Elevators & Escalators Market Project Report: Manufacturing Process, Raw Materials Requirements, Business Plan, Associated Costs
The elevators & escalators market is estimated to be USD 152.1 billion in 2023 and is projected to reach USD 207.4 billion by 2028, at a CAGR of 6.4% between 2023 and 2028.
(EMAILWIRE.COM, July 31, 2024 ) The report "Elevators & Escalators Market by Type (Elevators, Escalators, Moving walkways), Service (New installation, Maintenance & Repair), Elevator Technology (Traction, Machine- Room-Less, & Hydraulic), & End-use Industry and Region - Global Forecast to 2028" The elevators & escalators market is estimated to be USD 152.1 billion in 2023 and is projected to reach USD 207.4 billion by 2028, at a CAGR of 6.4% during the forecast period.
Browse in-depth TOC on "Elevators and Escalators Market”
351 - Market Data Tables
50 - Figures
294 – Pages
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=221792102
Elevator type segment is estimated to lead the elevators and escalators market during the forecast period.
The elevators type segment is anticipated to lead the elevators and escalators market's growth. This dominance is attributed to various factors such as the increasing construction of high-rise buildings, urbanization, and a growing emphasis on energy-efficient and innovative elevator technologies. The demand for diverse types of elevators, including hydraulic, traction, and machine-room-less traction elevators, contributes to the segment's leading position. As urban landscapes evolve and infrastructural development intensifies, elevators become integral for vertical mobility, and their versatile applications in residential, commercial, institutional, and infrastructural sectors drive the overall market growth.
Machine-room-less traction elevator technology is the major elevator technology in the global elevators and escalators market.
Machine-room-less traction elevator technology is the largest elevator technology segment of the elevators and escalators market. The machine-room-less traction elevator technology segment is expected to grow at the highest CAGR from 2023 to 2028. This segment is set to lead the elevators and escalators market, driven by its space-efficient design, eliminating the need for a separate machine room. Machine-room-less traction elevators offer optimal space utilization, enhanced architectural flexibility, and are known for energy efficiency and modern safety standards, aligning with the demand for contemporary building designs.
Residential is projected to lead the Elevators and Escalators market.
The Residential sector is set to lead the Elevators and Escalators market due to increased demand driven by factors such as urbanization, high-rise residential constructions, changing demographics, and the preference for modern amenities in smart homes. Elevators play a crucial role in enhancing accessibility and convenience in residential complexes, particularly in the growing trend of vertical urban living. The desire for advanced living spaces, coupled with the need for efficient vertical transportation solutions, positions the Residential end-use industry as a key driver for market growth.
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Asia Pacific is expected to witness the fastest growth in the Elevators and Escalators market during the forecast period.
The Elevators and Escalators market in the Asia Pacific region is expected to experience significant growth, with the highest Compound Annual Growth Rate (CAGR) projected between 2023 and 2028. Key economies like China, India, and Japan are major contributors to this growth, driving a substantial share of the market throughout the forecast period. The Asia Pacific market emerges as a lucrative sector for elevators and escalators, benefitting from robust industrial development and overall economic improvement. China, in particular, plays a pivotal role with numerous manufacturing plants, highlighting its influence on market dynamics. The rapid industrialization across the broader Asia Pacific region creates a favorable environment for the expansion of the Elevators and Escalators market, indicating sustained growth in the industry.
Elevators and Escalators Market Key Players
Major companies such as Schindler Group (Switzerland), Otis (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), Mitsubishi Electric Corporation (Japan), TK Elevator (Germany), SJEC Corporation (China), and other leading companies in this market.
Don't miss out on business opportunities in Elevators and Escalators Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=221792102
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Browse in-depth TOC on "Elevators and Escalators Market”
351 - Market Data Tables
50 - Figures
294 – Pages
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=221792102
Elevator type segment is estimated to lead the elevators and escalators market during the forecast period.
The elevators type segment is anticipated to lead the elevators and escalators market's growth. This dominance is attributed to various factors such as the increasing construction of high-rise buildings, urbanization, and a growing emphasis on energy-efficient and innovative elevator technologies. The demand for diverse types of elevators, including hydraulic, traction, and machine-room-less traction elevators, contributes to the segment's leading position. As urban landscapes evolve and infrastructural development intensifies, elevators become integral for vertical mobility, and their versatile applications in residential, commercial, institutional, and infrastructural sectors drive the overall market growth.
Machine-room-less traction elevator technology is the major elevator technology in the global elevators and escalators market.
Machine-room-less traction elevator technology is the largest elevator technology segment of the elevators and escalators market. The machine-room-less traction elevator technology segment is expected to grow at the highest CAGR from 2023 to 2028. This segment is set to lead the elevators and escalators market, driven by its space-efficient design, eliminating the need for a separate machine room. Machine-room-less traction elevators offer optimal space utilization, enhanced architectural flexibility, and are known for energy efficiency and modern safety standards, aligning with the demand for contemporary building designs.
Residential is projected to lead the Elevators and Escalators market.
The Residential sector is set to lead the Elevators and Escalators market due to increased demand driven by factors such as urbanization, high-rise residential constructions, changing demographics, and the preference for modern amenities in smart homes. Elevators play a crucial role in enhancing accessibility and convenience in residential complexes, particularly in the growing trend of vertical urban living. The desire for advanced living spaces, coupled with the need for efficient vertical transportation solutions, positions the Residential end-use industry as a key driver for market growth.
Get Sample Pages of This Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=221792102
Asia Pacific is expected to witness the fastest growth in the Elevators and Escalators market during the forecast period.
The Elevators and Escalators market in the Asia Pacific region is expected to experience significant growth, with the highest Compound Annual Growth Rate (CAGR) projected between 2023 and 2028. Key economies like China, India, and Japan are major contributors to this growth, driving a substantial share of the market throughout the forecast period. The Asia Pacific market emerges as a lucrative sector for elevators and escalators, benefitting from robust industrial development and overall economic improvement. China, in particular, plays a pivotal role with numerous manufacturing plants, highlighting its influence on market dynamics. The rapid industrialization across the broader Asia Pacific region creates a favorable environment for the expansion of the Elevators and Escalators market, indicating sustained growth in the industry.
Elevators and Escalators Market Key Players
Major companies such as Schindler Group (Switzerland), Otis (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), Mitsubishi Electric Corporation (Japan), TK Elevator (Germany), SJEC Corporation (China), and other leading companies in this market.
Don't miss out on business opportunities in Elevators and Escalators Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=221792102
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Contact Information:
MarketsandMarkets™
Mr. Rohan Salgarkar
Tel: 1-888-600-6441
Email us
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MarketsandMarkets™
Mr. Rohan Salgarkar
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results