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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

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Global Market for Elevators and Escalators

Global Market for Elevators and Escalators
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'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


No. of Pages


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


Regions Covered


Key Topics Covered:


  • 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)


  • 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.

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