According to the research titled ‘Global Elevators & Escalators Market Size study, by Type (Elevators, Escalators, Moving Walkways), by Service (New Installation, Maintenance & repair, Modernization), by Elevator Technology (Traction, Machine room-less (MRI) Traction, Hydraulic), by End-Use (Pneumatic, Electric, Hydraulic) and Regional Forecasts 2020-2027’ available with Market Study Report, global elevators & escalators market was worth around USD 112.5 billion in the year 2019 and is projected to register a robust CAGR of 6.1% over 2020-2027.
 

Factors such as rapid urbanization & industrialization, growing demand for smooth, reliable, and power-efficient escalators & elevators, and booming construction industry are prime factors driving the growth of global elevators & escalators market.
 

Furthermore, growing population along with limited availability of terrestrial land are also aiding the market expansion. Increasing construction of skyscrapers have enhanced the demand for escalators & elevators, which in turn is stimulating the overall market outlook. Citing an instance, as per the United Nations, around 55% of the global population resided in urban areas in the year 2018.
 

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Industry experts claim that mounting development of shopping malls & market cities are also stimulating the industry outlook. Rising geriatric population and busy schedules are leading to an upsurge in the demand for escalators & elevators, thereby augmenting the expansion of global elevators & escalators market. However, elevators and escalators require frequent maintenance and are relatively expensive to install, thereby impeding the growth of the market.
 

Based on type, the market is segmented into moving walkways, escalators, and elevators. With regards to service, the market is divided into modernization, maintenance & repair, and new installation. Moving on to technology type, global elevators & escalators market is categorized into hydraulic, MRI (machine room-less), and traction.
 

As per the regional analysis of the report, Asia-Pacific accounts for the largest market share and is projected to record the highest CAGR over 2020-2027. The growth of the regional market is fueled by rising population and rapid development in various segments of the construction industry including institutional, commercial, and residential.
 

The major companies operating in global elevators & escalators market include SJEC Corporation, KONE Oyj, Hyundai Elevator Co., Ltd., ThyssenKrupp AG, Toshiba Elevator and Building Systems Corporation, Mitsubishi Electric Corporation, Hitachi, Ltd., Fujitec Co., Ltd., Schindler Group, and Otis Worldwide Corporation among others.