New Technology Advancement in Elevators & Escalators Market Industry?

The global elevators and escalators market size is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026. The elevators & escalators market has been growing in accordance with the construction industry. Factors, such as rapid urbanization, the growing number of high-rise buildings, changing demographics, adoption of energy-efficient products, and continuous development of innovative technologies are driving the demand for elevators & escalators.

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A few of the major players are, KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (Republic of Korea/ South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel) among others. These players have adopted various growth strategies, such as mergers & acquisitions, and expansions, to increase their market shares and enhance their product portfolios.    

Otis Elevator is one of the world’s leading elevator and escalator manufacturing, installation, and service company. The company is organized into two segments, New Equipment and Service. Through the New Equipment segment, the company design, manufacture, sell and install a wide range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings and infrastructure projects. The customers include real-estate and building developers and general contractors who develop and/or design buildings for residential, commercial, retail, or mixed-use activity. Europe, the Middle East and & Africa (EMEA), and the Americas account for the largest share of service sales. New equipment sales are higher in the rapidly urbanizing markets of Asia. Its major manufacturing units are in the Americas, Europe, the Middle East & Africa, and Asia Pacific, and its engineering test facilities are in the US, Austria, Brazil, China, the Czech Republic, France, Germany, India, Italy, Japan, Korea, and Spain. It caters to over 200 countries with its diverse products and solutions.

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ThyssenKrupp AG engages in the production of steel. It operates through the following segments: components technology, elevator technology, industrial solutions, materials services, and steel Europe. The components technology segment offers components for the automotive, construction, and engineering sectors as well as for wind turbines. The elevator technology segment constructs and modernizes elevators, escalators, moving walks, stair and platform lifts, and passenger boarding bridges and installation. The industrial solutions segment is an international supplier in special and large-scale plant construction as well as naval shipbuilding. The materials services segment distributes materials and provides complex technical services for the production and manufacturing sectors. The steel Europe segment is involved in flat carbon steel activities such as materials solutions and finished parts. The company covers 890 locations in 56 countries.

An elevator or a lift is a technology used for vertical transportation. Elevators help move people or goods between floors of a building, vessels, or other structures. The equipment is usually powered by electric motors that either drive traction cables or counterweight systems, such as a hoist or pump hydraulic fluid to raise a cylindrical piston, for instance, a jack.

An escalator, on the other hand, is a method of vertical transportation that involves a moving staircase. It works on the principle of a conveyor transport device for carrying people between floors of a building. In this technology, the device consists of a motor-driven chain of individually-linked steps that move up or down on tracks, allowing the step treads to remain horizontal.

MarketsandMarkets expects the global elevators and escalators market size is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026.

The elevators and escalators market is classified on the basis of type into elevator, escalator, and moving walkways. The elevators segment has been further classified into its subtypes into passenger elevator, freight elevator, and others. Elevators can be described as any platform, either open or enclosed, which is useful to lift people or freight to different floors within a building. There are several controls in an elevator, including alarm buttons and an emergency telephone. These functions are usually contained behind panels in the front of the car, next to the doors. There are several safety standards that are required to be met by elevator manufacturers. The market for elevators is dominated by players, such as KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (Republic of Korea/South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel). The elevators segment held the largest share and is projected to grow at the highest CAGR due to the development of new residential and commercial projects worldwide.  

Residential is projected to be the largest end-use industry segment in the elevators and escalators market during the forecast period. The global residential market is being driven by the growing sophistication of living standards in emerging economies. Emerging economies, such as India, China, and Southeast Africa, are witnessing unprecedented growth in urbanization as the population in these countries is migrating to cities for employment. Consequently, the construction of high-rise buildings—that almost invariably are equipped with smart elevators—has become rather necessary to accommodate a sizeable population in cities. The growth of the real estate industry in developing countries is also a key metric for the growth of the segment. Also, people are looking for better security systems and energy-efficient buildings. The trend of building automation is also likely to favor the market growth during the forecast period.

The elevators and escalators market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The APAC region accounted for the largest market share in 2020, in terms of value. Furthermore, the market for elevators and escalators in the APAC region is projected to grow at the highest CAGR from 2021 to 2026, in terms of value.

In 2020, the elevators and escalators market declined amid the COVID-19 pandemic, with a marginal decline in its CAGR. The market was affected, mainly by the supply chain disruptions, and hampered trade movements in 2020. In the first quarter of 2021, the market for elevators and escalators witnessed an increase in demand worldwide, compared to the same period in 2020.