The elevators and escalators market is projected to grow from USD 152.1 billion in 2023 to USD 207.4 billion by 2028 at a CAGR of 6.4%. A growing awareness of energy efficiency and environmental impact has led to the development of eco-friendly and technologically advanced elevators and escalators, further propelling the market forward. The constant evolution of architectural trends and the need for enhanced accessibility also contribute to the sustained growth of the escalators and elevators market.
Most manufacturers in this market are based in Europe and Asia Pacific. Schindler Group (Switzerland), OTIS (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea) are among the leading players operating in the elevators and escalators market. These players have adopted various growth strategies to strengthen their position in the market. This includes expansions and acquisition activities further to expand their presence in the elevators and escalators market.
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Schindler Group (Switzerland)
Schindler Group, established in Switzerland in 1874, is a global leader in the elevator and escalator industry, renowned for its innovative vertical transportation solutions. With a strong commitment to safety, sustainability, and cutting-edge technology, Schindler designs, manufactures, installs, and maintains elevators, escalators, and moving walkways worldwide. The company's diverse portfolio caters to a wide range of sectors, including residential, commercial, and infrastructure projects, contributing to urban mobility and accessibility.
OTIS, a leading American company, is a pioneer in the elevator and escalator industry, boasting a rich legacy dating back to 1853 when it was founded by Elisha Otis. The company operates through two segments: New Equipment and Service. The New Equipment segment focuses on the design, manufacturing, sale, and installation of a comprehensive range of passenger and freight elevators. Meanwhile, the Service segment is dedicated to providing maintenance, repair, and modernization services aimed at upgrading both elevators and escalators.
KONE Corporation (Finland)
KONE Corporation, a Finnish multinational, stands at the forefront of the elevator and escalator industry, having been founded in 1910. Renowned for its innovative and eco-efficient solutions, KONE specializes in the design, manufacturing, installation, and maintenance of elevators, escalators, and automatic building doors. The company has a global presence and has played a pivotal role in shaping urban environments with its emphasis on sustainable and technologically advanced vertical transportation systems. Operating in more than 60 countries, KONE has a significant presence in the Americas, Europe, Asia Pacific, and the Middle East.
Hitachi Ltd. (Japan)
Hitachi Ltd., a Japanese multinational conglomerate, is a global leader in diversified business sectors ranging from information technology and electronics to infrastructure and industrial systems. Leveraging its extensive expertise in engineering and manufacturing, Hitachi provides a comprehensive range of elevators, escalators, and moving walkways that prioritize safety, efficiency, and sustainability. In 2022, over 60% of the company's revenue was generated from the Japanese market. Hitachi's growth in the market is anticipated to be propelled by its smart elevator solutions, which incorporate advanced technologies such as SG and IoT.
Elevators & Escalators Market by Type (Elevators, Escalators, Moving walkways), Service (New installation, Maintenance & Repair), Elevator Technology (Traction, Machine- Room-Less, & Hydraulic), & End-use Industry and Region - Global Forecast to 2028
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