Market Summary

The global electric elevator and escalator market attained a size of USD 84 billion in 2022, and it is projected to reach USD 154.43 billion by 2032, displaying a rapid and robust revenue compound annual growth rate (CAGR) of 7% during the forecast period. This growth is primarily driven by several significant factors, including increasing urbanization, a growing demand for efficient and comfortable vertical transportation systems, and the integration of advanced technology within the construction industry.

The swift migration of the global population to urban areas has led to a heightened need for vertical transit solutions such as elevators and escalators. Consumers are increasingly drawn to electric elevators and escalators because of their energy-efficient and environmentally friendly attributes. This trend is encouraging manufacturers to innovate and develop technologically advanced electric elevators and escalators.

Furthermore, a strong focus on safety and security is another pivotal factor propelling the market's revenue growth. Consumers prioritize advanced features like emergency stop buttons, fire protection systems, and interlocking doors in these electric elevator and escalator systems. The adoption of these systems is expected to rise as smart and interconnected elevators and escalators, equipped with cutting-edge security features such as biometric authentication, facial recognition, and Closed Circuit Television (CCTV) surveillance, become more prevalent in the market.

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Some Key Highlights from the Report:

• In 2021, the elevator segment held a significantly substantial share of the total revenue. Elevators play a vital role in high-rise buildings, facilitating the movement of people and goods between different floors. The increasing pace of urbanization, particularly in developing economies, and the proliferation of tall structures are the primary drivers behind the growing demand for elevators. Furthermore, advancements in elevator design and construction have enhanced safety and efficiency, further fueling the demand for elevators.
• The commercial sector dominated the market in 2021, driven by increased demand across various industries such as healthcare, hospitality, retail, and transportation. In commercial settings like offices and shopping malls, there is a need for high-capacity elevators and escalators capable of efficiently and comfortably transporting a large number of passengers. The rising trend of smart cities and sustainable construction practices has boosted the demand for energy-efficient and environmentally friendly electric elevators and escalators in commercial spaces.
• The Asia Pacific region is expected to lead in terms of revenue share in the electric elevator and escalator market during the forecast period. The region's rapid urbanization and expanding infrastructure, particularly in countries like China and India, are key drivers of market growth. The demand for efficient and safe vertical transportation systems in commercial and residential buildings, hospitals, airports, and hotels is on the rise in this region. Additionally, technological advancements and innovations in electric escalators and elevators are expected to drive demand in the Asia Pacific.

• Several prominent players are profiled in the global electric elevator and escalator market, including Otis Elevator Company, Schindler Group, KONE Corporation, ThyssenKrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Fujitec Co. Ltd., Hyundai Elevator Co. Ltd., Hitachi, Ltd., Johnson Lifts Pvt. Ltd., and Kleemann Hellas SA.
• In 2021, KONE Corporation announced its plans to acquire the service and repair division of Ascenseurs Maroc, Morocco's leading elevator and escalator manufacturer. This acquisition is expected to strengthen KONE's service and maintenance capabilities in the North African market.
• ThyssenKrupp AG introduced the "MULTI" elevator system in 2020, which employs magnetic levitation technology to move elevators both vertically and horizontally. This innovation aims to enhance building efficiency and alleviate urban congestion.
• Otis Elevator Company unveiled the "Gen2 Life" elevator system in 2021, featuring a new and more efficient design along with enhanced safety features. The system is designed to reduce energy consumption while improving the passenger experience.
• Schindler Group introduced the "Schindler 1000" elevator system in 2020, featuring a modular architecture for easy installation and modification. The system incorporates extensive safety measures and prioritizes energy efficiency.

Strategic Developments

• In 2021, KONE Corporation revealed its intentions to acquire the service and maintenance division of Ascenseurs Maroc, a prominent elevator and escalator company in Morocco. This strategic acquisition is poised to enhance KONE's capabilities in servicing and maintaining elevators and escalators in the North African market.
• In 2020, ThyssenKrupp AG announced the creation of the "MULTI" elevator system, which employs magnetic levitation technology to enable elevators to move both vertically and horizontally. This groundbreaking technology is designed to enhance building efficiency and alleviate congestion in urban areas.
• Also in 2020, Otis Elevator Company unveiled plans for a merger with United Technologies Corporation, resulting in the formation of a new entity named Raytheon Technologies Corporation. The merger was aimed at bolstering the company's competitiveness and expanding its market share within the global electric elevator and escalator market.
• In 2019, Mitsubishi Electric Corporation disclosed its intention to acquire ICONICS, Inc., a U.S.-based software company specializing in automation solutions. This acquisition was intended to reinforce Mitsubishi Electric's capabilities in digital transformation within the elevator and escalator market.
• Similarly, in 2019, Schindler Group announced a partnership with Huawei Technologies Co. Ltd. with the goal of jointly developing smart elevators and escalators. This collaboration sought to combine Schindler's expertise in elevator and escalator technology with Huawei's proficiency in digital technologies to create innovative solutions for smart buildings.

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Key Players

The worldwide market for electric elevators and escalators is characterized by intense competition, with several prominent large and medium-sized companies collectively holding a substantial portion of the market's revenue. These key players in the global electric elevator and escalator market are employing diverse strategies, including mergers and acquisitions, strategic agreements and contracts, and the development and introduction of more advanced and efficient products. Among the major companies operating in the global electric elevator and escalator market are:

• Otis Elevator Company
• Schindler Group
• KONE Corporation
• ThyssenKrupp AG
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Fujitec Co. Ltd.
• Hyundai Elevator Co. Ltd.
• Hitachi, Ltd.
• Johnson Lifts Pvt. Ltd.
• Kleemann Hellas SA

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