The elevators & escalators market size was valued at USD 153.3 Billion in 2023 and is expected to reach a market size of USD 272.2 Billion by 2032 at a CAGR of 6.6%.
Fort Collins, Colorado, April 27, 2024 (GLOBE NEWSWIRE) --
The growing use of elevators & escalators is majorly driven by their aesthetic appeal and benefits.
The demand for elevators and escalators is rising, fueled by their functional benefits and aesthetic appeal in various settings. Elevators facilitate vertical movement within buildings, while escalators provide convenient horizontal and vertical transportation. This is particularly beneficial for individuals with mobility issues or those who cannot navigate stairs easily.
The elevators and escalators market is a significant sector within the construction and building equipment industry. It encompasses various elevators, including hydraulic, traction, machine room-less, and escalators, such as parallel, multi-parallel, and walkways. These systems find applications in multiple settings, including residential buildings, commercial spaces, retail stores, hotels, airports, metros, and other public areas.
Innovations in the sector drive the adoption of energy-efficient and smart elevators, which leverage Internet of Things (IoT) technology for enhanced performance and predictive maintenance. Customization options and improved design aesthetics are gaining traction, allowing for tailored solutions that meet specific user needs and architectural requirements.
The elevators and escalators market is poised for steady growth, propelled by urbanization, infrastructure development, and ongoing technological advancements. As cities expand and modernize, the demand for efficient vertical and horizontal transportation solutions will remain robust, driving further innovation and investment in the sector.
Request Sample Report:
Segmentation Overview:
The elevators & escalators market has been segmented into elevator technology, type, service, end-use, and region.
Elevators account for a significant market share in the forecast period.
The commercial segment registered substantial growth in 2023 and is projected to attain more exposure in the coming years.
Ask For Discount
Elevators & Escalators Market Report Highlights:
Looking Exclusively For Region/Country Specific Report?
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
Micro Irrigation and Mechanized Systems Market
Middle East Feeder and Distribution Pillar Market
Non-Destructive Testing (NDT) Market
Oil-Free Air Compressors Market
CONTACT: Mail: sales@datahorizzonresearch.com Ph: +1-970-672-0390 Website: https://www.datahorizzonresearch.com