A comprehensive industry overview and market perspective are included in the latest study from MarkNtel Advisors titled Global Elevator and Escalator Market. The research provides a detailed overview of the current market state, including market trends and the most recent advancements made globally. In-depth analysis of market size, share, industry trends, forecast, and competitive environment is covered in the report that presents clear picture of the market with relevant statistical data.

The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.

Global Elevator and Escalator Market Definition:

Escalators are moving staircases designed to carry people between two successive floors of a building or structure. Escalators typically consist of interlocking steps, that are powered by an electric motor and a system of chains and gears that enables easy movement of steps in an escalator. This entire mechanism is contained in a set of trusses that connects the floors.

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Global Elevator and Escalator Market Insights:

The Global Elevator and Escalator Market is projected to grow at a CAGR of around 6.0% during the forecast period, i.e., 2023-28.

Global Elevator and Escalator Market Growth Opportunities:

Energy-Efficient Elevators and Escalators Present Lucrative Prospects -  Elevators' energy consumption accounts for around 2% to 7% of the total energy consumption of the whole building. Thus, minimizing this energy loss remains a challenge to manufacturers. In a bid to tackle this, leading brands in the market are bringing their focus to developing energy-efficient elevators. Since governments worldwide are already emphasizing the usage of products leaving minimal carbon footprints, energy-efficient elevators and escalators are likely to provide lucrative opportunities for manufacturers in the coming years. For instance,

In October 2022, EOX, a new energy-saving and natively digital elevator platform, was launched by TK Elevator. With its new eco-mode, weight-optimized design, and regenerative drive technology, the EOX requires 28% less energy than its conventional counterparts.

Global Elevator and Escalator Market Leading Key Players:

Canny Elevator Company Ltd., Fujitec Co Ltd, Hitachi, Ltd., Hyundai Elevator Co., Ltd., Kone Oyj, Mitsubishi Electric Corporation, Orona S.Coop., Otis Worldwide Corporation, Schindler Holding Ltd., ThyssenKrupp Elevator AG, Toshiba Elevator and Building Systems Corporation, Others.

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Global Elevator and Escalator Market Segmentation:

Based on Type

- Elevator

-- Traction

-- Hydraulic

-- Machine Room less

- Escalator

-- Moving Walkway

-- Moving Stairs

Based on Service

- New Installation

- Modernization

- Maintenance

Based on End User

- Residential

- Commercial

- Retail

- Health Care

- Hospitality

- Government & Transportation

- Others

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Global Elevator and Escalator Market Geographical Analysis

By Region

- North America

- Europe

- Asia-Pacific

- South America

- Middle East & Africa

Recent Development of Global Elevator and Escalator Market:

In September 2022, Hitachi Building Systems and Hitachi Lift India, a subsidiary of Hitachi Ltd., received an order for 40 units of high-speed elevators from Unity Group for the first time for their super-luxurious residential complex ‘The Amaryllis’ phase 2 in Delhi, India.

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