With the emergence and long-term Impact of COVID-19, Global Elevator and Escalator Market to reach USD 142.52 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Elevator and Escalator Market points towards a potential rise to USD 142.52 Billion by 2030. Elevators and escalators are two common types of vertical transportation systems used in buildings and public spaces. The key factors driving the market growth is rising investment in infrastructure development, growing need for reducing energy consumption in buildings, growing urbanization and high-rise construction, and growing aging population and accessibility needs is anticipated to support the market growth during forecast period. Moreover, the market is anticipated to be driven by the growth of smart cities.
For instance, according to the Policy Forum, China spent over USD 30.4 billion on smart cities in 2018 and is expected to spend more than USD 59.9 billion by 2023. Furthermore, the industry is rising as a result of the increased need for high-speed lifts caused by skyscraper construction. For example, in Malaysia, the Merdeka PNB 118 skyscraper is 644 meters tall. It is anticipated that this skyscraper will be Southeast Asia’s tallest skyscraper. Additionally, the rising development of innovative technologies and rising demand for smart elevators is anticipated to create the lucrative opportunity for the market during forecast period. However, the compliance with standards and regulations stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Elevator and Escalator market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the growing investment in infrastructure development, growth of commercial constructions, and rising development of innovative technologies in the region. Whereas, the Asia Pacific is anticipated to grow with the highest CAGR during the forecast period, owing to factors such as the supportive government initiatives for smart cities projects, Surging adoption of smart technologies, and growing investment in construction industry.
The global Elevator and Escalator market is highly competitive owing to the presence of several key players such as Thyssenkrupp AG (Cinven, Advent and RAG Foundation) (Germany) United Technologies (U.S.) Schindler (Switzerland) Kone Corporation (Finland) Hitachi, Ltd. (Japan) Hyundaielevator Co., Ltd. (South Korea) Mitsubishi Electric Corporation (Japan) Johnson Elevator Co., Ltd. (China) Fujitec Co., Ltd (Japan) Toshiba Corporation (Japan), and others.
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Key findings of the study suggest:
- Global Elevator and Escalator Market is anticipated to grow with a healthy growth rate of more than 7.0% over the forecast period 2023-2030.
- In the Product segment, Elevators emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the growing investment in infrastructure development, growth of commercial constructions, and rising development of innovative technologies in the region.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Product:
- Elevators
- Escalators
- Moving Walkway
By Business:
- New Equipment
- Maintenance
- Modernization
By Application:
- Residential
- Commercial
- Industrial
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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