Elevator and Escalator Market: Trends, Growth, and Top Companies
Elevators and escalators have become an integral part of modern-day infrastructure. They are used in various places such as commercial buildings, shopping malls, airports, and train stations. The global elevator and escalator market has witnessed significant growth in recent years and is expected to continue to grow in the coming years.
Industry Trends
The elevator and escalator market is expected to reach USD 65.46 billion by 2027, with a CAGR of 6.3% during the forecast period (2021-2027). The increasing demand for energy-efficient and technologically advanced elevators and escalators is the primary driver for the market's growth. Additionally, urbanization, a rise in the construction of high-rise buildings, and an aging population that requires easy mobility are other factors driving the market growth.
Furthermore, the rising demand for maintenance and repair services is expected to drive market growth during the forecast period. Elevator and escalator companies are offering maintenance and repair services to increase the lifespan of these products and improve their performance. Moreover, the incorporation of IoT in elevators and escalators is expected to provide growth opportunities for the market.
Top Companies
The elevator and escalator market is highly competitive, with several players operating in the market. Some of the top companies in the market are:
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- Otis Elevator Company
- Schindler Group
- KONE Corporation
- ThyssenKrupp AG
- Mitsubishi Electric Corporation
- Fujitec Co. Ltd
- Hitachi, Ltd.
- Hyundai Elevator Co. Ltd.
- Toshiba Corporation
- Sigma Elevator Company
These companies are focusing on developing advanced and innovative products to maintain their market position. They are also investing in research and development to offer energy-efficient and sustainable products.
Escalator Component Market
The escalator component market is expected to grow at a CAGR of 4.2% during the forecast period (2021-2026). The market growth is primarily driven by the increasing demand for escalators in commercial buildings and shopping malls. Moreover, the rising demand for smart escalators that can adjust their speed according to the number of passengers is expected to provide growth opportunities for the market.
Smart Elevators Market
The smart elevators market is expected to reach USD 57.3 billion globally by 2031, with a CAGR of 12.1% during the forecast period (2021-2031). The increasing demand for energy-efficient and advanced elevators is driving the market growth. Moreover, the integration of IoT and AI in elevators is expected to provide growth opportunities for the market.
Power Over Escalators and Moving Walkways Market
The power over escalators and moving walkways market is expected to grow at a CAGR of 5.8% during the forecast period (2021-2032). The market growth is primarily driven by the increasing demand for energy-efficient escalators and moving walkways. Moreover, the rising adoption of green technology in the transportation industry is expected to provide growth opportunities for the market.
The elevator and escalator market is expected to witness significant growth in the coming years. The increasing demand for energy-efficient and technologically advanced products is driving the market growth. Moreover, the rising demand for maintenance and repair services and the incorporation of IoT in elevators and escalators are expected to provide growth opportunities for the market. The top companies in the market are focusing on developing advanced and innovative products to maintain their market position.
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