Elevator and Escalator Market to reach US$ 203.6 Billion According to the latest research report, the global elevator and escalator market size reached US$ 145.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.
Global Elevator and Escalator Market Trends and Drivers:
The demand for elevators and escalators is experiencing robust growth driven by several key factors. Rapid urbanization and the surge in construction of multi-story commercial and residential buildings are creating a pressing need for convenient vertical transportation systems. In line with this, the modernization of airports and subway stations is further propelling market growth, as these facilities are upgrading their infrastructure to facilitate smooth passenger flow and enhance accessibility.
Moreover, the increasing aging population is driving demand for more accessible transit options within buildings, positively impacting the elevator and escalator market. In addition, the growing adoption of green building practices is creating a significant demand for energy-efficient elevators and escalators worldwide, as these systems offer reduced energy consumption and improved environmental sustainability. Furthermore, the expanding tourism and hotel industry is further fueling market growth, as these establishments increasingly require convenient vertical transport options for guests, staff, and luggage.
Request a free sample copy of the report: https://www.imarcgroup.com/elevator-escalator-market/requestsample
Hospitals and healthcare facilities are also contributing to market growth, as they are increasingly installing escalators and elevators to enhance efficient vertical transportation for patients and staff, creating a favorable market outlook. Additionally, the integration of smart technologies like the Internet of Things (IoT) is further attracting new consumers by enhancing functionality, efficiency, and predictive maintenance capabilities. Educational campuses with multi-story buildings are also contributing to the demand for elevators and escalators. Moreover, the heightened awareness of public safety in crowded areas is promoting the installation of escalators for controlled movement and crowd management. Finally, several governments are initiating affordable multi-story housing initiatives, which are boosting the demand for cost-effective elevators to meet the needs of these projects.