Elevators & Escalators Market Industry Recent Developments Analysis, Overviews Trends Share, Industry Size Forecast & FAQ
The elevators and escalators market is projected to grow from USD 152.1 billion in 2023 to USD 207.4 billion by 2028 at a CAGR of 6.4%. 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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Most manufacturers in this market are based in Europe and Asia Pacific. Schindler Group (Switzerland), OTIS (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea) are among the leading players operating in the elevators and escalators market. These players have adopted various growth strategies to strengthen their position in the market. This includes expansions and acquisition activities further to expand their presence in the elevators and escalators market.
Schindler Group (Switzerland) – Schindler Group, established in Switzerland in 1874, is a global leader in the elevator and escalator industry, renowned for its innovative vertical transportation solutions. With a strong commitment to safety, sustainability, and cutting-edge technology, Schindler designs, manufactures, installs, and maintains elevators, escalators, and moving walkways worldwide. The company’s diverse portfolio caters to a wide range of sectors, including residential, commercial, and infrastructure projects, contributing to urban mobility and accessibility.
OTIS (US) – OTIS, a leading American company, is a pioneer in the elevator and escalator industry, boasting a rich legacy dating back to 1853 when it was founded by Elisha Otis. The company operates through two segments: New Equipment and Service. The New Equipment segment focuses on the design, manufacturing, sale, and installation of a comprehensive range of passenger and freight elevators. Meanwhile, the Service segment is dedicated to providing maintenance, repair, and modernization services aimed at upgrading both elevators and escalators.
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KONE Corporation (Finland) – KONE Corporation, a Finnish multinational, stands at the forefront of the elevator and escalator industry, having been founded in 1910. Renowned for its innovative and eco-efficient solutions, KONE specializes in the design, manufacturing, installation, and maintenance of elevators, escalators, and automatic building doors. The company has a global presence and has played a pivotal role in shaping urban environments with its emphasis on sustainable and technologically advanced vertical transportation systems. Operating in more than 60 countries, KONE has a significant presence in the Americas, Europe, Asia Pacific, and the Middle East.
Hitachi Ltd. (Japan) – Hitachi Ltd., a Japanese multinational conglomerate, is a global leader in diversified business sectors ranging from information technology and electronics to infrastructure and industrial systems. Leveraging its extensive expertise in engineering and manufacturing, Hitachi provides a comprehensive range of elevators, escalators, and moving walkways that prioritize safety, efficiency, and sustainability. In 2022, over 60% of the company’s revenue was generated from the Japanese market. Hitachi’s growth in the market is anticipated to be propelled by its smart elevator solutions, which incorporate advanced technologies such as SG and IoT.
Recent Developments in Elevators & Escalators Market Industry
- On February 2021, Schindler Group signed a partnership agreement with citizenM hotels, the leading Netherlands-based boutique hotel chain, to provide service and modernization for escalators and elevators in all of the Group’s existing buildings across the globe, as well as the installation of future vertical mobility solutions in the chain’s new hotels.
- On August 2020, Otis acquired Bay State Elevator to expand in the northeast US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York.
- On October 2023, KONE Corporation has finalized the sale of its operations in Russia to S8 Capital, a diversified holding company based in Russia.
- On November 2022, KONE has concluded the buyback of its own class B shares, acquiring a total of 1,083,500 shares at an average price of USD 49.5 per share.
- On April 2022, Hitachi, Ltd. has declared the successful acquisition of all outstanding shares of Yungtay Engineering Co., Ltd. (“Yungtay”), a subsidiary based in Taiwan involved in the manufacturing, sale, and service of elevators and escalators. This strategic move aims to enhance Hitachi’s elevator and escalator business presence in the People’s Republic of China (“China”) and other regions of Asia.
Frequently Asked Questions in Elevators & Escalators Market Industry
- What are the major drivers driving the growth of the elevators and escalators market?
Ans: The major driving factors for the elevators and escalators market are increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization and growing need for reducing energy consumption in buildings.
- What are the major challenges in the elevators and escalators market?
Ans: The major challenging factor faced by the elevators and escalators market is compliance with standards and regulations.
- What are the restraining factors in the elevators and escalators market?
Ans: The major restraining factors faced by the elevators and escalators market are uncertainty and risk regarding global economy and high maintenance cost.
- What is the key opportunity in the elevators and escalators market?
Ans: Adoption of green building codes and energy-efficient products and development of innovative technologies and rising demand for smart elevators.
- What are the end-use industries where elevators and escalators components are used?
Ans: The elevators and escalators components are majorly used in residential, commercial, institutional, infrastructure, and other industries.
- What are the different types of elevators and escalators?
Ans: The types of elevators and escalators are elevator, escalator, and moving walkways.
- What are the elevator technology of elevators and escalators?
Ans: The elevator technology of elevators and escalators are traction elevator, machine room less traction elevator, and hydraulic.
