The Global Market for Elevators and Escalators is Projected to Exceed 1.2 Million Units in New Installations by 2024

Growing Prominence of Smart Elevators in Evolving Smart Cities Drives the Global Elevators and Escalators Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Elevators and Escalators market. The global market for Elevators and Escalators is projected to exceed 1.2 million units in new installations by 2024, driven by growing number of super tall skyscrapers worldwide and technology innovations and advancements aimed at making vertical transportation more intelligent, faster, safer and comfortable.

Elevators and escalators are now an integral part of the everyday lives of people across the world. Since the first Otis elevator lifted the shoppers from a New York City department store’s ground floor in 1857, elevator technology has come a long way. Newer challenges are helping newer technologies to be developed aimed at improving transportation efficiency and capacity while reducing elevator footprint and energy savings in buildings. Newer elevator technologies, which represent the primary factor driving modernization and replacement of aging elevators and escalators across the world, enable smoother ride of passengers, improved safety and logistics, consumes lesser energy, uses brakes that harness heat, adjusts air pressures to prevent ear blocks and mitigate excess vibration. Another important growth driver is the rapid urbanization globally that led to a remarkable evolution of skyscrapers in various cities offering higher levels of comfort, control, reliability, safety, security, and energy conservation. Additionally, new elevator installations are supported by recovering construction activity, demographic changes, and increasing safety concerns.

Healthy growth is projected for the market in the coming years driven by the emergence of smart cities with mid- to high-rise buildings and the resulting demand for smart intelligent elevators that are equipped with smart access control, advanced and sophisticated security systems, and superior elevator hardware and software technologies. Steady launch of innovative and advanced elevators and escalators that include but are not limited to elevators without ropes, solar-powered elevators, high-speed elevators, elevators with sideways or diagonal movements, and docking elevators, among others, are also poised to benefit market adoption in the coming years. Other important factors driving future growth in the market include rising prominence of energy efficient building solutions, increasing number of super tall buildings worldwide, rising investments in infrastructure projects worldwide, and growing prominence of ‘green infrastructure’. Integration of vertical transportation with the Internet, transition of elevators to the IoT (Internet of Things) platform, and incorporation of artificial intelligence are novel trends in the elevator business, where elevator and escalator components are connected to the cloud enabling companies offering maintenance service to be able to easily assess the need for replacement of components and provide more interactive, data-driven and efficient maintenance services to their customers.

As stated by the new market research report on Elevators and Escalators, Asia-Pacific represents the largest and the fastest growing market worldwide registering a CAGR of 5.6% over the analysis period. China and India currently represent two of the most important E&E markets worldwide with growing number of residential apartments to accommodate the rising middle class that demand better provisioned housing. China alones account for more than 50% of the global upcoming high-rise building projects. Middle East represents another important market with large number of new E&E installations expected in the region’s affluent urban locations. A large chunk of revenues from maintenance, modernization, and repairs are expected to stem from Japan, Europe, and the US, which flaunts the largest installed base of elevators worldwide.

Major players in the market include Canny Elevator Co., Ltd., Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevators Co., Ltd., Kleemann Hellas S.A., KONE Oyj, Mitsubishi Electric Corporation, Otis Elevator Company, Savaria Corporation, Schindler Group, SJEC Corporation, ThyssenKrupp Elevator AG, and Toshiba Elevator and Building Systems Corporation, among several others.

The research report titled “Elevators and Escalators: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Product segments analyzed include Elevators and Escalators.

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