[183 Pages Report] The Elevators & Escalators Market size was estimated at USD 113.31 billion in 2023 and expected to reach USD 120.70 billion in 2024, at a CAGR 7.49% to reach USD 187.91 billion by 2030.
An elevator, also known as lift, is a vertical transportation system, while an escalator is a moving staircase designed to transport people between different levels of a building structure. The rapid construction of taller buildings and larger structures have increased the demand for elevators & escalators to move people and goods within these spaces efficiently. They save time and reduce the effort required in climbing stairs, resulting in faster transit times for individuals. The real estate industry is currently highly focused on expanding building aesthetics by adding automated and modernized systems, encouraging better deployment of vertical transportation systems. Elevators are crucial in providing access to upper floors for those with disabilities or limited mobility, such as wheelchair users, elderly individuals, or those carrying heavy luggage. Escalators are also useful for increasing accessibility in public spaces such as shopping malls and transportation hubs. However, their operational complications and safety risks are major concerns impeding their use by some end users. Market players are constantly working on upgrading the safety capacities of elevators & escalators according to international standards to ensure their reliability in buildings. Moreover, with government initiatives encouraging the establishment of smart and green buildings, the demand for energy-efficient and IoT-connected elevators & escalators is expected to rise.
Elevators are closed vertical transportation systems that consist of a cabin or platform that travels along guide rails while driven by a counterweight system or a hydraulic mechanism. In contrast, escalators are open-moving staircases explicitly designed to transport people across short vertical distances, such as between two consecutive floors in a building or within public transport systems. Elevators & escalators are equipped with safety features such as door sensors, backup power systems, and emergency stop buttons to avert accidents and assure passenger safety. Escalators include parallel, stairway, belt-type, curved, wheelchair-accessible, step-type, criss-cross, multi-story, and outdoor escalators. Stairway escalators are used widely compared to other escalators and are designed to move people from one floor level to another for indoor spaces, such as shopping malls or multi-story buildings. Belt-type escalators are designed for moving items, such as luggage and shopping bags, from one point to another. The elevators, such as dumbwaiters, freight, passenger, and service elevators, are increasingly deployed in commercial, residential, and industrial infrastructures to ensure efficient mobility of people and goods. Passenger elevators are the most widely used compared to the other types of elevators due to their ability to transport people in residential, commercial, and industrial settings.
Hydraulic elevators are powered by hydraulic jacks, fluid-driven pistons that travel inside a cylinder. They are generally more cost-effective than traction elevators and have a maximum travel distance of about 50 feet, making them better suited for buildings with fewer floors. Traction elevators are powered by electric motors pulling cables attached to cabs, which tend to be more energy efficient than hydraulic elevators, and the cable systems allow longer travel distances of up to 500 feet. Moreover, hydraulic elevators are often preferred for low- to mid-rise buildings, while traction elevators are more commonly used in many buildings, including high-rises.
In commercial buildings, such as office spaces, hotels, hospitals, airports, schools, or universities, elevators and escalators facilitate smooth vertical transportation while ensuring accessibility for all users regardless of their physical abilities. Multilevel malls utilize escalator systems to enrich the shopping experience by offering convenient access between floors with minimal wait times. Meanwhile, elevator systems serve to transport patients comfortably between hospital departments, ensuring compliance with safety standards for the transportation of medical equipment. In industrial manufacturing plants, warehouses, or logistic centers, elevating mechanisms such as freight elevators and vertical conveyors play a critical role in ensuring the safety and efficiency of operations. They facilitate the movement of heavy materials, machinery, or equipment between floors, aiding in both production & distribution processes. The integration of elevators and escalators in residential facilities plays a significant role in enhancing the mobility, accessibility, and comfort of residents. By providing an effective means of vertical transportation for people and goods within buildings, these systems contribute to the broad quality of life for people living in multi-story complexes.
