Elevator and Escalator Market to Surpass USD 123.35 Billion by 2028, at a CAGR of 6.65% from 2022-2028 Thanks to Huge Rise in Infrastructural Developments
The latest report on the elevator and escalator market covers explicit information regarding growth dynamics, market estimates, industry trends, and lucrative opportunities present in the market. SkyQuest prepared the report with an advanced methodological approach for technology assessment, economic evaluation, SWAT analysis, product benchmarking, recent developments, and reliable forecasts.
Westford, USA, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Europe emerged as the dominating elevator and escalator market region owing to the early adoption of new technologies and a well-developed industrial sector. The rising use of elevators and escalators in commercial, residential, and industrial settings is emerging as the promising factor responsible for the exponential growth of the elevator and escalator market. In addition, increasing modernization and renovation projects in commercial spaces, such as airports, shopping malls, hospitals, hotels, and offices, for improving safety and aesthetic appeal further propel the market progress. Moreover, the increasing integration of modern safety features in escalators, major technological breakthroughs, and rising investments in the construction sector is positively impacting the market.
Elevators help to move people and products between levels or floors in any building. It is a capable vertical mobility solution that efficiently uses urban space and allows movement within structures. An escalator is a moving staircase made up of a circling belt of steps that transports people between floors in a public building. It comprises a motor-driven chain of individual, linked steps that move up and down on tracks while keeping the step treads horizontal.
According to SkyQuest, on average, European countries spend 5% of G.D.P. on infrastructure, while China, the fastest-growing economy, spends roughly 8%. Various governments emphasize building high-quality infrastructure to drive global investments and create an employment pool.
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*Prominent Players in the Elevator and Escalator Market*
· Aritco Lifts AB
· Fujitec Co., Ltd
· EMAK Elevator
· Hyundai Elevator
· Kone Corporation
· Electra Elevators
· KÖHLER Elevator GmbH
· Orona Group
· Mitsubishi Electric Corporation
· Schindler Holding Ltd.
· Sanyo Elevator (Zhuhai) Co., Ltd.
· Sigma Elevator Company
· Schumacher Elevator Company
· ThyssenKrupp AG
· Stannah Lifts Holdings Ltd
*Escalator Segment to Dominate the Product Category due to Increasing Demand from High-Scale Infrastructure Projects*
As per SkyQuest, the escalator segment accounted for the largest share in 2022 in value and volume and is projected to exhibit substantial growth from 2023 to 2028. The escalator segment is predicted to be the market's fastest-growing segment due to rising demand brought on by evolving infrastructure. The segment's growth attributes to the rise in demand from commercial facilities such as retail malls, business parks, and others. Additionally, as aircraft infrastructure construction expands, there is a growing requirement for escalators and moving walkways.
Europe dominated the elevator and escalator market with a 27.5% revenue share and is likely to witness high growth prospects in the coming years. A solid economic base and an expanding population sparked a market expansion. In addition, the IoT and industrial sectors' growth drives up demand for elevators. The Europe region is continually growing due to its early acceptance of new technology and the presence of a highly developed industrial sector. In addition, many well-established worldwide market players strive to expand their operations and develop a solid clientele through strategic mergers, partnerships, collaborations, and acquisitions of the top domestic players.
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*Commercial Segment to Drive Significant Sales owing to Rise in Modernizing and Renovation Activities *
Elevators have a significant potential to minimize energy consumption and account for 2% to 7% of the total energy used in the entire structure. Therefore, the energy-efficient elevator and escalator promote market growth. Elevators and escalators find frequent use in commercial facilities such as office buildings, retail malls, and co-working spaces. The growing trend toward eco-efficiency, adaptable design, and safety leads to the exponential growth of the commercial sector. The rise in self-employment over the past few years has also fuelled demand for various co-working facilities. Therefore, the rapid surge in office space investments is predicted to boost the market growth.
Asia Pacific is anticipated to lead the elevator and escalator market because of a substantial rise in demand from major developing countries such as India and Southeast Asia. The findings of the regional analysis show that China has significantly increased market revenue and holds a sizeable market share for elevators and escalators. Additionally, the National Bank for Financing Infrastructure and Development (NaBFID) was established by an act of the Indian Parliament, and 13% of all FDI inflows, or $81.72 billion, were designated for the development of infrastructure operations. As a result, the market for elevators and escalators is expanding due to increased infrastructure spending.
The elevator and escalator market report contains extensive information on the market's value chain analysis, which vendors can use to gain a competitive advantage during the forecast period. Understanding the value chain from beginning to end is critical for optimizing profit margins and evaluating business strategies. In addition, the reliable data available in our value chain analysis segment can assist vendors in driving costs and improving customer service.
*Key Developments in the Elevator and Escalator Market *
· H.I.G. Capital ("H.I.G.H.I.G."), a leading asset investment firm with $53 billion in equity capital under management, announced the acquisition of Classic Lifts Limited ("Classic" or the "Company") by one of its affiliates. The current Classic management team will reinvest alongside H.I.GH.I.G.
· Elevator Service L.L.C. ("E.S.I.E.S.I."), a leading elevator service provider, announced the acquisition of Van Duinen Elevator Co., a Grand Rapids, Michigan-based elevator service company. The addition of Van Duinen aims to increase E.S.I.'sE.S.I.'s market density in West Michigan and allow E.S.I.E.S.I. to expand its services in the lakeshore and southern Grand Rapids, all while leveraging E.S.I.'sE.S.I.'s resources to serve Van Duinen customers better.
· Nibav Home Lifts, a pioneer in home lift technology, has unveiled the Series 3 home lifts, the world's first wire-free pneumatic home elevators that move vertically entirely on air without using ropes and belts, wires, or harnesses. In addition, this innovation does not require any oil or lubrication because it operates solely on air.
· Infosys, a pioneer in next-generation digital services and consulting, and T.K.T.K. Elevator, one of the top elevator businesses in the world with headquarters in Düsseldorf, Germany, have announced a global strategic partnership. The seven-year international collaboration continues T.K.T.K. Elevator's successful I.T.I.T. infrastructure transformation in Europe and Africa.
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*Key Questions Answered in the Elevator and Escalator Market Report*
· What is the anticipated market size & growth rate of the elevators and escalators market?
· Which are the most significant driving factors that drive higher market growth?
· Which segments are part of the extensive study in the research report?
· Who are the key market participants successfully operating in the global market?
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