Elevator and Escalator Market Poised for Significant Growth by 2030
According to Next Move Strategy Consulting, the global Elevator and Escalator Market, is projected to reach USD 183 billion by 2030, registering a compound annual growth rate (CAGR) of 7% from 2022 to 2030. This growth is driven by the increasing need for efficient mobility solutions in multi-story buildings and infrastructure, especially in rapidly urbanizing regions.
Elevators and escalators are crucial for transporting passengers and goods in commercial, residential, and industrial environments, offering solutions for vertical movement within confined spaces. These play a vital role in managing people flow in high-traffic locations such as office buildings, shopping malls, airports, and even large vessels. These devices are increasingly in demand due to the expansion of cities, the proliferation of skyscrapers, and the growing need for energy-efficient mobility systems. On average, elevators and escalators contribute between 2% to 10% of a building’s energy consumption, necessitating advancements in their efficiency and sustainability.
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Technological innovations are a significant driver of the market, with the integration of the Internet of Things (IoT) enhancing functionality, performance, and passenger experience. For example, Otis Worldwide Corp. introduced the Gen3 and Gen360 digital elevator platforms, which offer smooth, quiet rides while improving energy efficiency and safety. Additionally, the growing elderly population is influencing the market, particularly in the demand for elevators and escalators in public spaces like malls and government buildings, where accessibility is a priority.
The accelerating trend of smart cities is further supporting market growth. These cities are increasingly adopting cutting-edge technologies, including modern elevators and escalators that contribute to enhanced mobility and sustainability. Moreover, as the world recovers from the impact of the COVID-19 pandemic, the construction and real estate sectors are witnessing a resurgence, fueling the demand for innovative and efficient elevator solutions such as smart lifts, traction elevators, and pneumatic elevators.
However, the market faces challenges, including high installation costs and stringent regulatory standards regarding safety. These factors could restrain growth in certain regions. Furthermore, while the pandemic negatively impacted new construction projects, 2022 marked a recovery year for the Architecture, Engineering, and Construction (AEC) industry, driving new trends and innovations in elevator and escalator technologies.
The elevator and escalator market is segmented by product type, including passenger elevators, freight elevators, and others, and by product category such as elevators, escalators, and moving walkways. Technological advancements like traction, machine room-less traction, and hydraulic technologies are reshaping the landscape. The market is further categorized by service type, which includes new installations, maintenance, repair, and modernization. Key applications span residential buildings, hypermarkets, malls, corporate offices, and other infrastructure projects. Geographically, the market is dominated by the Asia-Pacific region, driven by the demand for high-speed elevators and the construction of skyscrapers. North America and Europe are also expected to experience steady growth, fueled by rising urbanization, infrastructure investments, and the growing prevalence of commercial buildings.
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In terms of competition, major players in the market include Kone, Hitachi, Fujitec, Mitsubishi Electric, Hyundai Elevator, Otis Elevator, Schindler, ThyssenKrupp, and Toshiba. These companies are focusing on innovation, with product launches and strategic developments aimed at enhancing their product offerings and expanding their market presence. For example, Kone India launched the world’s largest passenger elevator at Jio World Centre, Mumbai, while Hitachi introduced a touchless lift solution that can be operated remotely via mobile phones.
In conclusion, the elevator and escalator market is set to experience substantial growth driven by urbanization, technological advancements, and the need for efficient, sustainable mobility solutions in high-rise buildings. As innovation continues to shape the industry, both existing players and new entrants will need to capitalize on emerging trends to maintain competitiveness in this rapidly evolving market.
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