The Elevator & Escalator Market Size is rapidly expanding, propelled by technological advancements, consumer demands, and emerging business models. As industries rely more on cutting-edge solutions, understanding market dynamics becomes critical for businesses to thrive. This article provides a detailed overview of the Elevator & Escalator Market, including its size, share, key companies, regional trends, and frequently asked questions, to assist you in staying informed and making data-driven decisions.
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Elevator & Escalator Market Overview: Size and Growth Projections
The global Elevator & Escalator Market is projected to grow from USD 88.59 billion in 2023 to USD 167.62 billion by 2032, at a CAGR of 7.5% during the forecast period. and recent industry developments are:
- Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
- TK Elevator GmbH launched the new EXO Renew Series of elevators for low-rise and high-rise residential buildings. It is versatile, designed for using 100% green electricity and requires 28% less energy compared to other models.
- Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd, received an order of 538 elevators for large-scale residential housing projects in Gurgaon, India. These elevators would be manufactured and supplied from a high-rise elevator manufacturing facility based in Chennai, India. This order would be completed by the end of 2025.
- Schindler signed a partnership with Umm AI Qura, based in Saudi Arabia, to provide 150 elevator orders for installation at Makkah, Saudi Arabia. This order includes 65 Schindler 5000 series elevators, 44 Schindler 7000 series elevators, and five elevators for the platform. These elevators help to improve passenger transportation from restaurants and hotels.****
- Hitachi Ltd introduced a new touchless operating panel for monitoring and controlling elevators and escalators. It has features such as enabling touchless use, a simplified method, and operating through a numerical pad.
The Elevator & Escalator Market is experiencing significant growth as demand increases across multiple industries. With technological advancements and expanding applications, the market size is expected to steadily increase in the coming years, fueled by innovations and a growing emphasis on efficiency.
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Elevator & Escalator Market Share: Who’s Leading the Pack?
In the highly competitive Elevator & Escalator Market, a few leading companies control a sizable portion of the market. These key players are driving the pace through innovation, strategic partnerships, and acquisitions. Here's a quick look at some of the leading companies shaping the market:
- Fujitec Co. Ltd (Japan)
- Hitachi Ltd (Japan)
- Hyundai Elevator Co Ltd (South Korea)
- Kone Corporation (Finland)
- Mitsubishi Electric Corporation (Japan)
- Otis Worldwide Corporation (U.S.)