| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2019-2022 |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| Escalators & Moving Walkways Market Size 2024 |
USD 17,515 million |
| Escalators & Moving Walkways Market, CAGR |
6.5% |
| Escalators & Moving Walkways Market Size 2032 |
USD 28,987.24 million |
Market Overview
The escalators and moving walkways market is expected to grow from USD 17,515 million in 2024 to USD 28,987.24 million by 2032, reflecting a compound annual growth rate (CAGR) of 6.5%.
The escalators and moving walkways market is driven by urbanization and increasing construction activities in commercial and residential sectors, which demand efficient vertical transportation solutions. Growing investments in infrastructure, particularly in smart cities and public transport systems, further enhance market prospects. Additionally, advancements in technology, such as energy-efficient designs and IoT integration for predictive maintenance, contribute to the demand for modern escalators and walkways. The rising focus on safety and accessibility in public spaces also fuels growth, as facilities increasingly adopt these solutions to accommodate diverse populations and improve overall user experience.
The global escalators and moving walkways market is characterized by significant growth across various regions, notably driven by urbanization and infrastructure development. The Asia-Pacific region holds the largest market share, fueled by rapid urbanization and investment in transportation infrastructure. Key players in this sector include prominent companies such as Otis Elevator Company, KONE Corporation, Mitsubishi Electric Corp, and Schindler, which dominate through innovation and technological advancements. North America and Europe also contribute significantly, focusing on modernization and adherence to stringent safety regulations, thereby enhancing their market presence and competitiveness.
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Market Drivers
Urbanization and Infrastructure Development
As cities grow and expand, the demand for efficient and convenient transportation solutions intensifies. Escalators and moving walkways play a crucial role in facilitating the movement of large numbers of people in public spaces such as airports, shopping malls, train stations, and commercial buildings. For instance, cities like Delhi, Mumbai, and Bangalore are undertaking extensive transportation upgrades, including metro systems and road expansions, to accommodate the increasing urban population. The rapid pace of urbanization necessitates the integration of these systems into infrastructure projects to enhance mobility and improve overall user experience.
Rising Demand for Public Transportation
With increasing concerns about traffic congestion and air pollution, there is a significant shift toward public transportation solutions. Escalators and moving walkways are essential components of modern transit systems, enhancing passenger experience and facilitating smooth movement within stations and terminals. For example, global demand for urban passenger transport is projected to grow significantly, with passenger kilometers expected to rise to 54.3 trillion globally by 2050. Their integration in public transport not only alleviates congestion but also promotes the use of eco-friendly transportation options, aligning with global sustainability goals.
Increasing Focus on Accessibility
The growing emphasis on inclusivity and accessibility drives the demand for escalators and moving walkways, particularly for people with disabilities, the elderly, and those facing mobility challenges. These systems are vital in ensuring that public spaces are navigable for all individuals, fostering a more inclusive environment. As society increasingly recognizes the importance of accessibility, the installation of these systems becomes a priority in new and existing infrastructures.
Technological Advancements
Continuous innovation within the escalator and moving walkway industry introduces energy-efficient designs and smart technologies integrated with the Internet of Things (IoT). These advancements enhance safety, operational efficiency, and user experience. Additionally, rising disposable incomes in developing countries lead to increased spending on consumer goods and services, resulting in higher foot traffic in malls and commercial establishments. This trend further fuels the demand for escalators and moving walkways, as businesses strive to accommodate the growing number of customers.
Market Trends
Urbanization and Infrastructure Development
The rapid expansion of urban areas is creating an increasing demand for efficient people-moving solutions within buildings and public spaces. As cities grow, the necessity for escalators and moving walkways becomes paramount, particularly in high-traffic environments such as airports, metro stations, and shopping malls. For instance, the United Nations projects that urbanization, combined with overall population growth, could add another 2.5 billion people to urban areas by 2050, with close to 90% of this increase occurring in Asia and Africa. Governments worldwide are investing heavily in infrastructure projects, further driving the demand for these systems. This trend is not only about enhancing mobility but also about improving the overall user experience in densely populated regions. The push for modernized infrastructure is a significant factor shaping the market, as public and private sectors alike prioritize the integration of advanced mobility solutions to accommodate the rising population and promote efficient transportation.
Focus on Accessibility and Technological Advancements
In today’s society, there is a strong emphasis on accessibility and inclusivity, which is a critical driver for the installation of escalators and moving walkways in public spaces. Compliance with accessibility regulations is essential, prompting manufacturers to design products that cater to people with disabilities, the elderly, and individuals with mobility challenges. As the market evolves, manufacturers are increasingly integrating smart technology into their products, resulting in IoT-enabled escalators and moving walkways. These advancements allow for remote monitoring, predictive maintenance, and enhanced safety features, addressing both user needs and operational efficiency. Moreover, manufacturers are focusing on energy-efficient solutions, which help reduce operational costs and environmental impact. Innovative designs that are aesthetically pleasing and customizable are being introduced to complement modern architectural styles, making escalators and moving walkways not just functional but also integral components of contemporary infrastructure.
