February 06, 2023 16:24 ET | Source: Contrive Datum Insights Pvt Ltd Contrive Datum Insights Pvt Ltd

Farmington, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The Global Elevator and Escalator Market Was Valued At USD 79.70 Billion in 2021. The Market Is Projected To Grow From USD 83.86 Billion In 2022 To USD 132.08 Billion By 2029, Exhibiting A CAGR Of 6.7% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. Compared to what it was before the pandemic, demand is lower than expected in all areas. Our research shows that the world market was 3.5% smaller in 2020 than it was in 2019.

In the research report, we looked at elevators, escalators, and other ways to move between floors, such as moving walkways, that are used in commercial, residential, and industrial buildings.

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Escalators are expected to grow faster than any other part of the market. This is because there is a lot of demand from places like shopping malls, business parks, and other commercial buildings. The growth of aerospace infrastructure is another reason why more and more people need escalators and moving walkways. For example, the U.K.'s Stansted Airport is getting a makeover that will cost USD 775 million and should be finished by 2021. Also, there are a lot of elevators on the market, which is likely to make the demand for elevators grow steadily.

Malls, shopping centres, and co-working spaces have a lot of elevators and escalators. The move toward eco-efficiency, flexible design, and safety drives the commercial segment. Over the past few years, there has also been an increase in the number of people who work for themselves, which has led to a need for more co-working spaces. So, the market is likely to grow even more if investments in office space change.

Also, the market is likely to grow because more people will be building homes. According to the World Resources Institute, China will have spent more than USD 13 trillion on building by 2030. The industrial sector helps the market grow because more and more industries need freight transport.

The new equipment segment has been a big part of the market's revenue growth, and it is expected to continue to be the most important over the next few years. This is happening because more people are moving to cities, the population is changing, and more people are building things. In 2018, KONE received more than 166,000 new elevators and escalators. Also, it is expected that the costs of keeping the equipment in place in good shape and keeping it up to date will grow a lot over time. Manufacturers are putting their attention on services that make their products more valuable. For example, KONE has made customers' lives better by offering services that use new technologies. Through the IBM Watson Internet of Things (IoT) platform, KONE began providing elevator maintenance services in 2017. These services, which are called KONE care 24/7 connected services, can be changed to meet each customer's needs.

Asia-Pacific is expected to have more of the market than any other region. This is because in recent years, demand from key economies and developing areas like India and Southeast Asia has gone up sharply. Regional analysis shows that China has made a big difference in the growth of market revenue and has a big share of the elevator and escalator market.

As more and more smart cities are built in India, its CAGR will be very high.

India is expected to have the fastest market growth over the next few years. Because of how quickly the country is growing and how many skyscrapers are being built, it is the third largest market in the Asia-Pacific area. People in the Indian market have started working to set up a strong and effective supply chain. They are trying to set up a strong network of distributors and retailers in many states so they can reach customers directly and know exactly what their needs are in the whole region.

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Companies that have been around for a while are putting a lot of effort into making sustainable products to attract customers who care about the environment. Green elevators have LED lights, materials that can be recycled, and paints that wash off in water. Also, market vendors are working harder to find alternatives to rope and pulley systems, like magnetic motors, which are becoming more popular with customers. Also, manufacturers are putting money into these green products because they are getting more and more popular. In 2018, Singapore gave high marks to three KONE products: the TransitMaster 140 escalator, the KONE S MonoSpace elevator, and the KONE 3000 TranSys elevator.

Because developing economies are spending more money on infrastructure, the market is likely to grow. The UNCTAD Trade and Development report also looks at infrastructure projects in more than 40 developing countries. So, the efforts of different emerging nations to improve their economies are likely to lead to the building of bridges, dams, and urban infrastructure like highways, schools, ports, and airports. This is likely to push the market forward. India, for example, wants to spend $1.4 trillion over the next five years on infrastructure.

Accidents on elevators and escalators are becoming a bigger worry, which is likely to have an effect on the market. The U.S. Bureau of Labor Statistics and the Consumer Product Safety Commission say that every year in the U.S., accidents on elevators and escalators kill more than 30 people and seriously hurt about 17,000 people. About 90% of people who die and 60% of people who get seriously hurt do so in elevators. Workers also often get stuck between moving parts of elevators and escalators while they are being fixed or maintained. Accidents are likely to happen less when fixing and maintaining things if there are more safety and security measures at work and people are better trained. Also, the efforts of manufacturers to make their products better and safer are likely to bring more money into the market.

Top Market Players: Toshiba Corporation (Japan), 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), and others.

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