The global elevator & escalator (E&E) market is anticipated to reach US$142.2 billion in 2024, experiencing growth at a CAGR of 7% during the period spanning 2020-2024. The growth in the elevator & escalator market is driven by various factors such as increasing urbanization, surging aged population, rising construction expenditure and increasing gross domestic product. The market is expected to face certain challenges like high price of installation and lack of skilled workforce. The global E&E market is predicted to experience certain trends such as high demand energy efficient elevators and verticalization of cities.
The global E&E market can be segmented as follows: maintenance, new installation and modernization. In 2019, the highest share of the market was held by maintenance, followed by new installation and modernization segment. The market by technology type can be segmented into the following: machine room-less, hydraulic and traction. In 2019, the dominant share of the market was held by machine room-less technology, which was followed by hydraulic and traction. The global E&E market by application can be segmented as follows: commercial, institutional and residential. The highest share of the market in 2019 was held by commercial, followed by institutional segment.
The global smart elevator market can be segmented as follows: modernization, new installation and maintenance. In 2019, the dominant share of the market was held by modernization, followed by new installation and maintenance segment. The global smart elevator market by end users can be segmented as follows: commercial, residential, institutional and industrial. The dominant share of the market was held by commercial segment, followed by residential, institutional and industrial segment in 2019.
In 2019, the dominant share of the elevator & escalator (E&E) market was held by Asia Pacific, which was followed by EMEA and Americas. Asia Pacific market is expected to dominate the market in future accruing to rising public expenditure on infrastructural development in developing countries such as Indonesia, India, China, and Philippines that would increase construction activities in the region.
Scope of the report:
• The report provides a comprehensive analysis of the global E&E market with potential impact of COVID-19.
• The major regional markets Asia Pacific, EMEA and Americas with focus on countries like India, China, Japan & Korea, Spain and the US have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (United Technologies Corp (Otis), KONE Oyj, ThyssenKrupp AG, Schindler Holding AG, Mitsubishi Electric & Hitachi) are also presented in detail.
Key Target Audience:
• Elevator & Escalator Manufacturers
• Raw Material/Component Providers
• End Users (Businesses/Consumers)
• Investment Banks
• Government Bodies & Regulating Authorities