The elevators & escalators market in the Americas is advancing, driven by the expanding public-private investments in infrastructure development and the increasing popularity of vertical transportation in the innovative multi-Florey buildings in the region. Countries in the Americas are tremendously extending their development of smart elevators across shopping malls, schools, and universities, enabling the wider provision of high-quality and secure systems. The Asian region has seen tremendous growth in establishing high-rise buildings in urban centers, which has progressed the installation of elevators and escalators. The region has a strong presence of global players and has recently seen an influx of regional manufacturers catering to specific markets. The demand for high-speed elevators & escalators is increasing in skyscrapers and tall buildings in the region to ensure more efficient transportation. The EMEA market is highly competitive, with the presence of global players actively involved in the upgradation, modernization, maintenance, and installation of new elevators in commercial spaces and hospitals. With the region portraying a high interest in maintaining environmental sustainability and customer safety, the market players have ensured a growing emphasis on offering energy-efficient and secure systems. The Americas and European market have been guided by strict regulatory safety standards, which has emerged as a critical aspect of the regional manufacturers' offerings.
The FPNV Positioning Matrix is pivotal in evaluating the Elevators & Escalators Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Elevators & Escalators Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Richardson Announces Plans To Expand Eight Elevators In Canada on the CPKC Network
Richardson International, a global agribusiness and processing company, has recently announced plans to expand eight major elevators within its Canadian operations on the CPKC (Canadian Pacific Kansas City) network. This strategic move aims to enhance the company's vertical transportation capabilities and service an ever-growing demand for efficient escalator and elevator solutions across various business sectors. [Published On: 2023-06-26]
AEG Announces Investment in Trenton Elevator Co.
The American Elevator Group (AEG) has recently invested in Trenton Elevator Co., a business providing installation, maintenance, and repair services for commercial and residential elevators. The addition of Trenton Elevator to their portfolio is a testament to their ongoing emphasis on expanding nationwide coverage. [Published On: 2023-06-07]
TK Elevator launches EOX, the eco-efficient and digitally native low- to mid-rise elevator designed to improve the overall customer experience
TK Elevator has introduced the EOX, an eco-efficient elevator platform, in North America to cater to the needs of buildings ranging from two to ten stories. The EOX is equipped with advanced digital services, an in-car multimedia display, regenerative drive, eco-mode, and enhanced in-car sensors as standard features. It is manufactured in the United States using 100% renewable energy and designed, qualified, and tested at TK Elevator's LEED Gold Certified Innovation and Qualification Center in Atlanta. The EOX incorporates MAX, a cloud-based predictive maintenance solution that analyzes performance data to minimize elevator downtime. [Published On: 2023-05-09]
The report delves into recent significant developments in the Elevators & Escalators Market, highlighting leading vendors and their innovative profiles. These include Aritco Lift AB, AVT Beckett, CA M&E Engineering Pte Ltd, Canny Elevator Co., Ltd., Chevalier International Holdings Limited., Delfar Elevator Co., Ltd., Delta Elevator Co. Ltd., Dong Yang Elevator (M) Sdn. Bhd., Eastern Elevator by American Elevator Group, EITA Elevator (M) Sdn. Bhd., Ele Tech Co., Ltd, Electra Elevators, Elite Elevators, Fuji Elevator Co.,Ltd., Fujitec Co., Ltd., Gylet Elevator, Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., Jordans Elevator (S) Pte Ltd, Kalea Lifts by Cibes Lift Group AB, Kleemann Hellas SA, Kone Corporation, Lifter Systems, Inc., Meyer Lift Pte. Ltd, Mitsubishi Electric Corporation, MXC Elevator Sdn Bhd, Myanmar Lift Group, Myanmar Sedate Trading Co., Ltd., Niche Elevator Sdn. Bhd, Ningbo Hosting Elevator Co., Ltd., OBEN Elevator Co., Ltd., Omega Elevators, Orona Group, Otis Worldwide Corporation, Panasonic Holdings Corporation, Pioneer Lift & Crane Co., Ltd., Potensi Terus Industries Sdn. Bhd., SANYO Elevator Sdn. Bhd., Savaria Corporation, Schindler Holding Ltd., ServoFlower Co.,Ltd., Siemens AG, Sigma Elevator Company, Smart Izumi Electronic Limited, Smartlift Group Co., Ltd, Southeast Elevator Inc., Tecno S.r.l., Teknix Elevators Pvt. Ltd., Thanh Phat Elevator Company Limited, ThyssenKrupp AG, Toshiba Corporation, TRANS Elevators (M) SDN BHD, WAGO GmbH & Co. KG, Wittur Holding GmbH, and Yaskawa Electric Corporation.
