Expansion of the building and construction industry has been a chief driver of the global elevator and escalator market. Elevators and escalators being an integral part of the residential as well commercial buildings are witnessing impressive surge in demand all over the world.
Advancement in the Internet of Things (IoT) technology is further catering to the market growth with the rising incorporation of ultra-modern facilities starting from elevator safety solutions to elevator air purification equipment.
Despite their complex mechanisms for installation, handling, and maintenance, the demand for elevators and escalators in residential, commercial, hospital, transportation, and other sectors is increasing steadily. According to Future Market Insights (FMI), the global elevator and escalator market is expected to rise at ~6.6% CAGR during the forecast period from the year 2020 to 2030.
Rising Demand from Construction Industry
With the rising population and urbanization, the building & construction industry is growing exponentially. Elevators and escalators being an integral part of construction industry is experiencing surge in demand across the world.
Modern-age elevators often come with an extensive range of features such as various load capacities (low, medium, and high), safety features, hygienic solutions, high reliability in terms of load carrying as well as various emergency services, making them efficient for broad range of applications starting from residential complex to industrial sectors.
Furthermore, the advanced IoT technology has enabled the elevator and escalator manufacture to offer diverse services and solutions such as air purifying system, sanitization facility, emergency calling and connectivity solutions, and others. As a result the demand for elevators and escalators is sky-rocketing worldwide.
According to FMI, the expansion of the construction industry will spur the elevator and escalator market growth during the forecast period from the year 2020 to 2030
Safety Solutions Introduced in Elevators and Escalators Bolstering Growth
Various safety features such as emergency evacuation feature, safety brakes, door closing devices, door sensors, door restraints, pit buffers, and others are resulted in more sophisticated elevators and escalators services which in turn is aiding to the market growth.
With the technological advancements, the industrial and commercial sectors are incorporating modern safety features in the escalators such as skirt brushes in order to prevent objects being caught in the escalators, step level monitors, missing step monitors, handrail motion detectors, sensors to trigger automatic shutdown in emergency situation, and others.
As the new-age safety solutions are making the elevators and escalators more reliable and efficient in handling emergency conditions, the market is witnessing significant growth all over the world.
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The entire process cycle of elevators and escalators starting from manufacturing to installation is costly and needs experts’ handling. As elevators and escalators are used in various places starting from residential complex to big industrial buildings, they need timely maintenance, upgradation, as well as other services as and when required which are time consuming and also need technical knowledge. Due to these factors, the elevators and escalators are yet to be popular among the small to medium residential buildings, institutions, and others.
The outbreak of novel coronavirus in the recent year has impacted the elevator and escalator market negatively due to various factors such as closed manufacturing units during lock down, economic constraints, unavailability of raw materials and man power, decrease in demand, and others.
East Asia Elevator and Escalator Market
Backed by improving access to state-of-the-art technologies, the East Asia elevator and escalator market is growing consistently by both value and volume. Presently, East Asia elevator and escalator market is leading in the global domain.
The well-developed building & construction industry coupled with the rising population is enabling exponential growth of the East Asia market. According to FMI, rapidly expanding key end users such as warehousing, industrial, transportation, logistics, and other sectors will steer the East Asia elevator and escalator market growth keeping it in the leading position during the forecast period.
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Europe Elevator and Escalator Market
Presently, Europe elevator and escalator market is the second leading market in the world. Highly developed manufacturing units and abundance of raw materials are bolstering Europe elevator and escalator market growth consistently.
Rising growth in commercial segments such as hospitals, offices, institution, and others in the key countries such as U.K, Italy, France, Spain, and others are escalating the market growth rapidly.
According to FMI, Europe elevator and escalator market is forecast to subtle growth throughout the forecast period.
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North America Elevator and Escalator Market
North America elevator and escalator market is witnessing steady growth, backed by early adoption of latest technologies and presence of well-developed industrial sector.
The strong financial base and rising population in the main cities such as U.S, Canada, and others are catalyzing the North America elevator and escalator market growth. U.S is expected to emerge as the leading country in the North America market in the coming years.
Expansion of the IoT and automotive sectors are further accelerating the North America elevator and escalator market demand. According to FMI, North America elevator and escalator market will grow steadily during the forecast period.
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Elevator to Maintain the Lead
Elevators being highly efficient in moving heavy and bulky objects as well as passengers are presently leading the global elevator and escalator market in the product type segments.
