Escalators & Moving Walkways Market to value $23 billion by 2028, Says GMI

Major escalators & moving walkways market participants include Ningbo Fotile Kitchenware Co., Ltd., BSH Hausgerate GmbH, Faber S.p.A., Miele & Cie.KG, Samsung Electronics Co., Ltd., KOBE Range Hoods, Braon-NuTone LLC, Falmec S.p.A., Whirlpool Corporation, Pacific Range Hoods, Inc., GE Appliances, and Elica S.p.A.

SELBYVILLE, Del., May 4, 2022 /PRNewswire/ -- The escalators & moving walkways market is expected to surpass USD 23 billion by 2028, as reported in a research study by Global Market Insights Inc. Rising demand from the retail sector to boost the industry growth.

According to the UN Department of Economic and Social Affairs, the global urban population is anticipated to reach 68% by 2050, up from 55% in 2018. This is predicted to increase the estimated 2.5 billion people in urban areas by 2050. This increase in urban population will create a need for increased commercial space, thereby accelerating the market demand. Moreover, developing countries around the world have increased their investments in subway projects and municipal projects.

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The airports application will witness approximately 5.5% CAGR through 2028 led by increasing number of passengers at airports. Additionally, product demand is high in major airports where the number of active flights & passengers is high. Therefore, the safe and secure movement of travelers from one place to another within the airport is of paramount importance. Moreover, many airports are expanding their current infrastructure, which will influence the escalators & moving walkways market share.

After the COVID-19 pandemic, the manufacturing, construction, tourism, and hotel industries were severely affected. Production activities were suspended or restricted. Transportation and construction operations along with their supply chains were disrupted worldwide. This has led to a decline in the production of cone crushers and their demand, thus hindering business statistics of escalators & moving walkways. In contrast, industries are slowly resuming production and their normal services.

The Latin America escalators & moving walkways market will exhibit a growth rate of 4.6% till 2028. Over the past two years, the market registered slow growth owing to low government spending, whereas it is likely to witness prominent growth once the economic conditions in Brazil improve. The growing number of older people, the rate of urbanization, and the increasing inclusion of escalators in the Latin American retail & commercial segments are fueling the overall industry demand.

Some major findings of the escalators & moving walkways market report include:

• The increasing population and growing urbanization in various regions around the world are driving the market.
• The growing number of hotels, warehouses, and other commercial establishments across the globe will augment the overall demand for escalators & moving walkways.
• Rising demand for the multi-parallel segment will complement the market revenue.
• The escalators & moving walkways industry participants include Hitachi Ltd., Otis, KONE Corporation, Mitsubishi Electric Corp., Schindler, thyssenkrupp AG, Fujitec, Toshiba Corporation, Hyundai Elevator Company, and Stein Ltd., among others.
• Market players are primarily focusing on product innovation, joint venture, and merger & acquisition strategies for the long run.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1 Escalators & moving walkways industry 360° synopsis, 2018 – 2028

2.1.1  Business trends

2.1.2  Product by application trends

2.1.3  Application trends

2.1.4  Regional trends

Chapter 3 Escalators & Moving Walkways Industry Insights

3.1 Industry segmentation

3.2 Industry size and forecast, 2018 – 2028

3.3 Industry ecosystem analysis

3.4 Raw material trends

3.5 Innovation & sustainability

3.6 Industry impact forces

3.6.1  Growth drivers

3.6.1.1  The increasing population and growing urbanization in various regions

3.6.1.2  Increasing activities for airports and metro constructions

3.6.2  Industry pitfalls & challenges

3.6.2.1 High initial capital and maintenance cost

3.7 Regulatory landscape

3.8 Growth potential analysis

3.9 Regional price trends

3.10 Competitive landscape, 2021

3.11 Porter's analysis

3.12 PESTEL analysis

3.13 COVID-19 impact on escalators & moving walkways demand by application

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