US - Elevator and Escalator Market by Product, Service and Application - Forecast and Analysis 2024-2028

US - Elevator and Escalator Market 2024-2028

The US - Elevator and Escalator Market size is forecast to increase by USD 2.82 billion, at a CAGR of 6.36% between 2023 and 2028. The growth rate of the market depends on several factors such as increasing demand for elevators and escalators due to changing demographics, demand for modernization and maintenance of elevators and escalators, and increasing adoption of smart homes Our report examines historical data from 2018-2022, besides analyzing the current and forecasts market scenario.

In the dynamic landscape of the market players like AVT Beckett distinguish themselves by providing a range of offerings including Low MRL elevators, Mid MRL elevators, and Mid-rise elevators, while companies such as Colley Elevator Co. contribute with their expertise in Conventional hydraulic elevator, Holeless hydraulic elevators, and Roped hydraulic elevators, collectively shaping the diverse and competitive market.

Market Forecasting and Size

Market  Forecast 2024-2028

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Market Dynamic

Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Driver - Increasing adoption of smart homes

The increasing adoption of digitization and awareness of global warming in the US has led to the rise of green and eco-efficient homes, termed smart homes. This has led to the development of efficient designs, such as pneumatic elevators, which require less space and maintenance. Pneumatic elevators work on the principle of air pressure by creating high-pressure and low-pressure environments where they can control descent or ascent. At present, the US smart home market has just passed the early adoption stage and is experiencing a slowdown in mass adoption due to various issues, such as high prices and high fragmentation of the US - elevator and escalator market

However, the devices are becoming more prevalent in US homes due to digitalization. Following this dramatic shift, many homeowners are predicted to install smart elevators or stairlifts to improve accessibility. In addition, the installation of an elevator inside a home elevates the house into a luxury home and improves its sale price considerably. Hence, residential builders are trying to appeal to customers by including elevators such as pneumatic lifts. Thus, the increasing adoption of smart homes will spur the growth of the market during the forecast period.

Trends - Elevators as architectural ornaments

In today's buildings, elevators are not just a way of moving people and equipment between floors but are aesthetically designed to meet the expectations of customers. Hotels and malls are increasingly improving aesthetics and enhanced functionalities in elevators to impress customers. For instance, Otis Elevator has installed an Inclined Elevator at The Luxor Hotel and Casino, Las Vegas, to match the building's pyramid shape.

Similarly, Italian fashion major Prada installed the largest glass elevator, featuring silver seats that let visitors enjoy the display cases of shoes and other A-rundown items while descending or ascending in the elevator. Key vendors such as Thyssenkrupp Elevator offer interior car solutions to improve the aesthetics of the elevator. Thus, the growing trend of elevators as architectural ornaments will drive market growth during the forecast period.

Challenge - Increasing cost of complying with building codes for elevators and escalators

The Department of Buildings (DOB), Occupational Safety and Health Administration (OSHA), and other administrative bodies have been boosting efforts to keep elevators and escalators compliant with regulations to keep users safe. In the past, there have been noteworthy code and rule changes that have had substantial financial impact on building owners, facility managers, and elevator service organizations. A recent example is the Los Angeles City Fire Code 2020, which mandates that all elevators installed in buildings have an alternative floor recall feature with an approved smoke detector in the designated main floor elevator lobby.

Moreover, activation of this smoke detector would recall the elevator to an alternate floor designated by the Chief in case of a fire in a building. This addition has required most building owners to upgrade not only the elevator system but also optimize their firefighting systems. Thus, the increasing cost of compliance for elevators and escalators will hinder the growth of the market during the forecast period.

Market Segmentation by Product, Service, and Application

Product Segment Analysis: 

The market share growth by the elevators segment will be significant during the forecast period. The elevators segment has its revenue generation from new installations (unit and service), maintenance, and the modernization of elevators. Low-rise buildings whose compositional structure is below 35 meters primarily use hydraulic technology, as it is cheaper to maintain than other modern technologies. Both MRL and traction elevator technologies are prevalent in mid-rise buildings with a height of 35-100 meters. 

