The Growth of the Elevators and Escalators Market Was Largely Influenced by Contracts & Agreements in the Past Two Years
The global elevators and escalators market size is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026. The elevators & escalators market has been growing in accordance with the construction industry. Factors, such as rapid urbanization, the growing number of high-rise buildings, changing demographics, adoption of energy-efficient products, and continuous development of innovative technologies are driving the demand for elevators & escalators.
A few of the major players are, KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (Republic of Korea/ South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel) among others. These players have adopted various growth strategies, such as mergers & acquisitions, and expansions, to increase their market shares and enhance their product portfolios.
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Otis Elevator is one of the world’s leading elevator and escalator manufacturing, installation, and service company. The company is organized into two segments, New Equipment and Service. Through the New Equipment segment, the company design, manufacture, sell and install a wide range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings and infrastructure projects. The customers include real-estate and building developers and general contractors who develop and/or design buildings for residential, commercial, retail, or mixed-use activity. Europe, the Middle East and & Africa (EMEA), and the Americas account for the largest share of service sales. New equipment sales are higher in the rapidly urbanizing markets of Asia. Its major manufacturing units are in the Americas, Europe, the Middle East & Africa, and Asia Pacific, and its engineering test facilities are in the US, Austria, Brazil, China, the Czech Republic, France, Germany, India, Italy, Japan, Korea, and Spain. It caters to over 200 countries with its diverse products and solutions.
ThyssenKrupp AG engages in the production of steel. It operates through the following segments: components technology, elevator technology, industrial solutions, materials services, and steel Europe. The components technology segment offers components for the automotive, construction, and engineering sectors as well as for wind turbines. The elevator technology segment constructs and modernizes elevators, escalators, moving walks, stair and platform lifts, and passenger boarding bridges and installation. The industrial solutions segment is an international supplier in special and large-scale plant construction as well as naval shipbuilding. The materials services segment distributes materials and provides complex technical services for the production and manufacturing sectors. The steel Europe segment is involved in flat carbon steel activities such as materials solutions and finished parts. The company covers 890 locations in 56 countries.
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