The global elevator and escalator market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. Integration of smart technology in elevators and escalators enhances efficiency and security. Features such as touchless controls, destination control systems, biometric access, and real-time monitoring are increasingly attracting key players to manufacture such technical advanced elevators and escalators. For instance, in January 2021, Schindler Elevator Corp. launched the ElevateMe Mobile App touchless elevator operation. Schindler’s ElevateMe App is an innovative mobile app that allows passengers to call an elevator and select the destination floor via smartphone, without having to touch any buttons outside or inside the elevator car.
Apart from this, elevators and escalators are becoming faster, more efficient, and safer owing to several technologies such as Internet-of-Things (IoT), and others. IoT-enabled smart elevators and escalators have advanced sensors that capture critical, real-time condition monitoring information for informed decisions. Besides, IoT sensors give better data visibility about elevator/escalator health, live equipment status, traffic performance, and availability. Thus, the IoT-powered elevator and escalator market is projecting an immense potential to grow over the forecast period. As a result, the elevator and escalator manufacturers are also focusing on developing IoT integrated digital elevator platforms to cater the market growth. For instance, in June 2021, Otis Worldwide Corp. launched the new generation of digitally native elevators created to give people freedom to connect and thrive in a taller, faster, smarter world. Otis revealed the Otis Gen3™ and Gen360™ digital elevator platforms during Welcome to Tomorrow, a global virtual event with customers, colleagues, and other industry stakeholders from more than 100 countries. Gen3™ elevator added built-in IoT benefits to flat-belt technology of Otis’ best-selling Gen2 system. Gen360™ elevator debuted new electronic architecture with reimagined design, safety, service, experience and support.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Technology
- By Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- includes Hitachi, Ltd., Hyundai Elevator Co., Ltd., KONE Corp., Schindler Group, Otis Worldwide Corp., among others.
Elevator and Escalators Market Report Segment
By Technology
- Hydraulic
- Traction
- Machine Room-Less
By Type
- Elevator
- Escalator
- Moving Walkways
By Application
- Residential
- Corporate Office
- Hypermarkets
- Malls
- Others (Industrial)
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Elevator and Escalators Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- 3Phase Elevator
- Advance Lifts Inc.
- Bonsdag Industries Pvt. Ltd.
- Bucher Industries AG
- Canny Elevator Co., Ltd.
- CIRCOR International Inc.
- Custom Elevator Manufacturing Inc.
- Delta Elevator Co. Ltd.
- Fujitec Co., Ltd.
- GMV Polska Sp. z o.o.
- Kleeman Hellas S.A.
- Mitsubishi Electric Corp.
- Orona S. Coop.
- TK Elevator GmbH
- Toshiba Elevator and Building Systems Corp.
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