Chicago, Feb. 15, 2024 (GLOBE NEWSWIRE) — The Elevators & Escalators Market are estimated to be USD 152.1 billion in 2023 and is projected to reach USD 207.4 billion by 2028, at a CAGR of 6.4% between 2023 and 2028, as per the recent study by MarketsandMarkets™. A growing awareness of energy efficiency and environmental impact has led to the development of eco-friendly and technologically advanced elevators and escalators, further propelling the market forward. The constant evolution of architectural trends and the need for enhanced accessibility also contribute to the sustained growth of the escalators and elevators market.
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List of Key Players in Elevators & Escalators Market:
Schindler Group (Switzerland)
Otis (US)
KONE Corporation (Finland)
Hitachi Ltd. (Japan)
Hyundai Elevator Co. Ltd. (South Korea)
Fujitec Co. Ltd. (Japan)
Toshiba Elevators and Building Systems Corporation (Japan)
Mitsubishi Electric Corporation (Japan)
TK Elevator (Germany)
SJEC Corporation (China)
Drivers, Opportunities and Challenges in Elevators & Escalators Market
Driver: Increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization
Restraint: High maintenance cost
Opportunity: Development of innovative technologies and rising demand for smart elevators
Challenge: Compliance with standards and regulations
Key Findings of the Study:
The elevator type segment is estimated to lead the elevators and escalators market during the forecast period.
Machine-room-less traction elevator technology is the major elevator technology in the global elevators and escalators market.
Residential is projected to lead the Elevators and Escalators market.
Asia Pacific is expected to witness the fastest growth in the Elevators and Escalators market during the forecast period.
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Based on type, the elevators segment is projected to register the highest CAGR during the forecast period. Elevators have emerged as the fastest-growing segment in the escalators and elevators …