Electric Elevator and Escalator Market Revolutionary Trends in Industry Growth Statistics By 2027

The estimated size of the Global Electric Elevator and Escalator Market is projected to increase from USD 93.87 billion in 2019 to USD 141.32 billion in 2027, with a compound annual growth rate (CAGR) of 4.3% during the forecast period from 2020 to 2027.

The market is expected to experience significant growth due to factors such as urbanization and the growing geriatric population. The electric elevator and escalator industry has capitalized on advancements in technology, and the increasing trend of architectural and construction activities is expected to drive market growth. These systems are widely used in various industrial, residential, and commercial sectors, including railway stations, hospitals, residential complexes, malls, metro stations, schools, office buildings, and airports. The installation of escalators and elevators in high-rise and mid-rise buildings has become essential, leading to market growth alongside the construction sector.

In line with the goal of creating a clean, green, and sustainable environment, market vendors have focused on improving the efficiency of escalators and elevators, leading to a demand for energy-efficient solutions. Major players in the market have prioritized the manufacture of environmentally sustainable escalators and elevators. The substantial growth in the real estate industry is also expected to drive market expansion.

The increasing consumption of energy and power presents a significant opportunity for the global market. Efforts are being made to reduce energy consumption through research and development. However, the market is highly capital intensive, which poses a challenge for new entrants who have to contend with high initial investment, installation, and setup costs.

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The market is segmented based on type, including elevators (hydraulic, geared and gearless, and Machine Room Less) and escalators (moving stairs and moving walkway escalators). In terms of application, the market is categorized into residential and commercial segments. The residential segment is expected to grow due to increasing residential construction activities, especially in the Asia Pacific and Middle East regions. The commercial segment, driven by high application in commercial buildings, is anticipated to hold the majority of the market share due to rapid urbanization, rising disposable incomes, and private and public investments.

The Asia Pacific region, particularly countries like China, India, and Japan, is experiencing rapid urbanization and significant population density, leading to substantial growth potential. The construction sector is expected to witness significant development due to increasing private and public infrastructural projects. Joint ventures between domestic and international players have created a conducive environment for market growth.

Key players in the electric elevator and escalator market include Canny Elevators, Fujitec Co. Ltd, Hyundai, Johnson Lifts, Kleenmann Group, KONE Corporation, Hitachi, Mitsubishi, Otis Elevator Company, Schindler Holding Limited, Sigma, ThyssenKrupp Elevator AG, and Toshiba. These companies are focused on enhancing their products, prioritizing safety, and meeting quality standards.

In terms of recent developments, Mitsubishi Electric Corporation launched the NEXIEZ-LITE MRL elevator in India, aiming to tap into the opportunities in the Indian market. ThyssenKrupp Elevator introduced two new elevator families, 'evolution' and 'synergy,' in Europe and Africa to cater to increasing demand. KONE acquired the service and repair business of Eltec Elevator Ltd., strengthening its market presence and ability to provide innovative solutions.

Overall, the electric elevator and escalator market is poised for growth, driven by urbanization, construction activities, energy efficiency concerns, and the increasing demand for safe and convenient vertical transportation solutions.

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