This research report categorizes the Elevators & Escalators Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product Type
- Elevators
- Dumbwaiter
- Freight Elevator
- Passenger Elevator
- Service Elevator
- Escalators
- Belt-type Escalators
- Crisscross Escalator
- Curved Escalators
- Multi-Story Escalators
- Outdoor Escalators
- Parallel Escalator
- Stairway Escalators
- Wheelchair-accessible Escalator
- Elevators
- ElevationTechnology
- Hydraulic
- Traction
- End-User
- Commercial
- Industrial
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Elevators & Escalators Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Elevators & Escalators Market?
- What are the technology trends and regulatory frameworks in the Elevators & Escalators Market?
- What is the market share of the leading vendors in the Elevators & Escalators Market?
- Which modes and strategic moves are suitable for entering the Elevators & Escalators Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Elevators & Escalators Market, by Product Type
- Elevators & Escalators Market, by ElevationTechnology
- Elevators & Escalators Market, by End-User
- Americas Elevators & Escalators Market
- Asia-Pacific Elevators & Escalators Market
- Europe, Middle East & Africa Elevators & Escalators Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 22]
- List of Tables [Total: 474]
- List of Companies Mentioned [Total: 56]
Increased Efficiency and Performance:
Smart elevators and escalators are engineered with advanced software. This software is designed to optimize the elevator's speed, performance, and energy consumption. As technology further advances, elevators will reduce waste and unnecessary movement and provide a more seamless ride to users. For instance, ThyssenKrupp's new MULTI elevator system adopts a linear drive, allowing multiple elevators to operate within a single shaft, improving capacity and efficiency by up to 50%.
Intelligent Navigation:
One of the critical benefits of smart elevators is smart navigation. Navigation software allows the elevator to act more autonomously, using machine learning to anticipate the needs of riders. These elevators incorporate destination dispatch, an intelligent system that employs algorithms to minimize user wait time. Riders key in their destination at a centralized touchpad, and the elevator will direct the individual to the nearest alternative. Adaptive software similarly allows elevators to adapt to rider behavior. The building employees can micro-manage these systems according to building occupancy while significantly reducing power consumption.
Real-time building management monitoring:
In comparison to traditional buildings where building maintenance and equipment monitoring processes were reactive, smart elevators and escalators will allow contractors and building users alike to take a proactive approach to building maintenance and management. With built-in sensors, escalators and elevators can alert maintenance teams when adjustments or replacements are necessary.
Improved Accessibility:
Smart elevators are not just limited to providing performance upgrades; they are also designed to increase the accessibility of buildings. Features such as integrated Braille signage, touchless control systems, and wheelchair lifts cater to individuals with mobility impairments.
Increased Security:
Smart security features are crucial in today's world, with elevator and escalator manufacturers including state-of-the-art security measures in their products. Intelligent elevators and escalators can detect unauthorized user credentials and filter out who gains entry to a particular floor. Systemized video surveillance and machine learning can identify suspicious behavior and flag security incidents before they occur.
Advancements in technology have created a new age of elevators and escalators. Smart systems now offer better building accessibility, improved security, real-time building management, intelligent navigation, increased efficiency, and performance. The advancements will only increase the convenience of building users and drastically improve building maintenance and management efficiencies. Building users can now navigate their way around a high-rise or mall with ease, knowing that they have access to an array of smart elevator solutions. Furthermore, with the amount of data available from these systems, predictive failure analysis (PFA) can be run, probably detecting and diagnosing issues before they occur and further reducing downtime for repairs and overall maintenance costs.
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