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The increase in infrastructure investment are expected to drive innovation in elevator and escalator manufacturing, thus driving the market during the forecast period.

The global elevator and escalator market is expected to grow from $101.78 billion in 2022 to $111.04 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The elevator and escalator market size is expected to grow to $146.67 billion in 2027 at a CAGR of 7.2%.

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Global Elevator And Escalator Market Segments Include:

• By Product:Elevators, Escalators, Moving Walkway
• By Business:New Equipment, Maintenance, Modernization
• By Elevator Technology:Traction Elevator, Machine Room Less Traction Elevator, Hydraulic
• By End User:Residential, Commercial, Institutional, Infrastructure, Other End Users
• By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global elevator and escalator market in 2021.

Major Market Players in the elevator and escalator market include Kone Corporation, Hitachi Ltd., Schindler Holding Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation., Yuanda China Hldgs.

Product innovations are a key trend gaining popularity in the elevator and escalator market. Major companies operating in the elevator and escalator sector are focused on developing ground-breaking digitally connected technology to sustain their position in the market. For instance, in March 2021, KONE Elevator, an Indian elevator manufacturing company, launched digitally connected KONE DX class elevators, which redefined the elevator experience. KONE DX Class helps customers use additional software and services for elevators throughout the entire lifetime of a building. The use of open application programming interfaces (APIs) makes the elevator easy to manage and integrate different devices, apps, and services with new and existing systems.

The Elevator And Escalator Global Market Report 2023  provides a elevator and escalator market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The elevator and escalator market forecast analyzes elevator and escalator market size, elevator and escalator market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Elevator refers to a room-type machine that can accommodate some people at one time depending on its capacity of it. Escalators are moving stairs that carry people between different building levels. Elevators and escalators are mostly used in buildings to carry both passengers and freight up and down across various levels of a building.

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