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Elevator and Escalator Market Size, Share & Industry Analysis by Product (Elevators, Escalators, and Moving Walkways), By Business (New Equipment, Maintenance, and Modernization), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2024-2032
Report Format: PDF | Published Date: Jul, 2024 | Report ID: FBI100301. | Status : PublishedFrequently Asked Questions
How much was the global elevator and escalator market worth in 2023?
As per a study by Fortune Business Insights, the market was valued at USD 88.59 billion in 2023.
How much will the global elevator and escalator market be worth in the future?
In 2032, the market is expected to reach USD 167.62 billion.
At what compound annual growth rate (CAGR) will the global market grow?
The market is projected to grow at a compound annual growth rate (CAGR) of 7.5% during the forecast period (2024-2032).
Which product segment is expected to lead the market during the forecast period?
The elevators segment is expected to lead the market over the forecast period.
What are the key factors driving the market?
Increasing infrastructure investment and rise in adoption of energy-efficient elevators and escalator are expected to propel the market growth
Which are the top companies in the global market?
Otis Corporation, Schindler, TK Elevator GmbH, and KONE Corporation are the leading companies in this market
Which region held the highest share in the market?
Asia Pacific held the major share of the market in 2023 owing to increasing residential and commercial infrastructure projects.
What are the key trends prevailing in the market?
The increasing adoption of green-labeled products is one of the emerging trends in the market.
Which business is expected to lead the market?
The maintenance business is expected to lead the market over the forecast period.
Which application is leading the market?
By application, the residential segment is the leading segment in this market and held the largest share in 2023, owing to the high demand for multi-family homes, and residential apartments
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