As per 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 valued at USD 76.23 billion in the year 2020 and is projected to have a prominent growth rate through 2026.

The major drivers responsible for the growth of worldwide elevator and escalator marketplace are the rise in infrastructure development and construction activities, swift industrialization, and increasing population density.

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/3958913/

Rapid establishment of cosmopolitan cities, fast-paced urbanization in developing economies, emergence of smart elevators, and upgraded security & safety protocols are also expected to drive the market growth through 2026.

Furthermore, technological developments like circuit board integration, advanced controllers, newly designed belts, and machine room elevators will also stimulate the industry outlook.

On the downside, the outbreak of the COVID-19 pandemic severely impacted the growth of worldwide elevator and escalator market. There were multiple rules and regulations imposed by the government in order to restrict the people from moving to prevent the spread of the virus. This resulted in the temporary shutdown of construction sites and restricted production activities, plummeting the product demand. 

Speaking of the product scope, the market is classified into escalator and elevator. Considering service type, the industry can be bifurcated into modernization, maintenance, and new installation. Moving onto the technology terrain, the market is divided
into hydraulic and electric.

Based on the end-user scope, the market is segmented into commercial, residential, and others. Herein, residential segment is reckoned to generate massive revenue for the industry over 2021-2026, owing to the increasing urbanization, and construction of complexes & buildings in order to accommodate the growing population.

From the regional frame, Asia Pacific market is expected to observe a substantial growth during 2021-2026, owing to significant investments made in the construction sector, and continuous infrastructure growth in residential as well as non-residential areas. Furthermore, focus on development of mega cities will further impel the product demand in the region.

The leading players in global elevator and escalator market include KONE Corp., The Schindler Group, Mitsubishi Electric Corporation, Hitachi Ltd., Orona Group, Toshiba Corporation, Hyundai Elevator Co., Ltd., Fujitec Co., Ltd., Otis Worldwide Corporation, and ThyssenKrupp AG.