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The elevator and escalator market size is forecast to increase by USD 90.1 billion at a CAGR of 10.8% between 2024 and 2029.
The elevator and escalator industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
The elevators segment is estimated to witness significant growth during the forecast period.
The elevator market encompasses various segments, including new installations, maintenance, and modernization. In low-rise buildings below 35 meters, hydraulic elevators are popular due to their cost-effectiveness for maintenance. Mid-size buildings, with heights ranging from 35 to 100 meters, utilize both MRL and traction elevator technologies. Traction elevators are favored for their superior performance, while MRL elevators excel in tight spaces. Gearless traction elevators are the preferred choice for high-rise buildings exceeding 100 meters, offering faster speeds. These structures, often skyscrapers, frequently incorporate destination dispatch technologies. Elevator modernization involves upgrading control systems, safety features, and energy efficiency.
Predictive maintenance, warranty programs, and safety inspections are essential components of maintenance contracts. Commercial buildings, including retail stores and office spaces, prioritize elevator systems for customer service and accessibility. Smart building technology integration, such as IoT and cloud-based platforms, enhances performance monitoring and sustainability initiatives. Building regulations and green building standards guide the industry's evolution, emphasizing safety and energy efficiency. Elevator repair services ensure the timely resolution of issues, while installation services enable the integration of new systems. Spare parts and system upgrades maintain functionality and extend the life cycle of elevator systems. Safety inspections, technical support, and emergency response services ensure uninterrupted vertical transportation.
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The Elevators segment was valued at USD 91.30 billion in 2019 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 75% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In the Asia Pacific region, governments of China, India, Japan, Singapore, and Malaysia are investing significantly in urban infrastructure projects, with a focus on the development of smart cities due to population growth. Urbanization in these countries is expected to accelerate during the forecast period, leading to increased demand for efficient power systems, transport facilities, and infrastructure. The region's urban population percentage is on the rise, and the major economies in the region, along with increasing disposable incomes, are anticipated to fuel construction activities. This trend is expected to positively impact the growth of the market in the region.
Elevator and escalator systems are integral components of modern infrastructure, particularly in commercial buildings and high-rise structures. These systems provide vertical transportation, ensuring customer convenience and safety. Elevator modernization, including the integration of smart building technology, predictive maintenance, and performance monitoring, is gaining traction to enhance energy efficiency and safety features. Moreover, the adoption of cloud-based platforms and IoT integration is transforming the market. These advancements enable remote monitoring, predictive maintenance, and real-time data analysis, improving overall system performance and reducing downtime. Elevator systems are also essential in transit systems, ensuring seamless passenger movement and reducing travel time.
Safety inspections, warranty programs, and emergency response systems are crucial components of these systems, ensuring the safety and security of passengers. Building regulations and green building standards, such as LEED certification, are driving the demand for energy-efficient and sustainable elevator and escalator systems. Replacement parts, system upgrades, and cab interiors are essential components of the market, ensuring the longevity and optimal performance of these systems. In conclusion, the market in the Asia Pacific region is expected to experience significant growth due to urbanization, increasing disposable incomes, and government investments in infrastructure projects. The integration of smart building technology, predictive maintenance, and energy efficiency initiatives are key trends driving the market's growth.
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The elevator and escalator market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the elevator and escalator market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, elevator and escalator market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Braun Elevator - The company specializes in the design, manufacturing, and installation of a diverse range of vertical transportation systems. These include passenger, goods, and car elevators, as well as escalators. Our offerings prioritize efficiency, safety, and sustainability, ensuring seamless mobility solutions for various industries and applications.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses various aspects of vertical transportation systems, including project management, repair services, and modernization projects. Traction machines are a crucial component of these systems, ensuring smooth and efficient movement. Elevator modernization continues to gain momentum as buildings strive for energy efficiency and sustainability, with regenerative braking and smart building technology playing significant roles. In the realm of residential buildings, modernization projects often include the replacement of parts and the implementation of LEED certification. Freight elevators are essential for commercial buildings, with performance monitoring and predictive maintenance ensuring optimal functionality. Moving walkways complement vertical transportation systems, enhancing customer experience and accessibility.
Customer service is a vital consideration in the market, with service contracts, safety inspections, and warranty programs ensuring client satisfaction. Commercial buildings, high-rise structures, and retail stores all benefit from these services, as vertical transportation systems are integral to their daily operations. Safety features and emergency response systems are essential components of elevator and escalator systems, adhering to building regulations and green building standards. Technical support and technical expertise are necessary for system upgrades and the integration of control systems, IoT, and cloud-based platforms. Escalator modernization is another growing trend, focusing on enhancing the user experience and incorporating sustainability initiatives.
Transit systems and transit authorities also rely on these systems for efficient and reliable transportation, making safety and performance paramount. Sustainability is a key driver in the market, with energy efficiency and spare parts playing significant roles. System upgrades and warranty programs help maintain the longevity and efficiency of these systems, while safety inspections ensure the safety of users. In the context of vertical transportation, traction machines, replacement parts, and service contracts are essential components. Traction machines provide the power to move elevators and escalators, while replacement parts ensure the longevity of these systems. Service contracts offer peace of mind for building owners and managers, providing regular maintenance and emergency response services.
The market is a dynamic and evolving industry, with a focus on innovation and efficiency. The integration of IoT, cloud-based platforms, and predictive maintenance technologies is transforming the industry, providing new opportunities for growth and improvement. In conclusion, the market is a diverse and complex industry, encompassing various aspects of vertical transportation systems. From traction machines and repair services to modernization projects and customer service, this market plays a crucial role in the daily operations of commercial, residential, and transit buildings. The integration of smart technologies and sustainability initiatives is driving innovation and growth in this industry, ensuring its continued relevance and importance in the built environment.
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Market Scope |
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Report Coverage |
Details |
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Page number |
200 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.8% |
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Market growth 2025-2029 |
USD 90.1 billion |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
9.5 |
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Key countries |
China, Japan, India, South Korea, Australia, France, Germany, UK, Canada, and US |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Product
9 Market Segmentation by Application
10 Market Segmentation by Technology
11 Market Segmentation by Service
12 Customer Landscape
13 Geographic Landscape
14 Drivers, Challenges, and Opportunity/Restraints
15 Competitive Landscape
16 Competitive Analysis
17 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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