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Elevator and Escalator Market to Show CAGR of 6.4% by 2028; Mitsubishi Electric to Strengthen Business Prospects in Asia Pacific

September 07, 2021 | Machinery & Equipment

The global elevator and escalator market size was USD 77.82 billion in 2020. The market is projected to grow from USD 79.7 billion in 2021 to USD 122.83 billion in 2028 at a CAGR of 6.4% in the 2021-2028 period.

This information is published by Fortune Business Insights™ 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, 2021-2028.” According to our expert analysts, the rising emphasis of producers as well as manufacturers in offering products with enhanced protection is anticipated to lead in the growth of the market.

Sudden Shutdown of Production Facilities to Restrain Latent Market Improvements

The COVID-19 pandemic outbreak formed an unparalleled and complicated health emergency across the world as a security measure majority of the important countries enforced a stringent and exponential countrywide lockdown limiting the monetary happenings within the region.

Moreover, the unexpected termination had a hard-hitting influence in labor concentrated and extremely unstable construction sector, which also declined novel construction and reconstruction doings, hindering the sales and progressions of this market.

To get a detailed report summary and research scope of this market, click here:


KONE Elevator India Launches iREFRESH

KONE Elevator India, which is a dominating elevator and escalator producer and a completely-owned subordinate of Finland-grounded KONE Corporation, has presented all novel and thrilling proposals in its KONE I MonoSpace and KONE I MiniSpaceTM sequence to fulfill the appealing budding requirements of the industry. The five components design theme in its ‘i’ chain has been refilled with numerous enchanting material finishes. These lifts come in themes that are renewed and energetic, depicting the five elements of nature: 

  • SunGlow (Fire)

  • DewDrop (Water) 

  • SandStone (Earth)

  • CoolBreeze (Air)

  • MilkyWay (Space)

Such new launches by key players would propel the demand for elevator and escalator.

Energy-efficient Elevator and Escalator to Result in Growth of Market

Elevators represent 2% to 7% of the total energy consumed in the whole building and have a significant scope of improvement regarding energy consumption. Thus, manufacturers are focusing on the development of energy-efficient elevators. These lifts use less energy with the help of improved hardware, controls and offer improved compactness. In addition, the surge in government initiatives to save energy is further expected to result in the growth of the market.

Competitive Landscape

Chief Companies are Fixating on Reinforcing their Offerings

Key players are embracing the strategy of acquisition of small local players so as to fortify their service offerings, as well as develop their domestic occurrence. Furthermore, the development in technologies and determined research is leading to the development of unique elevator and escalator.

Industry Development

  • October 2020: Mitsubishi Electric is determined to strengthen its assertions on an extensive collection of customer base set in the Asia Pacific region, which presently is the leading market across the world.

List of Key Players Covered in this Market Report

  • thyssenkrupp AG (Cinven, Advent and RAG foundation) (Essen, Germany)

  • United Technologies (Massachusetts, United States)

  • Schindler (Ebikon, Switzerland)

  • KONE CORPORATION (Espoo, Finland)

  • Hitachi, Ltd. (Tokyo, Japan)

  • HYUNDAI ELEVATOR CO., LTD. (Gyeonggi-do, South Korea)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Johnson Elevator Co., Ltd. (Jiangsu, China)

  • FUJITEC CO., LTD (Tokyo, Japan)

  • Toshiba Corporation (Tokyo, Japan)

Further Findings

  • The escalators segment is expected to be the fastest-growing segment in the market. It held 29.0% and 26.0% in 2020 in terms of share globally and the Indian market, respectively.

  • Asia Pacific dominates the market and holds the maximum escalator and elevator market share owing to the surging requirement for development from key countries of this region, such as India and Southeast Asia. The region stood at USD 39.35 billion in 2020.

Table of Segmentation



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD billion)


  Product, Business, Application and Region

By Product

  • Elevators

  • Escalators

  • Moving Walkway

By Business

  • New Equipment

  • Maintenance

  • Modernization

By Application

  • Residential

  • Commercial

  • Industrial

By Region

  • North America (By Product, Business, Application, and Country)

    • U.S. (By Product)

    • Canada (By Product)

  • Europe (By Product, Business, Application, and Country)

    • Germany (By Product)

    • U.K. (By Product)

    • France (By Product)

    • Rest of Europe

  • Asia Pacific (By Product, Business, Application, and Country)

    • China (By Product)

    • India (By Product)

    • Japan (By Product)

    • Rest of Asia Pacific

  • The Middle East & Africa (By Product, Business, Application, and Country)

    • GCC (By Product)

    • South Africa (By Product)

    • Rest of the Middle East & Africa

  • Latin America (By Product, Business, Application, and Country)

    • Brazil (By Product)

    • Mexico (By Product)

    • Rest of Latin America

Escalator and Elevator Market
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  • 2017-2019
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