The global escalators market size was valued at $11,782.4 million in 2020, and is projected to reach $19,116.6 million by 2030, registering a CAGR of 4.5% from 2021 to 2030. Escalators are moving staircases, that carry people between two successive floors of a building or structure. Escalators typically consist of interlocking steps, that are powered by an electric motor. A system of chains and gears enables easy movement of steps in an escalator. This entire mechanism is contained in a set of trusses that connects the floors.
The urbanization rate across the globe has witnessed a significant demand, owing to higher employment and educational opportunities in urban regions. This increase in urban population has fueled the demand for commercial and institutional buildings. The size of commercial buildings, in terms of square footage of commercial building has also increased to accommodate more people. This has increased the importance of vertical transit systems for smooth function of buildings. These factors have positively influenced the escalators market, as escalators enable continuous movement of people from one floor to another. Furthermore, to tackle problems of traffic congestions, many governments across the globe are focused on development of efficient metro rail systems, thereby propelling the demand for market. In addition, the rise in purchasing power of masses in developing countries, has significantly increased the number of shopping malls. Escalators can be installed within the same space as staircases and have less noise and vibration levels. These technical advantages, further increase the use of escalators market.
According to the Department of Economic and Social Affairs, United Nations, the global population living in urban areas is anticipated to reach 68% by 2050, up from 55% in 2018. This is expected to add an estimated 2.5 billion people to urban areas by 2050. This increase in urban population, will create a demand for increased commercial space, thereby driving the growth of the escalator market. Furthermore, developing countries across the globe have increased investments in subway and metro projects. For instance, as of 2020, India has over 1000 kms of metro rail network under construction and network of subways in China reached over 6000 kms in 2019. India is also constructing 21 Greenfield airports under the UDAN scheme. The development of such public transport projects significantly increases the demand for escalators, as they enable continuous people movement. In addition, Emaar Properties, which is an international real estate development company based in UAE, is set to develop a 500,000 sq. ft. shopping mall in Srinagar, Indian. Such developments of commercial spaces also drives the growth of escalator market. However, requirement of frequent maintenance and high energy consumption are factors that restrain of the escalators market growth.
By End User
Commercial segment held a majority share of the market in 2020
The novel coronavirus (COVID-19) has rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic has negatively affected the development of commercial real estate in many parts across the globe. Furthermore, the negative economic impact of COVID-19 has halted many public transportation projects. However, the number of COVID-19 cases are expected to reduce in the near future as the vaccine for COVID-19 is introduced in the market. This has increased the requirement of commercial spaces, thereby boosting the construction industry. This will help the market to recover by the start of 2022. Post COVID-19, escalator manufacturers are expected to focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
Furthermore, technological advancements have enhanced the safety and power efficiency of escalators, thereby increasing its popularity. For instance, features including auto start and stop significantly reduce power consumption. In addition, major players in the market are increasing their footprint by improving their escalator manufacturing and installation capacity.
By Component
Parallel escalators is expected to hold a majority share of the market throughout the study period
The escalators market is segmented on the basis of type, industry vertical, solutions and region. By type, the market is categorized into parallel, multi-parallel, walkway, and others. On the basis of industry vertical, it is categorized into commercial, public transit, and others. By solutions, the market is categorized as new installation, maintenance & repair and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to increase in population, urbanization, and industries.
Competition Analysis
Key companies profiled in the escalators market report include Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, Omega Elevators, OTIS Worldwide Corporation, Schindler, TK Elevator and Toshiba Corporation.
By Region
Asia-Pacific held a dominant position in 2020 and would continue to grow at a significant CAGR during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging escalators market trends and dynamics.
- In-depth escalators market analysis is conducted by constructing market estimations for key market segments between 2021 and 2030.
- Extensive of the escalators market share and analysis is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global escalators market forecast analysis from 2021 to 2030 is included in the report.
- The key players within escalator market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the escalators industry.
Escalators Market Report Highlights
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Analyst Review
The escalators market has witnessed significant growth in past few years, owing to growth of the commercial real estate industry and increase in investments in public transport projects.
The rise in demand for commercial spaces in urban areas, fueled by growing population and rapid urbanization results in rapid development of commercial buildings. Furthermore, the increase in purchasing power of people in developing countries fuels the development of shopping malls and large retail outlets. Thereby propelling the escalators market. In additions, advantages, such as continuous movement of people and low noise and vibration levels of escalators, further increase its desirability in commercial projects.
Moreover, supportive government initiatives for expansion of public transport systems, such as metro rails and airports create a demand for efficient vertical transit systems. Thereby providing lucrative opportunities for the growth of the escalators market.
The global escalator market size was $ 11.8 billion in 2020 and is projected to reach $19.1 billion in 2030, growing at a CAGR of 4.5% from 2021 to 2030.
The forecast period considered for the escalator market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
The base year considered in the escalator market is 2020.
The report for global escalator market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.
On the basis of components, the controller segment is expected to be the most influencing segment.
Based on the end user, in 2020, the commercial segment generated the highest revenue, accounting for nearly half of the market, and is projected to grow at a CAGR of 4.1% from 2021 to 2030.
The report contains an exclusive company profile section, where leading 25 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue).
The market value of global escalator market is $12.9 billion in 2021.
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