Market Challenges Analysis
Safety Concerns and Regulatory Compliance
Safety concerns pose another significant challenge for the escalator and moving walkway industry. Despite advancements in safety features, accidents and injuries can still occur, leading to potential liability issues and regulatory scrutiny. For instance, the U.S. Consumer Product Safety Commission reports that an average of 6,000 people per year are injured on escalators. This highlights the need for manufacturers and operators to remain vigilant in enforcing safety protocols and conducting regular maintenance checks. Additionally, compliance with stringent safety regulations can add complexity and cost to operations. Meeting these standards often requires investment in advanced safety technologies and employee training, further straining budgets. Alongside safety concerns, the industry must also grapple with the impact of high energy consumption. Escalators and moving walkways are energy-intensive, particularly in high-traffic areas, which can lead to increased operational costs and a larger carbon footprint. This combination of high costs, safety challenges, and environmental considerations creates a multifaceted set of obstacles that industry players must navigate to achieve sustainable growth and operational efficiency.
Aging Infrastructure and Supply Chain Disruptions
The aging infrastructure in many regions presents another significant challenge for the escalator and moving walkway market. Older installations may require replacement or modernization to align with current safety and efficiency standards, which can disrupt operations and incur significant costs. Organizations must balance the need for updates with the potential impact on daily activities and financial resources, leading to strategic planning challenges. In addition, global supply chain disruptions have further complicated the landscape, particularly in light of recent events like the COVID-19 pandemic. These disruptions have underscored the vulnerability of supply chains for critical components and materials, leading to project delays and increased costs. Manufacturers and operators must develop contingency plans to address these challenges, including diversifying suppliers and exploring alternative sourcing strategies, to ensure the continuity of their operations in an increasingly unpredictable market.
Market Segmentation Analysis:
By Product:
The escalators and moving walkways market can be segmented based on product types, which primarily include escalators and moving walkways. Within the escalators segment, various types cater to different applications and settings. Parallel escalators are widely used in commercial buildings, providing efficient vertical transport. Multi-parallel escalators are often found in larger venues like airports and shopping malls, allowing for the movement of multiple passengers simultaneously. Additionally, the category of other escalators includes specialized designs such as belt-type escalators and step-type escalators, which serve specific operational needs and environments. On the other hand, moving walkways are essential for horizontal transportation in high-traffic areas, enhancing passenger flow in settings like airports and transit stations. Together, these products meet diverse consumer demands and support the growing urban infrastructure, ensuring effective mobility solutions in public and commercial spaces.
By Height:
In terms of height, the escalators and moving walkways market can be further divided into three key categories: low-rise, mid-rise, and high-rise systems. Low-rise escalators typically serve buildings with limited height requirements, making them ideal for retail environments and office complexes where space constraints exist. Mid-rise escalators cater to buildings with moderate height, offering a balance between operational efficiency and spatial design. These escalators are commonly found in shopping malls and transportation hubs. High-rise escalators are essential for skyscrapers and large commercial buildings, designed to transport passengers across multiple floors efficiently. The selection of escalators based on height is crucial for optimizing passenger flow and safety in various settings. Additionally, height-based segmentation allows manufacturers to tailor their designs to meet specific structural requirements and building codes, ensuring compliance while enhancing user experience. As urbanization continues to drive demand for efficient transportation solutions, this segmentation plays a vital role in the overall market dynamics.
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Segments:
Based on Product
- Escalators
- Parallel
- Multi-Parallel
- Others (Belt-type escalators, Step Type Escalators, etc.)
- Moving Walkways
Based on Height
- Low-rise
- Mid-rise
- High-rise
Based on Business
- New Equipment
- Maintenance
- Modernization
Based on End Use
- Public Transit
- Airports
- Retail
- Institutional
- Others (Corporate, Government Buildings etc.)
Based on the Geography:
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
Regional Analysis
North America
North America holds a significant share of the escalators and moving walkways market, accounting for approximately 35% of the global market revenue. This dominance is largely attributed to the region’s extensive urban infrastructure and the ongoing modernization of existing facilities. Major cities in the United States and Canada continue to invest in upgrading public transportation systems, including airports, metro stations, and shopping malls, which drives the demand for escalators and moving walkways. Additionally, stringent safety regulations and building codes in North America necessitate the installation of these systems in commercial and residential buildings, further bolstering market growth. The focus on energy-efficient solutions and advanced technologies, such as IoT integration for smart escalators, also contributes to the region’s leading position in the market.
