Elevator & Escalator Global Market to 2027: Ageing Installed Base of Elevators and Escalators Fuels the Sector - ResearchAndMarkets.com

The "Global Elevator & Escalator Market (by Service, Technology, Application & Region): Insights & Forecast with Potential Impact of COVID-19 (2023-2027)" report has been added to ResearchAndMarkets.com's offering.

The global elevator & escalator (E&E) market is likely to escalate to US$157.36 billion in 2027, progressing at a CAGR of 5.43% during the period spanning from 2023 to 2027.

The factors such as the proliferation of construction activities, surging geriatric population, booming digitalization, ageing installed base of elevators and escalators and expanding urbanization would drive the growth of the market. However, the market growth would be challenged by the high cost of installation and maintenance, compliance with standards and regulations and a dearth of skilled workforce.

A few notable trends may include an escalation in tourism activities, accelerating of the development of smart cities, growing penetration of novel technologies, expanding demand for energy-efficient elevators and an upsurge in the verticalization of cities.

The global E&E market is categorized on the basis of service, technology and application. On the basis of service, the global market can be bifurcated into maintenance, new installation/equipment and modernization. According to the technology, the market can be categorized into machine room-less, hydraulic and traction. Whereas, in terms of applications, the global E&E market can be divided into residential, commercial and industrial & other applications.

The fastest growing regional market was Asia Pacific due to rising investments in the construction industry and steady growth in infrastructure in both the residential and non-residential sectors, increasing shift towards eco-efficiency, flexible design, and safety and development of megacities and infrastructure projects in developing countries such as Indonesia, India, China, and the Philippines.

Scope of the report

• The report provides a comprehensive analysis of the global E&E market segmented on the basis of service, technology, application and region with the potential impact of COVID-19.
• The major regional markets Asia Pacific, EMEA and Americas with a focus on countries like China, Japan & Korea, Spain and the U.S. have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Hitachi, Ltd., ThyssenKrupp AG, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Kone Oyj and The Schindler Group) are also presented in detail.

Key Attributes:

Market Dynamics

Growth Drivers

• Proliferation of Construction Activities
• Surging Geriatric Population
• Booming Digitalization
• Ageing Installed Base of Elevators and Escalators
• Expanding Urbanization

Key Trends and Developments

• Escalation in Tourism Activities
• Accelerating Development of Smart Cities
• Growing Penetration of Novel Technologies
• Expanding Demand for Energy-Efficient Elevators
• Upsurge in Verticalization of Cities

Challenges

• High Cost of Installation & Maintenance
• Compliance with Standards and Regulations
• Increasing Concerns about Elevator and Escalator Accidents
• Dearth of Skilled Workforce

Companies Mentioned

• Hitachi, Ltd.
• Kone Oyj
• Mitsubishi Electric Corporation
• Otis Worldwide Corporation
• The Schindler Group
• ThyssenKrupp AG

For more information about this report visit https://www.researchandmarkets.com/r/igv6xx

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