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

NEW YORK, July 23, 2024 /PRNewswire/ -- The global elevator and escalator market  size is estimated to grow by USD 76.7 billionn 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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Key Market Trends Fueling Growth

The Internet of Things (IoT) is revolutionizing various industries, including the elevator and escalator market. IoT connects devices to the Internet, enabling real-time data exchange between systems and humans. This innovation offers significant benefits to businesses by enhancing building and equipment control, reducing operating costs, and improving service efficiency. IoT integration with elevator systems allows predictive and prescriptive maintenance, minimizing downtimes. Key vendors, such as KONE Corp. And Mitsubishi Electric Corp., are investing in IoT and AI technology to boost efficiency. KONE Corp., for instance, uses IBM's Watson IoT Platform and Predictive Maintenance Insights for customized maintenance. Despite security risks associated with IoT-enabled devices, continuous advancements mitigate threats. The implementation of IoT in elevator maintenance is a key growth driver for the global elevator and escalator market. 

The Elevator and Escalator market is experiencing significant growth due to increased construction activities in Massachusetts and the need to modernize aging infrastructure. Sustainability and safety regulations are driving trends in this industry, with touchless controls, high-speed transportation systems in metro systems, and green elevators made from recycled materials becoming popular. Skilled labor is in high demand for installing various types of vertical transportation, including elevators, escalators, moving walkways, hydraulic lifts, cable lifts, wheelchair lifts, pneumatic lifts, glass lifts, and high-scraper elevators. Safety measures are a top priority, with temporary bans and regular inspections ensuring compliance. Raw materials like LED lights, watersoluble paints, and building automation systems are also key components of this market. Notable projects include Deyaar Development's residential buildings and Stansted Airport's high-speed metro system. This market's economic growth is linked to infrastructure development, commercial establishments, healthcare facilities, offices, malls, residential apartments, and economic growth. 

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Market Challenges

• Commercial buildings consume over half of their energy on lighting, heating, and cooling systems. While elevators account for a smaller proportion, they have the potential to save up to 50% of electricity through advanced drives. However, the high initial costs of modernization, including hoisting machine replacement, hinder widespread adoption. The US commercial electricity price stability further complicates investment recovery. Schindler addresses this by offering energy-saving elevator lighting systems. Reluctance to modernize elevators may negatively impact the global elevator and escalator market growth.
• The Elevators and Escalators market encompasses various types, including residential and industrial elevators, hydraulic and cable lifts, wheelchair lifts, pneumatic lifts, glass lifts, and high-rise solutions. Challenges include safety measures, temporary bans due to infrastructure issues, raw material availability, and implementation of green technologies like recycled materials, LED lights, and watersoluble paints. Deyaar Development, Stansted Airport, and high-speed metro projects are significant consumers. Vertical transportation in commercial establishments, offices, malls, residential apartments, healthcare facilities, and retail establishments drives growth. Economic growth, new buildings, and passenger, freight, hospital, observation, and overall elevator demands continue to fuel market expansion. Energy efficiency, elevator traffic, and smart elevators are key trends.

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Segment Overview 

This elevator and escalator market report extensively covers market segmentation by

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 encompasses the production, sales, and installation of vertical transportation systems. These systems include elevators and escalators used in commercial, residential, and industrial buildings. Market growth is driven by increasing construction activities and the need for efficient vertical transportation solutions. Key players in this market include Otis Elevator Company, Schindler Group, and Kone Corporation.

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The global Elevator and Escalator Services Market in GCC countries is experiencing significant growth due to rapid urbanization and infrastructure development. Key players are focusing on maintenance, modernization, and repair services to enhance safety and efficiency. In India, the Elevator and Escalator Market is booming, driven by increased construction activities and government initiatives for smart cities. The market is characterized by strong demand for energy-efficient and technologically advanced solutions, with leading companies expanding their service portfolios to cater to diverse customer needs.

Research Analysis

The Elevator and Escalator market encompasses various types of vertical and horizontal transportation systems, including Elevators, Escalators, Moving Walkways, Wheelchair Lifts, Pneumatic Lifts, Glass Lifts, and High-speed systems. Massachusetts is witnessing increased construction activities, leading to a surge in demand for these systems in both new and existing buildings. However, the aging infrastructure poses a challenge, necessitating safety regulations and sustainability initiatives. Touchless controls, safety measures, and high-speed systems are gaining popularity in transportation infrastructure, particularly in Metro systems. The market requires skilled labor and raw materials, such as steel, aluminum, and glass, to manufacture these systems. Sustainability is a key focus, with the use of green elevators, recycled materials, LED lights, and watersoluble paints. Safety regulations and temporary bans on certain technologies, such as pneumatic lifts, impact market dynamics. High-speed elevators and escalators, including those in high-rise buildings and skyscrapers, continue to drive market growth.

Market Research Overview

The Elevator and Escalator market encompasses various types of vertical transportation systems, including elevators, escalators, moving walkways, hydraulic lifts, cable lifts, wheelchair lifts, pneumatic lifts, glass lifts, high-speed lifts, and more. Massachusetts is witnessing increased construction activities, leading to a growing demand for these systems in residential buildings, industrial spaces, and commercial establishments. However, aging infrastructure and safety regulations necessitate continuous upgrades and modernization. Sustainability is a key focus, with the adoption of green elevators made from recycled materials, LED lights, and watersoluble paints. Touchless controls and safety measures are essential for public transportation infrastructure, such as metro systems and airports. Skilled labor is crucial for installation and maintenance, while raw materials and energy efficiency are significant cost factors. High-speed elevators and escalators are popular in metro systems, offices, malls, and residential apartments. Economic growth and the need for vertical conveyance in healthcare facilities, observation elevators, and temporary bans due to safety concerns further impact market trends. Building automation and smart elevators enhance user experience and efficiency.

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

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SOURCE Technavio