Europe Elevator and Escalator Market Insights Forecasts to 2032

• The Europe Elevator and Escalator Market Size was valued at USD XX million in 2022.
• The market is growing at a CAGR of 5.1% from 2022 to 2032
• The Europe Elevator and Escalator Market Size is expected to reach USD XX million by 2032

The Europe Elevator and Escalator Market size was valued at USD XX million in 2022. The Europe Elevator and Escalator Market is projected to exceed USD XX million by 2032, growing at a CAGR of 5.1% from 2022 to 2032. The growing emphasis on high-rise building development, the growing need to reduce energy consumption in buildings, and the increasing migration of a large population are all major growth drivers for the European lift and escalator market.    

Market Overview

The Europe Elevator and Escalator Market is a thriving and dynamic industry that includes the design, manufacture, installation, and maintenance of lifts and escalators in various European countries. Elevators and escalators are essential components of modern urban infrastructure, facilitating smooth vertical transportation in high-rise buildings, public spaces, transportation hubs and commercial complexes. Several factors have contributed to the market's rapid growth in recent years. To begin with, rapid urbanization and the construction of tall buildings in major European cities has increased demand for vertical transportation solutions. Second, the growing emphasis on energy-efficient and technologically advanced elevator and escalator systems has fueled industry innovation and investment. Government regulations aimed at improving safety standards, as well as the incorporation of smart technologies, have also had an impact on the market's growth trajectory. As a result, to meet the changing needs of customers, leading elevator and escalator manufacturers are constantly introducing innovative products with enhanced safety features, eco-friendly operations and IoT connectivity.

Report Coverage

This research report categorizes the market for Europe elevator and escalator market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe elevator and escalator market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Europe elevator and escalator market.

Driving Factors

Rapid urbanization has resulted in an increase in high-rise buildings, commercial complexes, and transportation hubs in major European cities. As a result, demand for elevators and escalators has increased in densely populated urban areas in order to provide efficient vertical transportation solutions. Elevator and escalator technology advancements have transformed the industry by introducing features such as energy-efficient systems, smart controls, destination dispatching, and predictive maintenance. The integration of the Internet of Things (IoT) and artificial intelligence has also improved safety, performance, and convenience, propelling the market forward. The growth of the European real estate and construction sectors has a direct impact on the elevator and escalator market. Vertical transport systems are in high demand as new buildings are built and existing ones are renovated.

Restraining Factors

Economic fluctuations and uncertainties can have an impact on the construction and real estate industries, which rely heavily on elevators and escalators. Construction projects may be delayed or cancelled during economic downturns or recessions, resulting in lower demand for vertical transportation systems.

Market Segment 

The Europe Elevator and Escalator Market share is segmented into type and technology.

• The elevator segment is expected to dominate the largest share of the Europe elevator and escalator market during the forecast period.       

The Europe elevator and escalator market is divided by type into elevator, escalator, and moving walkways. Among these, the elevator segment is expected to dominate the largest share of the Europe elevator and escalator market during the forecast period. Elevators have a wider range of applications, including residential and commercial buildings, which contributes to their increased market demand. Furthermore, the region's demand for lifts has been boosted by the ongoing trend of urbanization, increased construction of high-rise buildings, and the need for efficient vertical transportation solutions.      

• The machine room-less traction elevator segment is expected to hold the largest share of the Europe elevator and escalator market during the forecast period.       

Based on the technology, the Europe elevator and escalator market is classified into tractor elevator, machine room-less traction elevator, and hydraulic. Among these, the machine room-less traction elevator segment is expected to hold the largest share of the Europe elevator and escalator market during the forecast period. MRL elevators have grown in popularity as a result of their space-saving design, increased energy efficiency, and modern features, making them a popular choice for new construction and building renovations.        

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Europe elevator and escalator market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. 

List of Key Companies

• KONE Corporation
• Sigma Elevator Company
• Otis Elevator Company
• United Technologies
• Schindler
• Mitsubishi Electric Corporation
• ThyssenKrupp AG
• FUJITEC
• Hitachi Ltd
• Hyundai Elevator Co., Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the Europe Elevator and Escalator Market based on the below-mentioned segments:

Europe Elevator and Escalator Market, By Type

• Elevator
• Escalator
• Moving Walkways

Europe Elevator and Escalator Market, By Technology

• Tractor Elevator
• Machine Room-less Traction Elevator
• Hydraulic

Europe Elevator and Escalator Market, By End User

• Residential
• Commercial
• Institutional Infrastructure

Europe Elevator and Escalator Market, By Country

• Germany
• UK
• Italy
• France
• Spain
• the Netherlands
• Rest of Europe