Elevators & Escalators Market worth $207.4 billion by 2028 – At a CAGR of 6.4%

According to MarketsandMarkets™, the “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” is expected to grow from USD 152.1 billion in 2023 to USD 207.4 billion by 2028, at a CAGR of 6.4% during the forecast period. A growing awareness of energy efficiency and environmental impact has resulted in the development of eco-friendly and technologically advanced elevators and escalators, which is propelling the market forward. The ever-changing architectural trends, as well as the need for improved accessibility, all contribute to the escalators and elevators market’s continued growth.

Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=221792102
  • 351 Market data Tables
  • 50 Figures
  • 294 Pages and in-depth TOC on “Elevators & Escalators Market – Global Forecast to 2028″
This report also provides a comprehensive analysis of the companies listed below:

The major Players in Elevators & Escalators Market include 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.

Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Elevators & Escalators Market.

Request for Special Pricing: https://www.marketsandmarkets.com/discountreports.asp?id=221792102
Schindler Group (Switzerland)

Schindler Group, established in Switzerland in 1874, is a global leader in the elevator and escalator industry, renowned for its innovative vertical transportation solutions. With a strong commitment to safety, sustainability, and cutting-edge technology, Schindler designs, manufactures, installs, and maintains elevators, escalators, and moving walkways worldwide. The company’s diverse portfolio caters to a wide range of sectors, including residential, commercial, and infrastructure projects, contributing to urban mobility and accessibility.


OTIS, a leading American company, is a pioneer in the elevator and escalator industry, with a rich history that dates back to 1853, when Elisha Otis founded it. The company operates in two segments: new equipment and service. The New Equipment segment designs, manufactures, sells, and installs a wide range of passenger and freight elevators. Meanwhile, the Service segment offers maintenance, repair, and modernization services for elevators and escalators.

KONE Corporation (Finland)

KONE Corporation, a Finnish multinational, was founded in 1910 and is a leader in the elevator and escalator industry. KONE, known for its innovative and environmentally friendly solutions, specializes in the design, manufacturing, installation, and maintenance of elevators, escalators, and automatic building doors. The company has a global presence and has had a significant impact on urban environments by emphasizing sustainable and technologically advanced vertical transportation systems. KONE operates in over 60 countries, with a significant presence in the Americas, Europe, Asia Pacific, and the Middle East.

Hitachi Ltd. (Japan)

Hitachi Ltd., a Japanese multinational conglomerate, is a global leader in a variety of business sectors, including information technology, electronics, infrastructure, and industrial systems. Hitachi offers a complete line of elevators, escalators, and moving walkways that prioritize safety, efficiency, and sustainability. In 2022, Japan accounted for more than 60% of the company’s total revenue. Hitachi’s market growth is expected to be driven by its smart elevator solutions, which incorporate advanced technologies such as SG and IoT.

The Asia Pacific elevator and escalator market is expected to grow significantly, with the highest compound annual growth rate (CAGR) projected between 2023 and 2028. Key economies such as China, India, and Japan are major contributors to this growth, accounting for a sizable share of the market over the forecast period. The Asia Pacific market emerges as a lucrative sector for elevators and escalators, owing to strong industrial development and overall economic improvement. China’s manufacturing plants have a significant impact on market dynamics. The Asia Pacific region’s rapid industrialization creates a favorable environment for the expansion of the elevator and escalator market, indicating sustained growth.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=221792102

Leave a Comment

Your email address will not be published. Required fields are marked *