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The Elevator and Escalator Market Growth experienced significant growth, with an estimated value of USD 85.2 billion in 2022. It is projected to reach a staggering USD 144.21 billion by 2030, exhibiting a remarkable compound annual growth rate (CAGR) of 6.8% during the forecast period from 2023 to 2030.
This substantial expansion in the Elevator and Escalator Market can be attributed to various factors. The increasing urbanization and rapid infrastructure development across the globe have created a surge in demand for efficient vertical transportation systems. As cities continue to expand vertically, the need for elevators and escalators becomes indispensable, facilitating smooth and convenient movement within high-rise buildings.
Furthermore, the growing emphasis on energy efficiency and sustainability has propelled the adoption of advanced technologies in the elevator and escalator industry. Manufacturers are investing in research and development to introduce eco-friendly and energy-efficient solutions, aligning with the global push for greener practices. This shift towards sustainable vertical transportation systems not only reduces energy consumption but also minimizes the carbon footprint, contributing to a more environmentally conscious future.
Moreover, the increasing aging population and the rising number of people with disabilities have further fueled the demand for elevators and escalators. These vertical transportation systems play a crucial role in ensuring accessibility and inclusivity in public spaces, commercial buildings, and residential complexes. As societies strive for inclusivity, the elevator and escalator market continues to witness substantial growth, driven by the need for barrier-free mobility.
Geographically, the market growth is not limited to a specific region. The Asia-Pacific region, in particular, has emerged as a dominant player in the elevator and escalator market, owing to rapid urbanization and infrastructural development in countries like China and India. Additionally, North America and Europe are witnessing significant growth due to the renovation and modernization of existing infrastructure.
In conclusion, the Elevator and Escalator Market is experiencing remarkable growth. This growth is expected to continue as emerging economies invest in urban development and infrastructure projects.
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KEY MARKET SEGMENTATION
By Product
By Business
By Application
Key Players
The major key players are, ThyssenKrupp AG (Cinven, Advent, and RAG Foundation), CT Elevator Pte Ltd, Schindler, KONE CORPORATION, Hitachi, Ltd., HYUNDAI ELEVATOR CO. LTD., Mitsubishi Electric Corporation, Otis Worldwide Corporation, FUJITEC CO., LTD, Toshiba Corporation and others.
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