Elevator and Escalator Market - Industry Trends and Forecast to 2028

MarkNtel Advisors, a prominent market research firm, has recently published a report titled Elevator and Escalator Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028. This study offers an in-depth examination of the industry, encompassing Elevator and Escalator market share, size, trends, and growth predictions. Additionally, the report features an analysis of competitors and regions while spotlighting the most recent developments in the market.

Elevator and Escalator Reports Highlights

What is the size of the Elevator and Escalator Market?

The Global Elevator and Escalator Market is projected to grow at a CAGR of around 6.0% during the forecast period, i.e., 2023-28. Most of the market expansion can be attributed to the rapid urbanization worldwide, resulting in more erection of buildings and modernization of age-old infrastructures in the coming years. According to the World Bank, currently (6 Oct 2022), 56% of the world’s population accounts for around 4.4 billion inhabitants resides in cities. In fact, the urban population is on the verge of folding itself by 2050 to the extent that nearly 7 of 10 people will be living in cities.

What do the growth prospects and trends look like in the Elevator and Escalator Industry?

Rising Demand for IoT-Integrated Elevators and Escalators - With the advent of advanced technologies such as the Internet of Things (IoT) and its integration into elevators & escalators, manufacturers have maximized their revenues in the historical years. The integration has led to the smooth functioning of these setups in terms of gathering, analyzing, and exchanging data and maintaining entry and exit-related records. Other than this, IoT has enabled elevators and escalators to anticipate traffic and respond in real time with minimal error. These advantages have compelled investors and manufacturers to integrate such products with cutting-edge technologies, which, in turn, has led to market enlargement in the historical period.

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What Components are encompassed within Elevator and Escalator Market segmentation?

The report has divided the market into the following segments:

By Type

-Elevator

--Traction

--Hydraulic

--Machine Room less

-Escalator

--Moving Walkway

--Moving Stairs

By Service

-New Installation

-Modernization

-Maintenance

By End User

-Residential

-Commercial

-Retail

-Health Care

-Hospitality

-Government & Transportation

-Others

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific.

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Who are the Primary Companies or Entities active in the Industry?

The report covers the major market players including:

-Canny Elevator Company Ltd.

-Fujitec Co Ltd

-Hitachi, Ltd.

-Hyundai Elevator Co., Ltd.

-Kone Oyj

-Mitsubishi Electric Corporation

-Orona S.Coop.

-Otis Worldwide Corporation

-Schindler Holding Ltd.

-ThyssenKrupp Elevator AG

-Toshiba Elevator and Building Systems Corporation

-Others

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MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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