Elevator and Escalator Market – Industry Trends and Forecast to 2028
MarkNtel Advisors, a prominent market research firm, has recently published a report titled Elevator and Escalator Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028. This study offers an in-depth examination of the industry, encompassing Elevator and Escalator market share, size, trends, and growth predictions. Additionally, the report features an analysis of competitors and regions while spotlighting the most recent developments in the market.
Elevator and Escalator Reports Highlights
What is the size of the Elevator and Escalator Market?
The Global Elevator and Escalator Market is projected to grow at a CAGR of around 6.0% during the forecast period, i.e., 2023-28. Most of the market expansion can be attributed to the rapid urbanization worldwide, resulting in more erection of buildings and modernization of age-old infrastructures in the coming years. According to the World Bank, currently (6 Oct 2022), 56% of the world’s population accounts for around 4.4 billion inhabitants resides in cities. In fact, the urban population is on the verge of folding itself by 2050 to the extent that nearly 7 of 10 people will be living in cities.
What do the growth prospects and trends look like in the Elevator and Escalator Industry?
Energy-Efficient Elevators and Escalators Present Lucrative Prospects – Elevators’ energy consumption accounts for around 2% to 7% of the total energy consumption of the whole building. Thus, minimizing this energy loss remains a challenge to manufacturers. In a bid to tackle this, leading brands in the market are bringing their focus to developing energy-efficient elevators. Since governments worldwide are already emphasizing the usage of products leaving minimal carbon footprints, energy-efficient elevators and escalators are likely to provide lucrative opportunities for manufacturers in the coming years
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What Components are encompassed within Elevator and Escalator Market segmentation?
The report has divided the market into the following segments:
–Machine Room less
By End User
-Government & Transportation
-The Middle East & Africa
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Who are the Primary Companies or Entities active in the Industry?
The report covers the major market players including:
-Canny Elevator Company Ltd.
-Fujitec Co Ltd
-Hyundai Elevator Co., Ltd.
-Mitsubishi Electric Corporation
-Otis Worldwide Corporation
-Schindler Holding Ltd.
-ThyssenKrupp Elevator AG
-Toshiba Elevator and Building Systems Corporation
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