Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 161.99 Billion | USD 304.07 Billion | 6.5% | 2024 |
FrequentlyAsked Questions
Elevators and escalators are mechanical systems used for vertical and inclined transportation within buildings. Elevators move people or goods between floors using a cab and lifting mechanism, while escalators are moving staircases that transport people up or down continuously.
The global elevators and escalators market is expected to grow due to rising construction of high-rise buildings, and the growing demand for accessibility and efficient vertical transportation in both residential and commercial sectors.
According to a study, the global elevators and escalators market size was worth around USD 161.99 Billion in 2024 and is expected to reach USD 304.07 Billion by 2034.
The global elevators and escalators market is expected to grow at a CAGR of 6.5% during the forecast period.
Asia-Pacific is expected to dominate the elevators and escalators market over the forecast period.
Leading players in the global elevators and escalators market include Hitachi Ltd, KONE Corporation, Thyssenkrupp AG, Otis Elevator, Schindler Group, Toshiba Corporation, FUJITEC CO LTD, Johnson Elevator Co Ltd, Mitsubishi Electric Corporation, and HYUNDAIELEVATOR CO LTD, among others.
The report explores crucial aspects of the elevators and escalators market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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