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The elevators segment was the largest and was valued at USD 5.90 billion in 2018. Traction elevators are used in buildings with a height of 35-100 meters. Both MRL and traction elevator technologies are prevalent in mid-size elevators. The mid-rise elevator market is anticipated to grow rapidly compared with the low-rise US - elevator and escalator market. The increasing demand for multifamily buildings is likely to drive the growth of traction elevators. The increasing costs of material, land, and labor have pushed developers to maximize the number of floors to increase density. In addition, retailers are pushing developers to create multi-use buildings due to rapid urbanization and high demand. The gearless traction elevator is the only solution in high-rise buildings, as it has fast speeds. The elevators segment is anticipated to be the fastest-growing segment in the market during the forecast period.

Service Segment Analysis: 

Based on the service, the market has been segmented into new installations, maintenance and modernization. The new installations segment will account for the largest share of this segment.? Each new installation is classified into projects, as the system must be modified to meet the requirements of the building. For new installations, the development and the profitability of the lift and escalator market largely depend on the construction industry, which is known to depend strongly on general economic growth. The growing demand for multifamily rental buildings is mostly concentrated in mid-rise buildings, as the increasing costs of material, land, and labor have pushed developers to maximize the number of floors to increase density. In addition, retailers are pushing developers to create multi-use buildings due to rapid urbanization and high demand. Smart elevators are leading the new installation market, which is driven by the trend of smart buildings. The increasing use of smart elevators is adding value gains to the market, as they are more expensive than conventional elevators and escalators. Thus, the increased demand for the escalator will drive the growth of the new installations segment of the market during the forecast period. 

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Delta Electronics Inc., - The company offers elevators and escalators such as Compact EB3000 elevator that can also connect to mobile devices via Bluetooth for wireless control.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including AVT Beckett, Colley Elevator Co., Delfar Elevator Co Ltd, Delta Electronics Inc., Doppelmayr Seilbahnen GmbH, Fuji Electric Co. Ltd., Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., K. A. Schmersal Holding GmbH and Co. KG, KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Prysmian Spa, Savaria Corp., Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp., Weidmuller Interface GmbH and Co. KG, and WITTUR HOLDING GmbH 

Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Market Analyst Overview

The market is a multifaceted industry catering to diverse sectors such as the residential industry, commercial industry, and infrastructure industry. While these verticals contribute to the market's robustness, challenges like accidents and maintenance issues underscore the importance of addressing safety concerns. The introduction of innovative technologies by manufacturers, encompassing advanced hardware and software systems, has been pivotal in enhancing elevator traffic flow and ensuring the safety of different types of elevators, including passenger elevators, freight elevators, hospital elevators, and observation elevators. With the emphasis on vertical transport in the context of burgeoning high-rise structures, initiatives like 'Housing for all' and the development of smart cities drive the industry towards meeting the evolving needs of the commercial sector, including offices, retail establishments, airports, and leisure parks.

In addition, as the market navigates the intricate landscape of compliance with standards and regulations set by government bodies such as the American Society of Mechanical Engineers (ASME), the Elevator and Escalator Safety Trust, and the Elevator Escalator Safety Foundation, the focus on energy efficiency remains paramount in shaping the future trajectory of the elevator and escalator industry in the United States.

Segment Overview

The market analysis and report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

•  Product Outlook
  • Elevators
  • Escalators

• Service Outlook 
  • New installations
  • Maintenance
  • Modernization

• Application Outlook
  • Commercial
  • Residential
  • Industrial

US - Elevator and Escalator Market Scope
Report Coverage	Details
Page number	155
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 6.36%
Market Growth 2024-2028	USD 2.82 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.44
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	AVT Beckett, Colley Elevator Co., Delfar Elevator Co Ltd, Delta Electronics Inc., Doppelmayr Seilbahnen GmbH, Fuji Electric Co. Ltd., Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., K. A. Schmersal Holding GmbH and Co. KG, KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Prysmian Spa, Savaria Corp., Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp., Weidmuller Interface GmbH and Co. KG, and WITTUR HOLDING GmbH
Market dynamics	Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this US Elevator And Escalator Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across US
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market  companies

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