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 Market Study Report LLC, global elevator and escalator market had reached a valuation of USD 76.23 billion in 2020 and is expected to register substantial growth over 2021-2026.
 

Increasing infrastructural development, growing population, and rapid urbanization as well as industrialization are some of the key factors driving the growth of global elevator and escalator market. Rising number of regulations pertaining to consumer safety coupled with technological advancements are also stimulating the overall industry outlook.
 

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The outbreak of COVID-19 back in 2020 had severely impacted the global economy, with several governments taking considerable efforts to contain the virus spread. The resulting actions such as temporary lockdowns and shut down of manufacturing operations has negatively impacted the growth of global elevator and escalator market.
 

As per product type, the market is segmented into escalator and elevator. In terms of service type, the industry is bifurcated into modernization and new installation. By technology, the marketplace is split into hydraulic and electric segments.
 

The end-user analysis involves commercial, residential, and others. The report cites that global elevator and escalator industry share from residential segment is predicted to expand considerably during 2021-2026. Rapid urbanization, rising construction of high-rise buildings, and growing population have augmented the demand for elevators and escalators in residential establishments.
 

Considering the geographical landscape, the industry is classified into North America, Asia-Pacific, Europe, Middle East & Africa, and the rest of the world. Among these, Asia-Pacific is likely to capture the largest market share by the year 2026, owing to surging investments towards infrastructural development and rising number of smart city projects.
 

The prominent companies operating in global elevator and escalator market are Orona, Toshiba Corporation, Hitachi Ltd., Hyundai Elevator, Mitsubishi Electric Corp., Fujitec Co. Ltd., Schindler Group, Otis Worldwide Corp., Kone Oyj, and ThyssenKrupp AG among others.