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Elevators and Escalators - Global Strategic Business Report

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    Report

  • 728 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 338708

Global Elevators and Escalators Market to Reach $107.2 Billion by 2030

The global market for Elevators and Escalators estimated at US$75.6 Billion in the year 2023, is projected to reach a revised size of US$107.2 Billion by 2030, growing at a CAGR of 4.5% over the analysis period 2023-2030. Elevators, one of the segments analyzed in the report, is projected to record 4.5% CAGR and reach US$97.4 Billion by the end of the analysis period. Growth in the Escalators segment is estimated at 3.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $8.5 Billion, While China is Forecast to Grow at 5.7% CAGR

The Elevators and Escalators market in the U.S. is estimated at US$8.5 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$29.8 Billion by the year 2030 trailing a CAGR of 5.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.

Exciting New Report Features

  • Full access to influencer engagement stats
  • Free access to digital archives & research platform. The proprietary platform is fully enabled to unlock creativity and market knowledge of domain experts worldwide in a cohesive and collaborative manner. The state-of-art tools bring world class market perspectives while protecting participants` privacy and identity. Numbers, statistics and market narrative in the report are based on fully curated insights shared by domain experts and influencers in this space.
  • Opportunity to engage with interactive questionnaires that come with real-time data simulator tools & bespoke report generation capabilities
  • Full client access to peer collaborative and interactive platform for cross-enterprise smart exchange of ideas
  • Complimentary report updates for one year
  • Competitor coverage with global market shares of major players
  • Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
  • Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes

What to Expect from the Global Economy in 2024

Edgy geopolitics, and economic instability caused by monetary policy tightening and ensuing higher interest rates will create a tumultuous landscape for 2024. Several factors will continue to exert pressure on the path to recovery including hostilities in the Middle East and increasingly common climate disasters. Among the risks, several positives are also taking shape such as growing signs of disinflation and easing of anxiety over stubborn inflation, supply chain normalization and price moderation despite volatility in energy costs. Elections across several G21 jurisdictions, notably in India and the United States, will have potential ramifications for capital flows and investment strategies. While India emerges as a compelling destination in the global investment landscape, U.S, based tech firms will continue to dominate, fueled by a dynamic ecosystem of talent and capital. Tech opportunities in Silicon Valley and beyond remain attractive for investors seeking high-growth prospects supported largely by a resilient albeit slowing domestic economy and conducive regulatory environment. Europe will continue to battle tight monetary policy and recession risks with U.K. having the most challenging outlook and running the greatest risk of recession in 2024. China remains a wild card with hope for growth in the country underpinned by government spending and improvements in consumer spending. The volatile environment will offer both opportunities and challenges for investors and businesses alike. Embracing volatility as a catalyst for growth together with agility and strategic foresight in navigating investment decisions will remain important for survival.

Select Competitors (Total 211 Featured)

  • Canny Elevator Co., Ltd.
  • Fujitec Co., Ltd.
  • Hitachi Ltd.
  • Hyundai Elevators Co., Ltd.
  • Johnson Lifts Private Limited
  • Kleemann Hellas S.A.
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • Otis Worldwide Corporation
  • Savaria Corporation
  • Schindler Group
  • Shanghai Mitsubishi Elevator Co., Ltd. (SMEC)
  • Sigma Elevator Company Limited
  • SJEC Corporation
  • TK Elevator Holding GmbH
  • Toshiba Elevator and Building Systems Corporation

