Elevator and Escalator Market Size To Expand Significantly By The End Of 2033

The global elevator and escalator market is anticipated to reach a valuation of USD 69.0 Billion in 2023, driven by vertical farming and agriculture. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.2% between 2023 and 2033, and reaching a total valuation of approximately USD 138.2 Billion by 2033.

One of the major factors contributing to the growth of the elevator and escalator market is the accessibility initiatives. There is an increasing emphasis on improving accessibility in public and private buildings, leading to a demand for elevators and escalators that cater to individuals with disabilities and limited mobility.

The demand for high speed elevators in skyscrapers and mega tall buildings, especially in emerging economies, is driving innovation and expansion in this segment. Elevators and escalators are increasingly integrated with Building Management Systems to optimize energy usage and operational efficiency, and this trend is expected to continue.

Remote monitoring and predictive maintenance technologies are becoming more prevalent, reducing downtime and improving service quality. The use of sustainable materials and manufacturing processes is gaining importance in elevator and escalator production to reduce their environmental footprint.

The development of multi modal transportation hubs, such as airports and train stations, requires extensive elevator and escalator installations to manage passenger flow. In regions prone to natural disasters, the need for elevators and escalators that can withstand earthquakes, floods, and other emergencies is growing.

Architects and builders are increasingly focusing on the aesthetic appeal of elevators and escalators, creating opportunities for customized designs and finishes. The sharing economy model, with companies offering shared office spaces and co living arrangements, drives the demand for elevators in non traditional settings.

Elevator and escalator manufacturers may explore opportunities in international markets, particularly in regions with emerging economies. The integration of energy storage solutions with elevators and escalators to manage peak power demands and reduce grid dependency.

The need for skilled technicians to install and maintain elevator and escalator systems creates opportunities for workforce development and training programs. The development of smart lounges that offer personalized experiences for users while they wait for elevators is a growing trend.

Key Takeaways from the Market Study:

Global elevator and escalator market was valued at USD 64.6 Billion by 2022-end.

From 2018 to 2022, the market demand expanded at a CAGR of 6.8%.
The market in China is expected to expand at a CAGR of 8.6% through 2033.

By load, the passenger segment to account for a share of 74.1% in 2023.

From 2023 to 2033, elevator and escalator market is expected to flourish at a CAGR of 7.2%.
By 2033, the market value of elevator and escalator is expected to reach USD 138.2 Billion.

Continued innovations in safety features, including emergency evacuation systems and anti terrorism measures, contribute to market growth. Hybrid elevator solutions that combine traditional cables with alternative systems like magnetic levitation (maglev) for increased efficiency, remarks an FMI analyst.

Competitive Landscape:

Prominent players in the elevator and escalator market are Mitsubishi Electric Corporation, Orona Group, Otis Elevator Company, Sanyo Elevator (Zhuhai) Co. Ltd., Schindler Holding Ltd., Schumacher Elevator Company, Sigma Elevator Company, Stannah Lifts Holdings Ltd., Thyssenkrupp AG, Toshiba Corporation, Hitachi Ltd., and Hyundai Elevator Co. Ltd., among others.

Recent Developments:

In 2023, Hitachi Elevator, a Japanese multinational elevator and escalator company, announced the launch of its new elevator technology, Lumada Elevator, which uses AI and IoT to improve elevator performance and efficiency.
In the same year, Otis Elevator Company, an American multinational elevator and escalator company, announced the launch of its new elevator technology, CompassPlus, which is designed to be more user friendly and accessible.
In 2022, LG Elevator, a South Korean multinational elevator and escalator company, announced the launch of its new elevator technology, MULTI V VRF, which uses variable refrigerant flow technology to improve energy efficiency.
In 2022, Hyundai Elevator, a South Korean multinational elevator and escalator company, announced the launch of its new elevator technology, WIZARD, which is designed to be more intelligent and responsive to user needs.
In the same year, Johnson Controls, an American multinational technology and industrial company, announced the launch of its new elevator technology, YORK Chillers, which are designed to be more efficient and reliable.

Segmentation Analysis of the Elevator and Escalator Market:

By Product: