What is Global Passenger Elevators Market?
The Global Passenger Elevators Market is a vast and dynamic sector that encompasses a wide range of products and services. It refers to the global market for passenger elevators, which are mechanical devices used for transporting people between floors or levels in buildings. This market is not confined to a specific region or country, but spans across the globe, with various manufacturers, suppliers, and service providers operating in this space. The market dynamics are influenced by a variety of factors such as technological advancements, changing consumer preferences, regulatory policies, and economic conditions among others. The Global Passenger Elevators Market is characterized by intense competition, with companies constantly striving to innovate and offer better products to gain a competitive edge.
Elevator, Escalator, Moving Walkway in the Global Passenger Elevators Market:
The Global Passenger Elevators Market is segmented into various categories based on the type of product. These include Elevators, Escalators, and Moving Walkways. Elevators are the most common and widely used product in this market. They are designed to transport people vertically between floors in buildings. Escalators, on the other hand, are moving staircases used for transporting people between floors in public places like shopping malls, airports, and subway stations. Moving Walkways, also known as travelators, are horizontal or inclined conveyors used for transporting people over short distances. Each of these products has its own unique features and applications, and their demand varies based on factors like the type of building, the number of floors, and the expected footfall.
Residential Area, Commercial Office, Transportation Hub, Industrial Area in the Global Passenger Elevators Market:
The Global Passenger Elevators Market caters to a wide range of areas including Residential Areas, Commercial Offices, Transportation Hubs, and Industrial Areas. In Residential Areas, elevators are used in multi-story buildings to facilitate easy movement of residents, especially the elderly and physically challenged. In Commercial Offices, elevators play a crucial role in ensuring smooth and efficient movement of employees and visitors. Transportation Hubs like airports and railway stations use elevators, escalators, and moving walkways to manage the large flow of passengers and make their journey more comfortable. Industrial Areas use heavy-duty elevators for transporting goods and materials between different levels. The usage of passenger elevators in these areas not only enhances convenience but also improves safety and efficiency.
Global Passenger Elevators Market Outlook:
Looking at the market outlook, the Global Passenger Elevators Market was valued at a significant US$ 37400 million in 2023. It is projected to grow at a steady pace, reaching an estimated value of US$ 50740 million by 2030. This represents a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period from 2024 to 2030. The market is dominated by the top 3 manufacturers who collectively hold a market share of over 42%. In terms of product segmentation, Elevators emerge as the largest segment, accounting for a substantial share of over 87%.
| Report Metric | Details |
| Report Name | Passenger Elevators Market |
| Accounted market size in 2023 | US$ 37400 million |
| Forecasted market size in 2030 | US$ 50740 million |
| CAGR | 4.4% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Kone, Otis, Schindler, ThyssenKrupp, Mitsubishi Electric, Hitachi, Toshiba, Hyundai, Fujitec, Hangzhou XiOlift, Volkslift, Yungtay Engineering, Canny Elevator, SJEC, Guangri Elevator, Edunburgh Elevator, Suzhou Diao, Meilun Elevator, IFE Elevators, CNYD, Syney Elevator, Dongnan Elevator |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
