The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

In recent years, the escalators and moving walkways market has experienced robust growth, with a promising trajectory expected in the coming years. The market size is set to increase from $17.58 billion in 2023 to $18.58 billion in 2024, showcasing a compound annual growth rate (CAGR) of 5.7%. Looking forward, the forecast period from 2024 to 2028 anticipates sustained growth, reaching $23.41 billion at a slightly increased CAGR of 5.9%. This surge is fueled by various factors, including urbanization, population density, commercial and public infrastructure projects, and a focus on safety and accessibility standards.

Commercial Real Estate Boom Drives Market Growth

1. Global Commercial Real Estate Investments: The flourishing commercial real estate market globally is a significant catalyst for the escalators and moving walkways market. Commercial real estate activities, including large residential properties, are driving the demand for vertical transportation solutions.
2. Record Investments in 2021: In 2021, a record $1.3 trillion was invested in commercial real estate globally, marking a remarkable 55% increase from 2020. The Americas alone experienced an 83% surge, with an investment volume surpassing $775 billion.
3. Role of Escalators and Moving Walkways: These vertical transportation solutions play a crucial role in commercial buildings, enhancing the mobility of people and goods between floors.

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Product Innovations Reshape the Market

1. Key Trend: New Product Innovations: The escalators and moving walkways market are witnessing a surge in new product innovations. Major players are focused on introducing cutting-edge solutions to maintain a competitive edge in the market.
2. KONE DX Class Elevators: In May 2021, KONE Corporation launched the KONE DX class elevators, a groundbreaking model that integrates a unique digital platform and secure APIs. This innovation connects elevators with smartphones, offering enhanced user convenience and future-ready digital solutions throughout the elevator’s lifecycle.

Strategic Acquisitions Drive Digital Innovation

1. Hitachi’s Acquisition of Yungtay Engineering Co.: In April 2022, Hitachi, a leading Japanese manufacturer of heavy electronic goods, acquired Yungtay Engineering Co. for $7.6 billion. This strategic move aims to strengthen Hitachi’s elevator and escalator business in China and Asia while incorporating digital technologies such as IoT to develop new elevator products.
2. Digital Technologies for Elevator Business: The acquisition enables Hitachi to leverage digital technologies, including IoT, to enhance its elevator and escalator product offerings and innovation capabilities.

Market Segmentation and Growth Forecast

1. Product Segmentation: The market is segmented into escalators and moving walkways, catering to various applications and industry needs.
2. Application Segmentation: Applications span across public transit, airports, retail spaces, institutional buildings, and other diverse applications.
3. Regional Dominance: North America emerged as the largest region in the escalators and moving walkway market in 2023.

Future Trends and Innovation

1. Integration of IoT and Smart Connectivity: The forecast period anticipates a strong trend towards integrating IoT and smart connectivity into escalators and moving walkways.
2. Energy-Efficient and Regenerative Drive Systems: Increasing focus on sustainability is driving innovations in energy-efficient and regenerative drive systems for vertical transportation.
3. Advanced Materials for Enhanced Durability: Innovations in materials contribute to improved durability, ensuring longevity and reliability of escalators and moving walkways.

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The Escalators and Moving Walkways Global Market Report 2024 provides an overviewof the escalators and moving walkways market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The escalators and moving walkways market forecast analyzesescalators and moving walkwaysmarket size, escalators and moving walkways market share,leading competitor and their market positions.

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