Elevator & Escalator Market Forecast 2027: Projected Growth and Opportunities | Techsci ResearchPosted by Kumar on March 22nd, 2023 The global elevator and escalator market reached a value of USD 82473.94 million in 2021, and it is projected to expand at a CAGR of 4.91% during the forecast period, according to the TechSci report titled "Elevator & Escalator Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2027." The market is expected to experience growth due to various factors, such as the construction of taller buildings, the increasing popularity of fast-paced lifestyles, and greater capital investment in the real estate industry. In addition, elevators and escalators are no longer considered a luxury, but rather a necessity, as people demand ease and comfort facilities in urban areas. The demand for updated aesthetics in both residential and commercial buildings is also contributing to the market's growth. Moreover, governments of several developing nations are investing in infrastructural development to transition their cities into smart cities, automate building operations, and accommodate the growing urban population, which is expected to provide a significant boost to the global market. Furthermore, several key players in the market are introducing technologically advanced products, such as ultra-high-speed elevators, to cater to the needs of skyscrapers. Hitachi, for instance, recently delivered elevators capable of achieving speeds of up to 1260 m/min to the Guangzhou CTF Finance Center in China. All of these factors are expected to drive growth in the global elevator and escalator market throughout the forecast period.
The market is segmented based on service into new installation, maintenance & repair, and modernization. New installation is projected to dominate the market due to the expansion of high-rise residential buildings and growing commercial sectors. An increase in new projects for skyscraper construction also bolsters the market growth. Additionally, the focus of governments on building smart cities and rapid infrastructure development is expected to increase demand for elevator and escalator installations. The global market is segmented based on end-users into residential, commercial, institutional, infrastructural, and others. The residential segment is anticipated to dominate the market with a share of 52.74% in 2021. The expanding commercial buildings and office spaces in metropolitan cities have boosted the installation of elevators and escalators. The rising investments in healthcare infrastructure have also increased the demand for such products. Additionally, shopping complexes, hotels, and restaurants are increasingly installing elevators and escalators to provide ease of commuting within the premises, which is bolstering their usage in the commercial sector. In terms of elevator technology, the market is segmented into traction, hydraulic, and machine room-less traction. Traction technology is the leading segment, with a market share of 79.35% in 2021. Traction elevators use flat steel belts, which are lighter in weight due to their carbon fiber core and high-friction coating. These flat belts can work for a prolonged period without any oil or lubricant, making traction elevators widely used in commercial and residential buildings.
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