Elevators and Escalators Market Trends - Industry Analysis - 2023

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The increasing urbanization, demographic changes, and growing concern for safety are the key growth drivers for the global elevators and escalators market. The booming construction industry is providing growth opportunities for the market during the forecast period. The maintenance and modernization segment in the global elevators and escalators market is also expected to grow during the forecast period, owing to the related legislations in different regions.

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Elevators are used to move people and goods between different levels or floors in any building. Escalator on the other hand is a moving staircase, consisting of a circulating belt of steps which conveys people between floors in a public building.

The demand for elevators and escalators is also expected to up surge in the Middle-East during the forecast period. The market for maintenance and modernization of elevators and escalators in the developed countries is expected to surge, due to their ageing infrastructure and requirement for up-gradation.

The up-surge in urbanization is leading to increasing numbers of modern retail and metro train stations, which is expected to significantly boost the market growth of elevators and escalators. The increased buying power of middle class population is promoting the demand for more spacious and better-equipped apartments globally.

Approximately 40% of the global energy is consumed by buildings. The energy consumption by elevators and escalators in a building varies between 2% – 10%, which necessitates the need of an efficient mobility solution between floors.

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The market for new equipment is consolidated, whereas it is fragmented in case of maintenance and modernization. The maintenance services are provided by the new equipment suppliers, as well as small and medium-sized local players.

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