Escalators and Moving Walkways Global Market Report 2023
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New York, March 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Escalators and Moving Walkways Global Market Report 2023" - https://www.reportlinker.com/p06433787/?utm_source=GNW
, Gulf Elevators Co. LLC, Sigma Elevator Company, Stannah Lifts, Senhe Elevator Co, Kleemann Hellas, and TK Elevator.
The global escalators and moving walkways market grew from $16.69 billion in 2022 to $17.78 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The escalators and moving walkways market is expected to grow to $21.6 billion in 2027 at a CAGR of 5.0%.
The escalators and moving walkways market consists of sales of walkway system, motors, controls, and lighting, truss, tracks.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Escalators and moving walkways refer to a moving staircase that carries people between floors of a building.This helps to carry passengers and freight up and down.
These are commonly used in locations for public transport as well as malls. Moving walkways are mostly used in airports where they help travelers with luggage travel a great distance between several sub-terminals in the airport. It used as solutions for the uninterrupted flow of people throughout buildings
North America was the largest region in the escalators and moving walkway market in 2022. The regions covered in the escalators and moving walkways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in escalators and moving walkways are escalators and moving walkways.Escalators refer to mechanical devices that move people up and down between floors of a structure.
They often have the shape of a moving staircase, consisting of a chain of single-piece stainless steel or aluminum steps that are moved by a network of tracks in an endless loop.Escalators are commonly utilized in structures where the movement of a large number of people is necessary, such as malls, airports, public transportation systems, exposition halls, hotels, arenas, and so on.
The various applications include public transit, airports, retail, institutional, and others.
The flourishing commercial real estate market worldwide will propel the growth of the escalators and moving walkways market going forward.Commercial real estate refers to the construction of commercial activities, including companies and large residential properties.
Escalators and moving walkways are used in commercial buildings to carry people and goods from one floor to the other. For instance, according to CBRE Group, Inc., a US-based commercial real estate services and investment company, in 2021, a record amount of USD 1.3 trillion was invested in commercial real estate globally, an increase of 55% from 2020. Also in America, the annual investment volume increased by 83% to over USD 775 billion in 2021. Therefore, flourishing commercial real estate worldwide with increasing investments in commercial real estate is driving the growth of the escalator and moving walkway markets.
New product innovation is the key trend that is gaining popularity in the escalators and moving walkways market.Major companies operating in the escalators and moving walkways sector are focused on introducing new products to sustain their position in the market.
For instance, in May 2021, KONE Corporation, a Finland-based international engineering, and service company, launched a new elevator model, KONE DX class elevators, that work on a unique digital platform and secure APIs to connect elevators with smartphones, which makes users more convenient.This DX class elevator offers future-ready inbuilt digital solutions that help to take care of various digital solutions and service needs of the elevator throughout its entire life cycle.
That helps to enhance the value of the building. Also, this had an extra feature of DX, music, which is a part of the elevator ride to set just the right mood.
In April 2022, Hitachi, a Japan-based manufacturer of heavy electronic goods, acquired Yungtay Engineering Co. for a deal amount of $ 7.6 billion. Through the acquisition, Hitachi implemented digital technologies such as IoT, which would help it in developing new elevator products. Also, this acquisition helps Hitachi to strengthen its elevator and escalator business base in China and Asia. Yungtay Engineering Co. is a Taiwan-based company involved in the production, distribution, and maintenance of elevators and escalators.
The countries covered in the escalators and moving walkways market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The escalators and moving walkways market research report is one of a series of new reports that provides escalators and moving walkways market statistics, including escalators and moving walkways industry global market size, regional shares, competitors with an escalators and moving walkways market share, detailed escalators and moving walkways market segments, market trends and opportunities, and any further data you may need to thrive in the escalators and moving walkways industry. This escalators and moving walkways market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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