Commercial
• 2.2 Residential
• 2.3 Industrial
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 Middle East and Africa
• 3.4 North America
• 3.5 South America

1.1 Elevators-  The Elevator and Escalator Market is a significant sector in the construction industry. It caters to the demand for vertical and horizontal transportation systems in commercial and residential buildings. This market is driven by factors such as increasing urbanization, growing population, and the need for accessibility. Elevator and escalator manufacturers produce and supply these systems to meet the rising demand. The market is competitive, with key players focusing on innovation, quality, and cost-effectiveness to gain a competitive edge.

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Research Analysis

The Elevator and Escalator Market encompasses various transportation infrastructure solutions, including elevators, escalators, moving walkways, wheelchair lifts, pneumatic lifts, and glass lifts. This market is particularly active in Massachusetts and other regions with aging infrastructure, necessitating safety regulations and sustainability measures.

High-speed systems, such as metro systems, require skilled labor for construction activities. Touchless controls have become increasingly important for safety and hygiene reasons. Green elevators and escalators are gaining traction, utilizing raw materials like recycled materials, LED lights, and watersoluble paints to reduce environmental impact. Safety measures are a top priority, with temporary bans and regular inspections implemented to ensure the reliability and functionality of these systems.

Market Research Overview

The Elevator and Escalator market encompasses the design, manufacturing, installation, and maintenance of vertical transportation systems. These systems include elevators and escalators, which facilitate the movement of people and goods between floors in buildings and public spaces. The market is driven by factors such as increasing urbanization, the need for energy efficiency, and the growing demand for accessibility and convenience.

Technological advancements, including the integration of IoT and automation, are also contributing to the growth of this market. Additionally, regulations and safety standards play a significant role in shaping the industry. Overall, the Elevator and Escalator market is a dynamic and evolving sector that is essential to modern infrastructure.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Elevators
• Escalators
• Application
• Commercial
• Residential
• Industrial
• Geography
• APAC
• Europe
• Middle East And Africa
• North America
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio