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Global Elevators and Escalators Strategic Business Report 2023: A $89.1 Billion market by 2030 - Developing Countries Dominate New Installations and Spearhead Market Growth
Global Market for Elevators and Escalators
Dublin, March 02, 2023 (GLOBE NEWSWIRE) -- The "Elevators and Escalators: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Elevators and Escalators Market to Reach $89.1 Billion by 2030
The global market for Elevators and Escalators estimated at US$66 Billion in the year 2022, is projected to reach a revised size of US$89.1 Billion by 2030, growing at a CAGR of 3.8% over the analysis period 2022-2030.
Elevators, one of the segments analyzed in the report, is projected to record 3.9% CAGR and reach US$80.9 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Escalators segment is readjusted to a revised 3.3% CAGR for the next 8-year period.
The U.S. Market is Estimated at $7 Billion, While China is Forecast to Grow at 4.4% CAGR
The Elevators and Escalators market in the U.S. is estimated at US$7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$23 Billion by the year 2030 trailing a CAGR of 4.4% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 3.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel.
Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.
With slower growth and high inflation, developed markets seem primed to enter into a recession.Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and Research Platform
Complimentary updates for one year
Key Metrics
Report Attribute | Details |
No. of Pages | 560 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $66 Billion |
Forecasted Market Value (USD) by 2030 | $89.1 Billion |
Compound Annual Growth Rate | 3.8% |
Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
A Prelude to Elevators and Escalators
Elevators
Escalators
Elevators and Escalators: Current Market Scenario and Outlook
Growth Drivers in a Nutshell
Mega Trends Benefiting E&E Demand Summarized
Key Factors Influencing Market Growth: Ranked in the Order of Importance
Developing Countries Dominate New Installations and Spearhead Market Growth
Recent Market Activity
Competitive Landscape
Competition: Noteworthy Trends
What Does It Take to Survive in the Marketplace?
Key Challenges Hampering Profitability of Market Participants
Online Marketplace: The New Distribution Vertical
Select Innovations & Advancements
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
MARKET TRENDS & DRIVERS
Smart Elevators & Escalators Come to the Fore Offering New Level of Performance
Growth Drivers Summarized
Smart, Intelligent Elevators with Connected Technologies
Upcoming Smart Cities to Fuel Large-Scale Adoption of Smart Elevators and Escalators
At the Core of Smart Cities Are Smart Elevator Solutions that Help in the Creation of Smart Outcomes for Citizens & Communities
Innovations Make Vertical Transportation Intelligent, Faster, Safer and More Comfortable
Faster Moving, High-Speed Elevators: The Essential Requirement for Modern Skyscrapers
Elevators to Attain New Heights of Sustainability amidst Rising Environmental Awareness
Building Developers Emphasize High-Quality Elevators to Improve Operational Efficiency & Sustainability
Recent Sustainability Initiatives of Vertical Transit System Manufacturers
Advanced Technology to Enable Sustainable Systems
The 'Green Infrastructure' Trend & Favorable Regulations Spur Demand for 'Green' Elevators
Elevator Technologies for "Green" Buildings
Urbanization Drive: Prime Factor Steering Momentum in the E&E Market
IoT, AI & Other New Generation Digital Technologies to Transform Functionality and Efficiency of Modern Elevators
Digitalization Aids Progressive Enhancements
Modernization Initiatives and Replacement Demand Steer Overall Growth in E&E Market
Massive Investments on High Rise Buildings & Skyscrapers Accelerate Market Growth
Shift in the World's Tallest Buildings from Western Countries to Developing Countries
China Leads Skyscraper Projects Worldwide
Elevator Density for Major Countries Worldwide: Number of Elevator Units for Thousand Individuals
Enhanced Child Security: Need of the Hour
Aesthetics: An Essential Factor Aiding Market Growth
Maintenance: The Segment with the Highest Growth Potential
Elevator Maintenance: Past, Present, and the Future
Escalator and Elevator Maintenance Gets an "Intelligent" Makeover
In-home Elevators Grow in Popularity
Population Growth, Expanding Middle Class, and Rising Living Standards Strengthen Market Prospects
Aging Population: A Weighty Growth Driver
Burgeoning Middle Class
Rising Standards of Living
FOCUS ON SELECT PLAYERS (Total 114 Featured)
Canny Elevator Co., Ltd.
Fujitec Co., Ltd.
Hitachi Ltd.
Hyundai Elevators Co., Ltd.
Johnson Lifts Private Limited
Kleemann Hellas S.A.
KONE Oyj
Mitsubishi Electric Corporation
Shanghai Mitsubishi Elevator Co., Ltd. (SMEC)
Otis Elevator Company
Otis Electric Elevator Co., Ltd.
Sigma Elevator Company Limited
Savaria Corporation
Schindler Group
SJEC Corporation
ThyssenKrupp Elevator AG
Toshiba Elevator and Building Systems Corporation
Yungtay Engineering Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ifnyc9
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