DUBLIN–(BUSINESS WIRE)–The report “Global Elevator and Escalator Market Report 2022” has been added to from ResearchAndMarkets.com offer.
The global elevator and escalator market is expected to grow from $92.50 billion in 2021 to $101.31 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The elevators and escalators market is expected to reach $135.57 billion by 2026 at a CAGR of 7.6%.
Asia-Pacific was the largest region in the elevators and escalators market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period. Regions covered in the Elevator and Escalator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
Rising infrastructure investment is expected to propel the growth of the elevators and escalators market in the future. Infrastructure refers to the construction of real assets such as bridges, roads, and buildings. With the increase in the height of buildings, the need for elevators and escalators has also increased, in order to save time and ensure people’s efficiency.
For example, in November 2021, according to the Indian Brand Equity Foundation, an Indian government agency, the central government had allocated $1.89 billion in the union budget for infrastructure development. In addition, the Indian Parliament passed a bill to establish the National Bank for Infrastructure and Development Finance (NaBFID) to finance infrastructure projects in India, and a 13% share of total inflows of FDI worth $81.72 billion has been allocated to infrastructure development. Activities. Hence, increasing infrastructure investment is driving the growth of elevator and escalator markets.
Product innovations are a key trend gaining popularity in the elevator and escalator market. Major companies operating in the elevator and escalator industry are focusing on developing breakthrough digital connected technology to maintain their market position. For example, in March 2021, KONE Elevator, an Indian elevator manufacturing company, launched digitally connected KONE DX-class elevators, which redefined the elevator experience.
KONE DX Class helps customers use additional software and services for elevators throughout the life of a building. Using open application programming interfaces (APIs) makes it easier to manage and integrate different devices, applications, and services with new and existing systems.
In October 2020, Hitachi, Ltd., a Japan-based elevator and escalator manufacturer, acquired Yungtay Engineering for US$100.86 million (TWD 3 billion). With this acquisition, Hitachi accelerates the global expansion of its business and also develops new installation units through product improvement and cost competitiveness, and improves profitability through increased maintenance units in China and Asia. Yungtay is a Taiwan-based company that manufactures elevators and escalators.
1) By product: elevators; escalators; Conveyor belt
2) By company: new equipment; Maintenance; Modernization
3) By lift technology: Traction lift; Traction elevator without machine room; Hydraulic
4) Per end user: Residential; Commercial; Institutional; Infrastructure; Other end users
Main topics covered:
2. Characteristics of the elevators and escalators market
3. Elevator and Escalator Market Trends and Strategies
4. Impact of COVID-19 on elevators and escalators
5. Elevator and Escalator Market Size and Growth
6. Elevator and Escalator Market Segmentation
7. Regional and Country Analysis of the Elevators and Escalators Market
8. Asia-Pacific Elevator and Escalator Market
9. China elevator and escalator market
10. India Elevator and Escalator Market
11. Japan elevator and escalator market
12. Australia Elevator and Escalator Market
13. Indonesia Elevator and Escalator Market
14. South Korea Elevator and Escalator Market
15. Western Europe Elevator and Escalator Market
16. UK lift and escalator market
17. German elevators and escalators market
18. France elevators and escalators market
19. Eastern Europe Elevator and Escalator Market
20. Russian elevator and escalator market
21. North America Elevator and Escalator Market
22. US Elevator and Escalator Market
23. South America Elevator and Escalator Market
24. Brazil elevators and escalators market
25. Middle East Elevator and Escalator Market
26. Africa Elevators and Escalators Market
27. Elevator and Escalator Market Competitive Landscape and Company Profiles
28. Key Mergers and Acquisitions in the Elevator and Escalator Market
29. Elevator and Escalator Market Future Prospects and Potential Analysis
Schindler Holding AG
Mitsubishi Electric Corporation
Yuanda China Hldgs
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