Various types of elevators such as hydraulic, traction, vacuum, and others are highly efficient in working wide ranges of applications starting from residential complex to industrial buildings. For instance, hydraulic elevators are hugely used in the small to medium buildings as they are cheaper to install, occupy less space, and provides great lifting strength.
According to FMI, elevators are expected to dominate the market among all other products during the forecast period.
Passenger Load to Emerge Dominant
Load type-wise passenger segment is dominating all other segments in the elevator and escalator market. Passenger lifts are widely popular for being highly efficient, noise-free, capable of controlling optimum traffic, and easily maintainable.
This kind of elevators are hugely used in schools, colleges, offices, residential complexes, and other places.
According to FMI, passenger lifts will remain in dominant position in the load type wise category in the coming years.
New System Installation to Gain Traction
New system installation is gaining traction among all other installation types due to the advantages such as better mobility, ease of handling and maintenance, heavy load carrying capacity, and others.
New system installation is gaining popularity among the key end users such as residential and industrial buildings, institutions, hospitals, and others all over the world.
According to FMI, this kind of installation will lead the other segments in the near future.
Commercial End User to Propel Market Growth
Elevators and escalators are highly used in the commercial sectors such as airports, hospitals, offices, institutions, industrial buildings, and others, making it the dominant end user across the globe.
With the expanding commercial segments, the elevator and escalators demand is getting sky high propelling the market growth.
According to FMI, commercial end user is expected remain in the leading position during the forecast period.
As the elevator and escalator market potential is growing gradually, the key market players are investing their efforts and assets to capitalize on the coming opportunities. Some of the leading companies such as Sigma Elevator Company, Orona Group, Fujitec Co., Ltd., and others are focusing on launching of diverse range of products in order to target the broad range of end users.
For instance, Fujitec Co., Ltd has launched their advanced range of elevators such as Viridian MRL, Viridian PMGL, Viridian Geared, and others applicable to the diverse end-use categories such as hospitals, offices, industrial buildings, and others in the current year.
Hyundai Elevator has launched their new world class elevator and escalator with cutting-age technologies such as regenerative inverter for eco-friendly energy saving in November, 2020. The company has also developed world’s fastest elevator in March, 2020.
Some of the key market players are-
- Aritco Lifts AB
- DOPPLER S.A.
- EMAK Elevator
- Fujitec Co., Ltd.
- Hyundai Elevator Co. Ltd
- KÖHLER Elevator GmbH.
- Kone Corporation
- Mitsubishi Electric Corporation
- Orona Group
- Sanyo Elevator (Zhuhai) Co., Ltd.
- Schindler Holding Ltd.
- Schumacher Elevator Company
- Sigma Elevator Company
- Stannah Lifts Holdings Ltd
- Toshiba Elevator And Building Systems Corporation
- Thyssenkrupp AG
- Otis Elevator Company
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Elevator and Escalator Market Report: Scope
Historical Data Available for
USD Million for value and volume (per tons)
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Segments Covered
Product Type, Load Type, Installation, End Use, and Region
Key Companies Profiled
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
Key Questions Answered by the Report
- How has COVID-19 impacted the elevator and escalator market?
The sudden drop in real estate activities post lockdown due to COVID-19 is hampering growth witnessed in the elevator and escalator market. However, since elevators and escalators are considered spine of any building, their manufacturing is likely to pick up after the temporary lull as soon as recovery starts. With some of the leading manufacturers reviewing designs to offer immediate solutions, the market could gain impetus in the coming years.
- How are companies planning to gain competitive edge in elevator and escalator market?
With competition growing fiercer, companies operating in the market are focusing on product launches as their key growth strategy. There is immense focus on reviewing designs to make elevators and escalators eco-friendlier and safer. Some are introducing state-of-the-art and regenerative technologies to ensure they are in tandem with prevailing concepts of green building.
- Who is the leading end user in the elevator and escalator market?
Commercial industry is the leading end user industry in the global elevator and escalator market.
- Which is the largest market for elevators and escalators and why?
East Asia has clear dominance in the global market for elevators and escalators. Besides the expansion of the construction & building sector, application found in diverse industries such as transportation, warehouses, and industries is aiding the overall expansion of the market.
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- What are the sources of secondary research?
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- Room Less
- Step Type
- Belt Type
- Cleat Type
- Low Rise Building
- Mid Rise Building
- High Rise Building
- Subway Station
- Office & Institution
- Infrastructure & Construction
- Transportation &Logistics
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa