The global elevator and escalator market size was valued at USD 78.60 billion in 2021 and is poised to grow with a CAGR of 6.2% over 2022-2028. The efficiency of elevators and escalators in vertical transportation is the primary goal of their utilisation. An elevator is a closed cabin powered by electric motors that lift a cylindrical piston by driving traction cables, counterweight systems, or pumping hydraulic fluid. Elevators are useful vertical mobility solutions because they make efficient use of urban space and allow everyone to move about in buildings. The two main types of elevators discussed in this paper are passenger elevators as well as freight elevators. A moving staircase or a conveyor conveyance system that transports people between levels of a building is known as an escalator. The gadget is often made up of a motorised chain of individual, linked steps that move up and down on rails while remaining horizontal.

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Innovative methods like contact-free lift operation via smartphone apps as well as elevator air purifiers are assisting elevator and escalator companies in surviving the coronavirus outbreak. To combat the spread of the COVID-19 virus, leading elevator manufacturers Kone and Johnson are implementing safety measures such as remote dialling of elevators via WhatsApp. Elevator sales and repair have slowed due to the limited movement of people in public locations. As a result, elevator and escalator manufacturers are proposing people flow solutions for use in metro stations and residential buildings. These include a WhatsApp-based elevator remote calling capability that eliminates the need to touch contaminated buttons as well as displays. In addition to this, In recent years, the elevator as well as escalator sector has seen a growing tendency to update current and aged infrastructure. The necessity to comply with elevator and escalator safety criteria, as well as the ageing of the existing installed base of elevators and escalators, are driving the elevator and escalator industry. Elevators and escalators can save up to 70% of their energy when they are modernised, which is a major driver driving market growth.

On the basis of type, the Elevator and Escalator market is categorized as escalator and elevator. On the basis of application, the electric elevator and escalator market is classified into commercial and residential.

 

The global elevator and escalator market segmentation:

1) By Type: Elevators (passenger, freight, single, and double deck elevators), Escalator and Moving walkways.

2) By Service: New installation, Maintenance & repair and Modernization.

3) By End User: Residential, Commercial, Institutional, Infrastructure and Others.

Rapid urbanisation has become a global trend, with a stronghold in the Asia Pacific region. As a result of the large population density in Asia Pacific countries like China, India, and Japan, the market in these countries has seen substantial development potential in terms of standard of living. Furthermore, the construction sector in the region is predicted to grow significantly, owing to increased private and governmental infrastructure development projects. Joint partnerships between domestic and international firms have created a positive atmosphere conducive to market expansion.

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Some of the major key players in the Elevator And Escalator Market are Fujitec Co. Ltd., Hitachi, Ltd., Hyundai Elevator Co., Ltd., KONE Oyj, Mitsubishi Electric Corporation, Orona Group, Otis Elevator Company, Schindler Group, ThyssenKrupp AG, Toshiba Corporation

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