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Global Economic Outlook
  • Unlocking Efficiencies through Digitalization, in the Post-Pandemic Era
  • Competitive Landscape
  • Competition: Noteworthy Trends
  • What Does It Take to Survive in the Marketplace?
  • Key Challenges Hampering Profitability of Market Participants
  • Online Marketplace: The New Distribution Vertical
  • Select Innovations & Advancements
  • Elevators and Escalators - Global Key Competitors Percentage Market Share in 2023 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
  • A Prelude to Elevators and Escalators
  • Elevators
  • Escalators
  • Hydraulic Elevators and Traction Elevators: A Comparison
  • Elevators and Escalators: Current Market Scenario and Outlook
  • Growth Drivers in a Nutshell
  • Mega Trends Benefiting E&E Demand Summarized
  • Key Factors Influencing Market Growth: Ranked in the Order of Importance
  • Growth Limiting Factors
  • Regional Analysis
  • Developing Countries Dominate New Installations and Spearhead Market Growth
  • Global Elevators and Escalators Market - Geographic Regions Ranked by Value CAGR for 2022-2030
  • Recent Market Activity
  • Select Global Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Major Trends Prevailing in the Global Elevators and Escalators Market
  • Trends Impacting the Elevators and Escalators Service Industry
  • Smart Elevators & Escalators Come to the Fore Offering New Level of Performance
  • Global Smart Elevators Market - Annual Revenue Figures in US$ Billion for Years 2018, 2020, and 2024
  • Growth Drivers Summarized
  • Smart, Intelligent Elevators with Connected Technologies
  • Upcoming Smart Cities to Fuel Large-Scale Adoption of Smart Elevators and Escalators
  • At the Core of Smart Cities Are Smart Elevator Solutions that Help in the Creation of Smart Outcomes for Citizens & Communities: Global Market for Smart Cities in US$ Million for the Years 2021, 2024 & 2027
  • Innovations Make Vertical Transportation Intelligent, Faster, Safer and More Comfortable
  • Faster Moving, High-Speed Elevators: The Essential Requirement for Modern Skyscrapers
  • Elevators to Attain New Heights of Sustainability amidst Rising Environmental Awareness
  • Building Developers Emphasize High-Quality Elevators to Improve Operational Efficiency & Sustainability
  • Sustainability Initiatives of Vertical Transit System Manufacturers
  • Advanced Technology to Enable Sustainable Systems
  • The ‘Green Infrastructure’ Trend & Favorable Regulations Spur Demand for ‘Green’ Elevators
  • Elevator Technologies for “Green” Buildings
  • Innovative and Green Elevators
  • Urbanization Drive: Prime Factor Steering Momentum in the E&E Market
  • World Urban Population in Thousands: 1950-2050
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Select Mega-Urban Regions Worldwide (2035*)
  • Percentage of Population Living in Apartments for Select Countries
  • IoT, AI & Other New Generation Digital Technologies to Transform Functionality and Efficiency of Modern Elevators
  • Market to Leverage Growth with Internet of Things and Other Technologies
  • Digitalization Aids Progressive Enhancements
  • Modernization Initiatives and Replacement Demand Steer Overall Growth in E&E Market
  • Key Benefits of Elevator Modernization
  • Massive Investments on High Rise Buildings & Skyscrapers Accelerate Market Growth
  • Shift in the World’s Tallest Buildings from Western Countries to Developing Countries
  • China Leads Skyscraper Projects Worldwide
  • Elevator Density for Major Countries Worldwide: Number of Elevator Units for Thousand Individuals
  • New Elevators and Escalators (E&E) Demand in China by City Category (2015 & 2025E): Percentage Breakdown of Unit Sales for Tier 1, Tier 2, Tier 3 and Tier 4 Cities
  • New Elevators and Escalators (E&E) Demand in China by End-use Sector (2015 & 2025E): Percentage Breakdown of Unit Sales for Residential, and Non-Residential
  • Top 25 Completed and Under-Construction Super Tall Buildings Worldwide: Rank, Building, City, Country, Height (in Meters), Floors, and Year of Completion
  • Top 25 Completed Super Tall Buildings Worldwide (2019): Rank, Building, City, Country, Height (in Meters), Floors, and Year of Completion
  • Top 25 Proposed Super Tall Buildings Worldwide (2018): Rank, Building, City, Country, Height (in Meters), Floors, and Year of Completion
  • Enhanced Child Security: Need of the Hour
  • Aesthetics: An Essential Factor Aiding Market Growth
  • Maintenance: The Segment with the Highest Growth Potential
  • Elevator Maintenance: Past, Present, and the Future
  • Escalator and Elevator Maintenance Gets an “Intelligent” Makeover
  • In-home Elevators Grow in Popularity
  • Population Growth, Expanding Middle Class, and Rising Living Standards Strengthen Market Prospects
  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Aging Population: A Weighty Growth Driver
  • Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • Burgeoning Middle Class
  • Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Rising Standards of Living
  • Overcoming the Issues and Challenges
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Elevators and Escalators Market Analysis of Annual Sales in US$ Million for Years 2017 through 2030
  • Table 2: World Recent Past, Current & Future Analysis for Elevators and Escalators by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 3: World Historic Review for Elevators and Escalators by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2017 through 2022 and % CAGR
  • Table 4: World 13-Year Perspective for Elevators and Escalators by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2017, 2024 & 2030
  • Table 5: World Recent Past, Current & Future Analysis for Elevators by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 6: World Historic Review for Elevators by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2017 through 2022 and % CAGR
