LONDON–(BUSINESS WIRE)–The global elevator and escalator market size is expected to grow by 138.41 thousand units as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 3%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on “Elevator and Escalator Market Analysis Report by Product (Elevators and Escalators) and Geographic Landscape (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024”.
The market is driven by the increasing demand for smart elevators. In addition, the adoption of IoT enables real-time monitoring, which is anticipated to boost the growth of the Elevator and Escalator Market.
The rapidly growing popularity of smart elevators is expected to be a key growth factor for the global elevator and escalator market. Smart elevators utilize different sensors to recognize the ongoing activity of various components in the system. This data from the sensors is validated and sent to an application, which processes the data in real-time for various benefits. Major vendors, such as KONE and Otis Elevator, are partnering with technology giants such as Apple, IBM, and Microsoft, to improve their product offerings. Destination dispatch technology and security automation and control systems are some of the features of smart elevators.
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Major Five Elevator and Escalator Companies:
Fuji Electric Co. Ltd.
Fuji Electric Co. Ltd. has business operations under various segments such as power electronics systems, power and new energy, electronic devices, food and beverage distribution. The company offers elevators and escalators for various end-user industries.
Hitachi Ltd. operates its business through various segments such as information and telecommunication systems, social infrastructure and industrial systems, electronic systems and equipment, automotive systems, high function materials and components, construction machinery, and smart life and eco-friendly systems. The company offers elevators and escalators for various end-user industries.
KÖHLER Elevator GmbH
KÖHLER Elevator GmbH has business operations under three segments: elevators, escalators, and passenger conveyors. The company offers elevators and escalators for various end-user industries.
KONE Corp. operates its business through two segments: new equipment sales and service sales. The company offers elevators and escalators for various end-user industries.
Mitsubishi Electric Corp.
Mitsubishi Electric Corp. has business operations under various segments such as energy and electric systems, industrial automation systems, information and communication systems, and home appliances. The company offers elevators and escalators for various end-user industries.
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Elevator And Escalator Market Product Outlook (Revenue, K units, 2020-2024)
- Elevators – size and forecast 2019-2024
- Escalators – size and forecast 2019-2024
Elevator And Escalator Market Regional Outlook (Revenue, K units, 2020-2024)
- APAC – size and forecast 2019-2024
- Europe – size and forecast 2019-2024
- MEA – size and forecast 2019-2024
- North America – size and forecast 2019-2024
- South America – size and forecast 2019-2024
- Key leading countries
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