Elevator & Escalator Market- Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020-2030

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Elevator & Escalator Market- Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020-2030

Status : February, 2022 | Industrial

Report Digest

Elevator & Escalator Market: Outline

Commercial and residential infrastructure has undergone gigantic changes over the decades. A lot has changed the face of the commercial and residential infrastructure due to the advent of modern and novel technologies. Escalators and elevators have also become an essential component of any residential or commercial estate. The popularity of elevators and escalators is increasing considerably. Thus, based on this aspect, the elevator & escalator market is anticipated to observe considerable growth across the assessment period of 2020-2030.

The booming construction sector is key to the overwhelming development of the elevator & escalator market. Swift urbanization and the rising disposable income of a large chunk of individuals across the world are leading to an increase in the number of residential and commercial buildings. Thus, these factors influence the growth of the elevator & escalator market to a great extent.

On the basis of product type, the elevator & escalator market can be classified into elevators (freight elevator, passenger elevator) and escalators (step type, belt type). The utilization of elevators and escalators in offices, hospitals, the hospitality sector, malls, and others may bring immense growth opportunities for the elevator & escalator market.

Elevator & Escalator Market: Competitive Landscape

The elevator & escalator market is highly fragmented with a large number of players in the fray. The players are involved in intense research and development activities for discovering novel insights. Manufacturers invest heftily in advertising campaigns for increasing their revenues. Mergers and acquisitions are also playing a crucial role in cementing the influence of the players.

Elevator & Escalator Market: Key Players

Some well-established players in the elevator & escalator market are:

  • Mitsubishi Electric Corporation
  • Hyundai Elevator Co., Ltd.
  • Schindler Group
  • Hitachi, Ltd.
  • Orona Group
  • Otis Elevator Company

Elevator & Escalator Market: Notable Developments

COVID-19 Pandemic Propels Popularity of Contactless Elevators

The novel coronavirus pandemic has completely changed the world in terms of its functioning. Touchless technologies have gathered considerable momentum. Elevators and escalators are prominently based on touch mechanisms. Manufacturers are trying to develop smart touchless escalators and elevators that will help in reducing the transmission of COVID-19. For instance, Johnson lifts recently launched a contactless elevator. The elevator can be controlled through a mobile application. Thus, such developments will increase the revenue of the elevator & escalator market.

Modern Technologies to Invite Promising Growth

Elevators and escalators equipped with the latest technologies such as the Internet-of-Things are also gaining immense popularity among the end-users. For instance, Schindler has launched Schindler Ahead, a software application that connects existing Schindler elevators with their cloud platform. The software application shows real-time data and insights. These advancements further bring tremendous growth opportunities for the elevator & escalator market.

Technological advancements are also playing a crucial role in making the elevators cable-less. Various manufacturers are working on the design and development of such elevators. ThyssenKrupp recently unveiled its ambitious lift system known as MULTI. It is the first cable-less elevator in the world that moves in both horizontal and vertical directions. The lift works on liner motor technology. All these factors pave way for positive growth of the elevator & escalator market.

Elevator & Escalator Market: Regional Prospects

The elevator & escalator market in Asia Pacific may observe a dominant streak across the forecast period of 2020-2030. The emergence of rapid urbanization in densely populated countries like India and China may prove to be prominent growth generators for the elevator & escalator market. The booming construction sector across various countries in the region may also prove to be a vital growth contributor.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?