  • Table 7: World 13-Year Perspective for Elevators by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2017, 2024 & 2030
  • Table 8: World Recent Past, Current & Future Analysis for Escalators by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 9: World Historic Review for Escalators by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2017 through 2022 and % CAGR
  • Table 10: World 13-Year Perspective for Escalators by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2017, 2024 & 2030
  • Table 11: World Recent Past, Current & Future Analysis for New Installation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 12: World Historic Review for New Installation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2017 through 2022 and % CAGR
  • Table 13: World 13-Year Perspective for New Installation by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2017, 2024 & 2030
  • Table 14: World Recent Past, Current & Future Analysis for Maintenance & Repair by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 15: World Historic Review for Maintenance & Repair by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2017 through 2022 and % CAGR
  • Table 16: World 13-Year Perspective for Maintenance & Repair by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2017, 2024 & 2030
  • Table 17: World Recent Past, Current & Future Analysis for Modernization by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 18: World Historic Review for Modernization by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2017 through 2022 and % CAGR
  • Table 19: World 13-Year Perspective for Modernization by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2017, 2024 & 2030
III. MARKET ANALYSIS
UNITED STATES
  • Elevators and Escalators Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
  • Construction Activity Drives Market Growth
  • COVID-19 Casts Shadow on the US Construction Sector
  • Projected Growth (%) of the US Construction Market over the Period 2016-2024 by Sector
  • Number of States Limiting the Construction Industry due to COVID-19 as of April 2020
  • US Construction Spending in US$ Billion: Jan 2012 - Jan 2022
  • Housing Projects Scenario during Pandemic
  • Key Indicators for US Residential Construction Market
  • NAHB/Wells Fargo Housing Market Index: April 2011 - April 2022
  • New Privately-Owned Housing Units (in ‘000) Authorized in Permit-Issuing Places, and Completed (June 2020 to March 2022)
  • Growing Prominence of Smart Homes Benefit Demand for Smart Elevators
  • Aging Installed Base and Focus on Energy Efficient Green Infrastructure to Drive Replacement Demand
CANADA
  • Elevators and Escalators Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Canada for 2023 (E)
JAPAN
  • Elevators and Escalators Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
  • Disaster Recovery Efforts Drive Housing and E&E Market Growth
  • Growing Preference for High-Speed Elevators Benefits Market Expansion
  • Smart Elevators to Detect Seismic Activity
  • Toilets to Soon Be Part of Japanese Elevators
CHINA
  • Elevators and Escalators Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
  • Need to Support Increasing Urban Density Drives Strong Growth in Demand
  • Elevator Units in Operation in China that are More than 15 Years Old: 2015-2020
  • China: The World’s Largest Construction Market Represents a Major Market for Elevators and Escalators
  • Chinese Construction Industry: Market Size (US$ Billion) for the Period 2016-2022
  • The Race for Installing the Fastest Elevators Shift to China
  • Competitive Landscape
  • Leading Elevator and Escalator Companies in China (2023E): Percentage Unit Market Share by Company
EUROPE
  • Elevators and Escalators Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
  • Europe: A Mature yet Growing Market for Elevators and Escalators
  • One of the Leading Smart Elevators Markets in the World
  • Aging Elevators & Escalators Shift Focus on Modernization
FRANCE
  • Market Overview
GERMANY
  • Growing Popularity of Smart Elevators Augurs Well for the Market
  • Focus on Addressing Vertical Transportation Needs of Smart Buildings and Structures Drive Market Growth
  • Launch of Cable-Free Vertically and Horizontally Moving Elevator System in Germany
  • Local Small and Medium-sized Enterprises (SMEs) Dominate E&E Market
ITALY
  • An Overview
UNITED KINGDOM
  • Construction Activity Promotes Market Demand
  • Growing Affluent Aging Populace Spurs Demand for Incline Elevators, Stairlifts, and Home Lifts
SPAIN
  • Replacement and Modernization of Aged Installed Elevators to Sustain Market Growth
RUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Elevators and Escalators Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
AUSTRALIA
  • A Growing Market for Elevators and Escalators
INDIA
  • Increasing Number of High-Rise Buildings in Mushrooming Mega Cities Drive Demand
  • Machine Room-Less (MRL) and Gearless Elevators Grow in Preference over Conventional Elevators
  • Growing Demand for Smart Elevators Bodes Well for the Market
SOUTH KOREA
  • The Well-Penetrated Market Focus on Energy Efficiency and Eco-Friendliness
REST OF ASIA-PACIFIC
LATIN AMERICA
  • Elevators and Escalators Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2024 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Elevators and Escalators Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2024 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EASTAFRICAIV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Canny Elevator Co., Ltd.
  • Fujitec Co., Ltd.
  • Hitachi Ltd.
  • Hyundai Elevators Co., Ltd.
  • Johnson Lifts Private Limited
  • Kleemann Hellas S.A.
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • Otis Worldwide Corporation
  • Savaria Corporation
  • Schindler Group
  • Shanghai Mitsubishi Elevator Co., Ltd. (SMEC)
  • Sigma Elevator Company Limited
  • SJEC Corporation
  • TK Elevator Holding GmbH
  • Toshiba Elevator and Building Systems Corporation

Table Information