According to the research report titled ‘Global Elevator and Escalator Market (2021 Edition) - Analysis By Product Type, Service Type, End User, Technology, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global elevator and escalator market was worth USD 76.23 billion in the year 2020 and is projected to grow substantially during the forecast timespan of 2021-2026.
 

Expanding construction and infrastructure activities, rising population, and rapid industrialization are the major growth propellers of the global elevator and escalator market. Furthermore, development of megacities and infrastructure projects are likely to enhance the industry outlook in the coming years.
 

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Moreover, technological advancements such as circuit board integration, new controllers, new belts, & machine room elevators, and improved safety standards are expected to propel market forward, claims the study.
 

Moving on to COVID-19 impact, regional lockdowns impacted the industry negatively as it led to the temporary closure of construction sites, limitations of manufacturing operations, and stringent restrictions regarding travel and goods supply in Q1 of 2020.
 

With respect to end user, global elevator and escalator industry is fragmented into residential, commercial, and others. Residential elevators and escalators are in high demand owing to growing urbanization rate and development of new high-rise structures to accommodate the inflation population in urban areas.
 

Apart from end users (residential, commercial, others), product type (elevator, escalator), service type (new installation, modernization), and technology (electric, hydraulic) are the other segments covered in the research literature.
 

From a regional perspective, the market size spans across Americas (U.S., Canada, Brazil), Europe (UK, France, Germany, Italy), and Asia Pacific (Japan, India, China, South Korea). Experts cite that significant investments in the construction industry and consistent increase in residential and non-residential sectors are anticipated to propel Asia Pacific industry growth in the forthcoming years.
 

Considering the competitive landscape, Orona Group, Toshiba Corp., Hitachi Ltd., Hyundai Elevator Co. Ltd., Mitsubishi Electric Corp., Fujitec Co. Ltd., Schindler Holding AG Participation, Otis Worldwide Corp.,
Kone Oyj, ThyssenKrupp AG, are the major contenders influencing the global elevator and escalator industry trends.