Elevator and Escalator Market to Expand at 7.0% CAGR over 2023 to 2030; Otis India Launched the Ambiance Range to Gain Strong Competitive Edge

The global elevator and escalator market size stood at USD 83.86 billion in 2022. The market value is slated to rise from USD 88.59 billion in 2023 to USD 142.52 billion by 2030 at a CAGR of 7.0% during 2023-2030. The surge is impelled by the rising focus of manufacturers in providing products with enhanced safety. The products are being installed in industrial, commercial, and residential spaces.

Fortune Business Insights™ presents this information in its report titled “Elevator and Escalator Market Size, Share &  COVID-19 Impact Analysis, By Product (Elevators, Escalators, and Moving Walkway), By Business (New Equipment, Maintenance, and Modernization), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2023-2030”.

Closure of Manufacturing Facilities Impacted Industry Expansion amid COVID-19 Pandemic

The coronavirus pandemic resulted in a decline in new construction and modernization activities. The period also led to the closure of manufacturing units, affecting product sales to some extent. Additional factors which affected industry expansion constituted a decrease in cash liquidity and uncertainty in public investments.

Otis India Rolls Out New Elevator Aesthetics Range ‘Ambiance’ to Strengthen Industry Footing

In February 2022, Otis India introduced its Ambiance elevator cab aesthetic range for Gen2 elevators. Particularly designed for Otis, the new range will be manufactured at the Otis India Bengaluru factory.

The range offers a choice of two design variants and four themes. Some of its distinct elements include curved side cornices, accent panels, sleek fixtures, and full-length recessed vertical lighting for diffused illumination on car walls.

Market Value to Surge on Account of Growing Preference for Energy-efficient Elevators

The global elevator and escalator market growth is being propelled by the growing emphasis on the deployment of energy-efficient equipment. Therefore, manufacturers are more inclined toward their production. Owing to enhanced hardware controls, these elevators deploy less energy and offer enhanced compactness.

However, rising concerns regarding elevator accidents and resulting casualties may hamper industry expansion for elevator and escalator to some extent.

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https://www.fortunebusinessinsights.com/industry-reports/elevator-and-escalator-market-100301

Leading Market Players Strike Collaborations to Increase their Geographical Footprints

Major companies are entering partnerships and forging collaborations for the expansion of their geographical footprints. Besides, in a bid to strengthen industry positions, these companies are also developing and launching new products. Some of the other initiatives comprise an increase in research activities.

Key Players Profiled in the Report:

• thyssenkrupp AG (Cinven, Advent and RAG Foundation) (Germany)


• CT Elevator Pte Ltd (Singapore)


• Schindler (Switzerland)


• KONE CORPORATION (Finland)


• Hitachi, Ltd. (Japan)


• HYUNDAI ELEVATOR CO. LTD. (South Korea)


• Mitsubishi Electric Corporation (Japan)


• Otis Worldwide Corporation (U.S.)


• FUJITEC CO., LTD (Japan)


• Toshiba Corporation (Japan)

Notable Industry Development

• February 2023 – Hyundai Elevator launched 1,100 elevators equipped with new AI prediction technology. This technology helped in reducing the number of stoppages and time by 43%.

Further Report Findings

• The Asia Pacific market share holds a dominating position in the global market and is expected to depict notable expansion over the projected period. The surge is on account of the rising development of high-rise buildings in China.


• The Europe market is anticipated to exhibit substantial growth throughout the analysis period. The expansion is driven by the growing development and renovation of high-rise buildings in the region.


• Based on product, the market is categorized into moving walkway, elevators, and escalators. The escalators segment is expected to record substantial growth over the study period. The upsurge is impelled by the surging product demand from commercial parks, shopping malls, and others.


• On the basis of business, the market is classified into new equipment, maintenance, and modernization. The new equipment segment is estimated to record lucrative expansion throughout the projected period. The expansion is propelled by an increase in construction activities across various regions.


• On the basis of application, the market is segmented into residential, commercial, and industrial. The residential segment is poised to expand at a remarkable CAGR over the projected period. The rise is due to the escalating shift toward safety, eco-efficiency, and flexible design.

Table of Segmentation