Top 5 Companies in the Elevator and Escalator Market: Key Trends, Growth Prospects and Challenges
RELEASE DATE: Apr 2025 Author: Spherical Insights Request Free Sample
What is Elevator and Escalator Market?
The business devoted to the design, production, installation, upkeep, and upgrading of elevators and escalators used in residential complexes, commercial buildings, shopping malls, airports, and other infrastructure is known as the elevator and escalator market. A vast array of vertical mobility options that provide effective floor-to-floor movement in diverse contexts is included in this market. A vital part of contemporary infrastructure, the elevator and escalator industry enables the effective vertical movement of people and commodities in malls, high-rise buildings, airports, and other establishments. The need for intelligent, energy-efficient solutions, rising demand for high-rise structures, and urbanization are all contributing factors to the industry's rapid growth. The market for escalators and elevators is expanding significantly due to reasons including urbanization, technology breakthroughs, and rising demand for energy-efficient products.
Growth Prospects in the Elevator and Escalator Market
1. Growing Construction Projects and Urbanization
Residential and commercial buildings featuring vertical transportation solutions (elevators and escalators) are becoming more and more in demand as cities continue to grow. In emerging economies in particular, the demand for elevators and escalators is anticipated to be driven by the expansion of high-rise structures and growing populations. There is an increasing need for high-capacity, effective vertical transportation systems due to the growth of skyscrapers and mega-structures in metropolitan regions, especially in cities in the Asia-Pacific, the Middle East, and Latin America.
2. Growing Need for Upgrades and Modernization
The majority of the world's elevators and escalators are getting older, especially in wealthy nations. To fulfill safety, energy efficiency, and technology criteria, these systems must be updated or modernized. This is a major factor driving growth. Particularly in older buildings, building owners and operators are increasingly choosing retrofit projects to improve their escalator and elevator systems. A consistent need for these services is created by updating antiquated systems with the newest technology, such as smart controls, enhanced safety features, and energy-efficient solutions.
Global Expansion of the Elevator and Escalator Market
The global elevator and escalator market size was valued at USD 87.98 billion in 2023 and is projected to be USD 172.55 billion by 2033, exhibiting a CAGR of 6.97% during the forecast period 2021-2030. The top companies in the global elevator and escalator market include, Toshiba Corporation, Fujitec Co. Ltd, Schindler, Hyundai Elevator Co Ltd, SJEC Corporation, Kone Corporation, Otis Worldwide Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, and TK Elevator GmbH and Others.
Challenges in the Elevator and Escalator Market
1. High Costs and Pricing Pressure
Elevators and escalators need substantial upfront expenditures for purchase, installation, and commissioning, especially in high-rise structures. This might be a problem, especially in areas like emerging economies where budgetary restrictions are a big issue. Manufacturers and service providers are always under pressure to reduce prices without sacrificing quality standards as the market has grown more competitive. In addition to their narrow profit margins, businesses are now compelled to make significant investments in efficiency and cost reduction without sacrificing quality or safety.
Trends in the Elevator and Escalator Market
1. Predictive Maintenance and Remote Monitoring
Predictive maintenance solutions are being used more often since they assist in decreasing downtime and anticipate faults. Sensors can assist in preventing expensive repairs and system breakdowns by keeping an eye on the state of important components and warning maintenance teams of any problems before they become significant ones. Real-time performance tracking of escalators and elevators is made possible via remote monitoring for building owners and facilities managers. This increases customer satisfaction by facilitating quicker issue resolution times and increasing the effectiveness of maintenance and servicing.
2. Sustainability and Energy Efficiency
Energy-efficient technologies, especially regenerative motors that record and repurpose energy throughout the elevator's fall, are one of the market's most important developments. The total amount of energy utilized is then decreased by either returning this energy to the grid or using it to power the building. LED lighting in escalators and elevators not only increases energy savings but also improves the systems' appearance. LED lights have a longer lifespan and use less energy, which lowers running expenses.
List of Key Companies in the Elevator and Escalator Market
- Toshiba Corporation
- Fujitec Co. Ltd
- Schindler
- Hyundai Elevator Co Ltd
- SJEC Corporation
- Kone Corporation
- Otis Worldwide Corporation
- Hitachi Ltd
- Mitsubishi Electric Corporation
- TK Elevator GmbH
Top 5 Players in the Elevator and Escalator Market
1. Toshiba Corporation
Headquarters: Minato City, Tokyo, Japan
The Japanese multinational company Toshiba Corporation was established in 1875 and is well-known for being a leader in a number of technology fields, including the escalator and elevator sector. The company's elevator and escalator systems combine state-of-the-art technology, safety features, and energy economy, earning them a reputation for creative problem-solving. Toshiba's contributions to the vertical transportation industry, particularly for large-scale and high-rise projects, have earned it great recognition.
2. Fujitec Co. Ltd
Headquarters: Hikone
Fujitec Co. Ltd, established in 1948 and headquartered in Japan, is one of the leading global manufacturers of elevators, escalators, and related equipment. The company is renowned for its innovative vertical transportation solutions and has a strong presence in both the domestic and international markets. Fujitec has built a reputation for high-quality products, cutting-edge technology, and a commitment to sustainability in the elevator and escalator sector.
3. Schindler Group
Headquarters: Ebikon, Switzerland
Schindler Group, founded in 1874 in Switzerland, is one of the most prominent global manufacturers of elevators, escalators, and moving walkways. With a rich history and a commitment to innovation, Schindler has become a household name in the vertical transportation sector. The company is renowned for delivering high-quality, safe, and efficient solutions for various industries, including residential, commercial, and public infrastructure.
4. Hyundai Elevator Co. Ltd
Headquarters: Seongnam, Gyeonggi Province, South Korea.
Hyundai Elevator Co. Ltd, established in 1984 and headquartered in South Korea, is a leading manufacturer and provider of elevators, escalators, and related equipment. Part of the Hyundai Group, a well-established global conglomerate, Hyundai Elevator has gained significant recognition for its innovative solutions, high-quality products, and commitment to technological advancement in the vertical transportation industry. The company’s elevators and escalators are widely used in residential, commercial, and public infrastructure, both in South Korea and internationally.
5. SJEC Corporation
Headquarters: Hangzhou, Zhejiang Province, China.
Established in 1995, SJEC Corporation is a prominent producer and supplier of escalator and elevator systems, with its headquarters located in Hangzhou, Zhejiang Province, China. The business is renowned for manufacturing top-notch vertical transportation systems, such as moving walkways, escalators, elevators, and associated parts. With its cutting-edge solutions for both home and foreign markets, SJEC has emerged as a major force in the worldwide elevator and escalator business.
Conclusion
The elevator and escalator market is driven by innovation, sustainability, and a commitment to safety. Companies like Toshiba Corporation, Fujitec Co. Ltd, Schindler, Hyundai Elevator Co Ltd, and SJEC Corporation continue to lead the way with technological advancements, eco-friendly solutions, and exceptional service. As urbanization continues to rise globally, these companies are shaping the future of vertical transportation, ensuring that people can move efficiently and safely within modern cities.
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