Global Elevators & Escalators Market: Rapid expansion in the construction industry due to growing urbanization resulting growth in elevators & escalators market.

The elevators & escalators market size will grow from USD 119.1 Billion in 2020 to USD 176.2 Billion by 2027, at a CAGR of 5.7 %. The boom in urbanization leads to increasing numbers of modern retail and metro stations, with market growth of elevators and escalators expected to increase significantly. The increased purchasing power of people in the middle class promotes a demand worldwide for larger and better equipped apartments. It is estimated that the global population of the middle class will grow approximately by 2.7 billion by 2030 and that it will have a positive effect on the growth of the elevators and escalators market. The growing aging population of the world also requires escalators and elevators. This is a key factor that will propel the global elevators and escalator market to a large extent in the coming years.

In the recent years, the need for smart elevators has grown considerably due to increasing needs to reduce travel time between floors and awareness of the need for energy-efficient residential elevators. The use of IoT enables the monitoring in real-time, helping to improve the control of buildings and equipment. This reduces downtime and also reduces operational costs. As energy efficiency in buildings is increasingly being concentrated there is a huge risk that IoT-enabled lifts may be used to support predictive maintenance. This trend is expected to bolster the global elevators and escalators market to a large extent.

A key factor affecting the growth of the elevators and escalators market negatively is its high initial cost of installation. Moreover, lack of skilled labour for the after sales maintenance is expected to hamper the growth of elevators and escalators market. Furthermore, escalation in consumption of energy and power by elevators and escalators is anticipated to retard the growth of the market during the forecast period.

The prominent players in the elevators and escalators market include KONE Corporation (Finland), Sigma Elevator Company (Korea), Otis Elevator Company (U.S.), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Elevator And Building Systems Corporation (Japan), Stein Ltd (Russia), PAPPAS Elevators (Russia), Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia) and Electra Ltd. (Israel).

Asia-Pacific is projected to have the largest market share and dominate the elevators & escalators market from 2020 to 2027. Asia-Pacific offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for elevators & escalators. The expansion of the elevators & escalators market in this region is propelled by factors such as the growth of the residential, commercial, institutional, and infrastructure industries. The increasing population and economic development are other factors that further drive the growth of this market.

European region, is the second largest region for Elevators and Escalators. Growing renovation and reformation of the homes driving the growth of the market in Europe. U.K., Germany, Poland, and France, are the major markets for Elevators and Escalators. The Middle East & South America regions are expected to contribute significantly during the forecast period mainly due to changing lifestyle and high growth in construction sector. North America is another major market for the elevators and escalators. Growing residential and non-residential construction activities in the region is driving the growth of the market.