Elevators And Escalators Market - Forecasts from 2019 to 2024

The elevators and escalators market is evaluated at US$75.526 billion in 2018 and is expected to grow at a CAGR of 2.76% to reach US$88.923 billion in 2024. Elevators and Escalators provide speedy process and continence traveling around the building which is considered one of the reasons for their high adoption around the globe. Rapid urbanization and increasing investment in the construction sector are other key factors augmenting the growth of the market. Rapid growing geriatric population and technological advancement in smart elevators and escalators will also fuel up the market growth. However, high installation and maintenance cost remains a key challenge.

Drivers

Growing geriatric population
Increasing investment in the construction sector

Restraints

High installation and maintenance cost

INDUSTRY UPDATE
In May 2019, Telefónica and Schindler entered into a global partnership for digital connectivity. Under the agreement, Telefónica will provide IoT and network connectivity solutions to Schindler for smart elevators and escalators.

In March 2019, Mitsubishi Electric Corporation announced tlaunch Nexiez-Lite MRL in India.

Major industry players profiled as part of the report are Schindler Holding Ltd., Kone Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, and United Technologies among others.

Segmentation

The elevators and escalators market has been analyzed through the following segments:

By Technology

Hydraulic
Traction
Machine-Room-Less

By End User

Residential Sector
Commercial Sector
Industrial Sector

By Geography

North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Australia
Others