The Elevator and Escalator Market: A Comprehensive Analysis
According to recent study by MarkNtel Advisors the Global Elevator and Escalator Market valued at approximately USD 125.5 billion in 2023, is projected to witness a compound annual growth rate (CAGR) of around 7.8% between 2024-2030. Various factors, including market trends, size, forecasts, growth factors, challenges, and competitor assessments drive this growth.
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Elevator and Escalator Market Segmentation Analysis: 2024-2030
The Elevator and Escalator Market is segmented into:
By Type
- Elevator
- Traction- Market Size & Forecast 2019-2030, (Thousand Units)
- Hydraulic- Market Size & Forecast 2019-2030, (Thousand Units)
- Machine Room Less- Market Size & Forecast 2019-2030, (Thousand Units)
- Escalator
- Moving Walkway- Market Size & Forecast 2019-2030, (Thousand Units)
- Moving Stairs- Market Size & Forecast 2019-2030, (Thousand Units)
By Service
- New Installation- Market Size & Forecast 2019-2030, (Thousand Units)
- Modernization- Market Size & Forecast 2019-2030, (USD Million)
- Maintenance- Market Size & Forecast 2019-2030, (USD Million)
By Application
- Residential- Market Size & Forecast 2019-2030, (Thousand Units)
- Commercial- Market Size & Forecast 2019-2030, (Thousand Units)
- Industrial- Market Size & Forecast 2019-2030, (Thousand Units)
and each segment is further divided into subdivisions, providing a detailed breakdown of the market dynamics.
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Global Elevator and Escalator Market Opportunity:
Rising Adoption of Energy-Efficient Elevators & Escalators Presents Lucrative Opportunities – The major opportunity area emerging in the global elevator and escalator market is energy-efficient elevators and escalators. Elevators' energy consumption accounts for around 2% to 7% of the total energy consumption of the whole building. Thus, minimizing this energy loss remains a challenge for manufacturers. In a bid to tackle this, leading brands in the market are bringing their focus to developing energy-efficient elevators. Since governments worldwide are already emphasizing the usage of products with minimal carbon footprints, energy-efficient elevators, and escalators are likely to provide lucrative opportunities for manufacturers in the coming years.
Geographical Coverage of Global Elevator and Escalator Market
- North America
- South America
- Europe
- The Middle East and Africa
- Asia-Pacific
Asia-Pacific has captured a significant market share in the Global Elevator and Escalator Market.
Top Leading key Players of Global Elevator and Escalator Market
- Fujitec Co. Ltd.
- Hitachi Elevator Engineering Company
- KONE
- Canny Elevator Company Ltd.
- Toshiba Elevator and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- Mitsubishi Electric Corporation
- ORONA
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- ThyssenKrupp Elevator AG
- SJEC Corp.
- Walton Group
- Sigma Elevators
- Electra Elevators
- Others
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Common Queries
- What is the current trajectory of cost and profit estimations in the Elevator and Escalator Industry?
- How do factors like supply and consumption shape the landscape of the industry?
- In what ways do import and export considerations impact the dynamics of the Elevator and Escalator Industry?
- Which technological advancements are anticipated to shape the future of the Elevator and Escalator Market?
- Who are the noteworthy players highlighted in the Elevator and Escalator Market research report?
- What are the anticipated USD valuations and the CAGR for the forecasted years?
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