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[Market Research Report] Global Market for Elevators and Escalators

[Market Research Report] Global Market for Elevators and Escalators

Global Elevator & Escalator Market Overview, 2022-2027

The global elevator and escalator market size is estimated to be around 90 billion USD, and it is projected to grow at a CAGR of over 6% during the forecast period from 2022 to 2027, reaching approximately 130 billion USD by 2027. The recent outbreak of COVID-19 has resulted in a decline in market growth. However, several factors are expected to drive the market during the forecast period. The expansion of end-user industries outside of residential and commercial facilities, along with increased demand in emerging countries such as China and India, is anticipated to lead to significant growth in the market. By type, elevators are leading the market in 2021. The increase in the elderly population is one of the factors supporting installations. This report investigates the global elevator and escalator market, summarizing the market definition and overview, market size trends and forecasts, breakdowns by various segments and regions/key countries, analysis of various factors influencing market growth, competitive landscape, market share, and profiles of major companies.

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[English Market Research Report] Elevator and Escalator Market

[English Market Research Report] Elevator and Escalator Market

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The global market size for elevators and escalators reached 145.6 billion USD in 2022. The IMARC Group forecasts a growth rate of 5.60% (CAGR) between 2023 and 2028, predicting it will reach 203.6 billion USD by 2028. An elevator is a closed cabin operated by an electric motor, which drives traction cables, a counterweight system, and a hydraulic pump to raise a cylindrical piston. It is a vertical transportation solution that efficiently utilizes urban space and enables movement within buildings. On the other hand, an escalator is a moving staircase and conveying device that transports people between floors within a building. Escalators consist of motor-driven chain steps that move up and down on a track while keeping the step surface horizontal.

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[English Market Research Report] Elevator Market

[English Market Research Report] Elevator Market

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Growth and Trends in the Elevator Market According to a new report by Grand View Research, Inc., the global elevator market size is expected to reach USD 119.31 billion by 2030. The CAGR from 2023 to 2030 is projected to expand at 6.4%. The demand for elevators is anticipated to be driven by urbanization and a significant increase in the elderly population. Elevators are typically constructed in locations such as stations, apartments, hospitals, subway stations, shopping centers, office buildings, schools, and airports. Furthermore, the need for elevators in high-rise and mid-rise buildings is increasing, which is supporting market growth in the coming years.

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[English Market Research Report] Global Market for Elevators and Escalators

[English Market Research Report] Global Market for Elevators and Escalators

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The global elevator and escalator market size is expected to reach 212.017 billion USD by 2030, up from 83.86 billion USD in 2022, with a projected CAGR of 6.7% during the forecast period (2023-2030). The market is anticipated to experience stable growth in the coming years due to increased demand in the residential and commercial sectors. This report investigates and analyzes the global elevator and escalator market, providing insights into market dynamics and outlook, segment analysis, company profiles, and more.

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[Market Research Report] Global Market for Elevators and Escalators

[Market Research Report] Global Market for Elevators and Escalators

Global Elevator & Escalator Market Outlook, 2027

The global elevator and escalator market size is currently approximately 90 billion USD. The market is expected to expand at a CAGR of over 6% from 2022 to 2027, reaching about 130 billion USD by 2027. This report investigates the global elevator and escalator market, providing an overview of the market along with trends by region and country, as well as profiles of companies entering the market.

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[English Market Research Report] Global Market for Elevators and Escalators

[English Market Research Report] Global Market for Elevators and Escalators

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The global market for elevators and escalators grew from 101.78 billion USD in 2022 to 111.04 billion USD in 2023, with a CAGR of 9.1%. The Russia-Ukraine war has disrupted the potential for a global economic recovery from the COVID-19 pandemic, at least in the short term. This war between the two countries has triggered economic sanctions against multiple nations, soaring commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets worldwide. The elevator and escalator market is expected to grow to 146.67 billion USD by 2027, with a CAGR of 7.2%.

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[English Market Research Report] Global Market for Elevators and Escalators

[English Market Research Report] Global Market for Elevators and Escalators

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The global elevator and escalator market is expected to experience significant growth with a CAGR of 8.5% during the forecast period. Factors driving market growth include the increase in large mixed-use facilities and multi-story complexes, the rising demand for foot traffic management in public facilities such as shopping malls, and the growing popularity of energy-efficient escalators and elevators. Due to these factors, market players are introducing space-saving designs and advanced technologies for the elevator and escalator market to meet the increasing demand and maintain competitiveness in the region. For example, in May 2023, TK Elevator GmbH, a pioneer in the elevator industry, launched the EOX in North America. This environmentally efficient elevator platform is designed to meet the demands of buildings ranging from two to ten stories, thanks to its space-saving design, advanced technology, and reduced lead times. The EOX features an eco mode that reduces elevator speed and acceleration during low-traffic periods, as well as enhanced cabin sensors that monitor entrance safety and ride comfort.

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