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How Big is The elevator and escalator market?
The global elevator and escalator market size reached US$ 145.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 203.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.
IMARC Group, a leading market research company, has recently releases report titled “Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global elevators and escalators market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is elevator and escalator?
An elevator refers to an enclosed compartment moved by electric motors that operate traction cables, counterweight systems, and hydraulic fluid to elevate a cylindrical piston. It serves as an efficient vertical transportation solution, effectively utilizing urban space and enabling movement within buildings. Conversely, an escalator serves as a conveyance and moving staircase, transporting individuals from one floor to another within a facility. It consists of a series of interconnected steps driven by a motorized chain, which moves along tracks to maintain a level surface. Elevators and escalators find extensive utilization in offices, mixed blocks, shopping malls, apartments, etc.
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Elevator And Escalator Market Trends and Drivers:
The escalating product demand in residential, commercial, and industrial spaces is primarily driving the elevator and escalator market. Besides this, the emerging trend of modernization and the rising renovation activities in commercial settings, such as offices, shopping malls, airports, hospitals, and hotels, to enhance safety measures and improve aesthetic appeal are further augmenting the market growth. Moreover, the introduction of advanced elevators and escalators, integrated with cutting-edge technologies, including predictive maintenance, big data analytics, the internet of things (IoT), artificial intelligence (AI), Bluetooth, Wi-Fi, and long-term evolution (LTE), that offer faster and more reliable performance, contributing to improved operational efficiency and safety, while reducing energy costs compared to conventional models, is also catalyzing the global market.
Apart from this, the rising urbanization levels, the expanding population and workforce across the globe, and the launch of several policies by the government bodies to invest in the expansion of smart cities are acting as significant growth-inducing factors. Furthermore, the ongoing infrastructural advancements and the extensive research and development (R&D) activities conducted by the leading organizations are anticipated to propel the elevator and escalator market over the forecasted period.
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What is included in market segmentation?
The report has segmented the market into the following categories:
The report has segmented the market on the basis of
Breakup by Type:
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Key highlights of the report:
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