Asia-Pacific
The Asia-Pacific region is emerging as a formidable player in the escalators and moving walkways market, capturing approximately 30% of the global market share. This growth is primarily driven by rapid urbanization and significant infrastructure development across countries like China, India, and Japan. As urban populations expand, the need for efficient transportation solutions within metropolitan areas has surged, leading to increased investments in public transport facilities and commercial spaces. Governments in this region are prioritizing infrastructure projects, which include the construction of high-rise buildings, airports, and transit hubs equipped with escalators and moving walkways. Furthermore, rising disposable incomes and a growing focus on accessibility are propelling the demand for modern escalator systems in public spaces. With ongoing urban projects and increasing public transit investments, the Asia-Pacific market is poised for robust growth in the coming years.
Key Player Analysis
- Fujitec
- Stannah
- KONE Corporation
- Sigma Elevator Company
- Mitsubishi Electric Corp
- Hitachi LTD
- Johnson Lifts Private Limited
- Sicher Elevator Co., Ltd.
- Hyundai Elevator Company
- Otis Elevator Company
- Dazen Elevator
- TK Elevator
- Schindler
- Toshiba Corporation
- KLEEMANN
Competitive Analysis
The competitive landscape of the escalators and moving walkways market features several leading players, including Otis Elevator Company, KONE Corporation, Mitsubishi Electric Corp, Schindler, TK Elevator, Hitachi LTD, Fujitec, and Hyundai Elevator Company. These companies leverage their technological expertise and extensive experience to innovate and enhance product offerings. Industry leaders focus on technological advancements, emphasizing energy efficiency and smart technology integration to enhance operational performance and user experience. Companies are investing heavily in research and development to introduce advanced safety features and sustainable designs, catering to the growing demand for accessibility and inclusivity. Additionally, strategic partnerships and collaborations are becoming increasingly common as firms seek to expand their geographic reach and diversify product offerings. As urbanization continues to drive demand for efficient transportation solutions, competition remains intense, with market participants continually seeking to differentiate themselves through innovation, customer service, and compliance with stringent safety regulations.
Recent Developments
- In March 2024, Stannah unveiled an exciting new access lift range that offers vastly extended options, and which have been specifically developed for residential and commercial projects. The new range of platform lifts offers the market more cabin sizes, options, finishes and accessories, plus a strengthened after-sale proposition.
- In March 2024, Sigma Elevator Company announces the launch of ACRA 2.0 and Solon 2.0 low- to mid-rise elevators. Featuring compact designs, the elevators allow greater efficiency, increased architectural flexibility and creativity for building owners. The ACRA 2.0 elevator machine room can be configured in a compact design that takes up no additional space beyond the hoist way footprint, which improves installation efficiency.
- In June 2023, Otis introduces the Gen3 Core elevator, the newest member of the Gen3 family of digitally native elevators, designed specifically for North America’s growing two-to-six story building segment. Built off the proven design and flat-belt technology of Otis’ Gen2 family of elevators, which provide smooth, quiet rides, safety, durability and energy-efficiency, the Gen3 Core is equipped with the Otis ONE IoT platform.
- In April 2023, Mitsubishi Electric Corporation announced the acquisition of Norway-based UNIHEIS AS. The acquisition aimed to fulfill the rising demand for elevators and escalators in the European Market.
Market Concentration & Characteristics
The market for escalators and moving walkways exhibits moderate concentration, with several key players dominating the landscape while allowing room for smaller companies to thrive. Major manufacturers leverage their extensive resources and expertise to offer a diverse range of products, including energy-efficient models and smart technology-integrated systems. This competitive environment fosters innovation, driving advancements in safety features, design aesthetics, and operational efficiency. The market is characterized by ongoing investments in research and development, as companies strive to meet evolving consumer demands and regulatory requirements. Additionally, the growth of urbanization and infrastructure projects further intensifies competition among manufacturers to capture emerging opportunities. As the industry evolves, collaboration among stakeholders—including construction firms and technology providers—becomes increasingly crucial to address the complexities of modern installations and ensure seamless integration within urban environments. Overall, the market is dynamic and responsive, adapting to changing trends while maintaining a focus on quality and customer satisfaction.Top of Form
Report Coverage
The research report offers an in-depth analysis based on Product, Height, Business, End-Use and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
- The demand for escalators and moving walkways will continue to rise due to rapid urbanization and infrastructure development.
- Increased focus on sustainability will drive manufacturers to adopt eco-friendly materials and energy-efficient technologies.
- Integration of smart technology and IoT will enhance operational efficiency and user experience.
- The growing emphasis on accessibility will lead to greater installation of systems catering to people with disabilities.
- Aging infrastructure will necessitate modernization and replacement projects, creating new opportunities in the market.
- Enhanced safety features will become a priority as regulations and safety standards evolve.
- The shift towards public transportation will increase the use of escalators and moving walkways in transit hubs.
- Emerging economies in regions like Asia-Pacific will see significant growth in infrastructure investment, boosting demand.
- Competitive pressure will prompt ongoing innovation in design and functionality among manufacturers.
- The market will increasingly benefit from collaborations between technology providers and construction firms to meet complex installation needs.
