Elevator and Escalator Market to Grow at Robust CAGR by 2032

The elevator and escalator market are focusing on cutting-edge technologies to make their products safer and eco-friendly, finds Future Market Insights (FMI) in a recent study. The market is projected to increase at a CAGR of 5.3% and attain a valuation of US$ 232,656.1 Million by 2032.

IoT technology are being used by some of the top corporations into connected escalators and elevators. This has made it possible for them to regulate a number of factors, including usage frequency and load capacity. These technological advancements should benefit the market as a whole.

According to FMI, throughout the forecast period from the years 2022 to 2032, the elevator and escalator market is expected to develop at a CAGR of 5.3%.

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Together with population growth, the construction industry is growing as a result of global infrastructure development. The elevator and escalator market has been presented with growth potential as a result. The demand for elevators and escalators is expected to grow even though they require specialised handling and maintenance costs.

Some of the key takeaways from the report are highlighted below-

  • Product-wise, elevator is expected to lead the market followed by escalator during the forecast period
  • Load type-wise, passenger segment will exhibit hegemony in the coming years
  • New system installation type is set to gain traction in the global market
  • Commercial end use segment is projected to exhibit highest growth followed by the residential segment throughout the forecast period
  • New-age IoT technology will cater to the steady market growth in the near future
  • East Asia elevator and escalator market will maintain the lead while emerging as the highest growing market among all other regions

“As the building and construction industry is expanding rapidly, the demand for elevators and escalators is rising higher. To capitalize on prevailing opportunities, market players are launching novel cutting-edge technologies that offer more sophisticated functionalities in elevator and escalator. This is anticipated to create lucrative growth opportunities for the market in the coming years,” says an FMI analyst.

Who is Winning

The leading market participants are concentrating on releasing cutting-edge designs to acquire a competitive edge as the elevator and escalator industry potential rises significantly. As an illustration, DOPPLER S.A. will introduce its DOPPLER Lift Hygiene Solutions in 2022, which will include an air steriliser with UV photo catalytic sterilisation and UV antibacterial light disinfection system.

In June 2022, Kone Corporation will introduce Kone Health & Wellbeing Solutions for Elevators and Escalators, which include escalator handrail sanitizers, remote elevator calls via WhatsApp, elevator air purifiers, and others.

Doppler S.A, Kone Corporation, Orona Group, EMAK Elevator, Sanyo Elevator (Zhuhai) Co., Ltd., and others are a few of the top businesses in the market.

Key Segments Profiled in the Elevator and Escalator Market Survey

By Product:

  • Hydraulic Elevators
  • Traction Elevators
  • Machine Elevators
  • Room-Less Elevators
  • Step Type Elevators
  • Belt Type Elevators
  • Cleat Type Elevators
  • Spiral Elevators
  • Vacuums

By Load:

  • Passenger
  • Freight
  • Observation

By Installation:

  • New System & Installation
  • Retrofit

By End User:

  • Residential
  • Commercial
  • Hostels
  • Hospitals
  • Infrastructure & Construction
  • Transportation & Logistics

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • MEA
  • Europe
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