The escalators and moving walkways market is driven by the growing need for efficient urban transportation in high-traffic areas like airports, malls, and metro stations. These systems offer convenience and reduce travel time in crowded spaces. Market growth is fueled by rapid urbanization, infrastructure development, and the need for improved public mobility.
Advancements in energy-efficient technologies, such as variable-speed drives and standby modes, are also key. Energy-saving technologies can reduce power consumption by 10% to 40%, addressing concerns over the estimated 577 million kWh/year consumed by escalators in the U.S.
The market is expected to grow further with the rise of smart city projects and commercial developments, particularly in developing economies where transport infrastructure is crucial for economic growth. Smart transportation systems, supported by initiatives like the European Investment Bank, are helping drive the expansion of escalators and moving walkways in both developed and developing regions.
1. Hitachi Ltd.
Hitachi Ltd., founded in 1910, is a global leader in the electronics, energy, and industrial sectors, with a strong focus on innovation through its Social Innovation Business. Headquartered in Tokyo, Japan, the company operates across industries like IT, mobility, smart life solutions, and more.
Key Facts:
- Headquarters: Tokyo, Japan
- CEO: Keiji Kojima
- Revenue (FY 2023): $67.128 billion USD
- Employees: Over 370,000 globally
Recent Developments:
- Transport for Wales Partnership (Sep 2024): Hitachi partnered with Transport for Wales (TfW) to launch a “Mobility as a Service” (MaaS) platform. This app integrates various transport modes like rail, buses, bikes, and e-scooters, allowing users to plan, book, and pay for journeys seamlessly. This initiative is designed to promote sustainable travel by encouraging the use of public transport and reducing carbon emissions across both urban and rural areas of Wales.
- BuilMirai IoT Solution (Sep 2024): Hitachi unveiled its BuilMirai IoT solution aimed at improving the energy efficiency of small and medium-sized buildings. The platform enables remote monitoring and control of facilities such as security systems and power equipment, reducing operational costs and enhancing sustainability. This solution helps make smart building technology accessible to smaller structures, addressing environmental challenges while minimizing implementation costs.
- Battery Train Testing (Aug 2024): Hitachi began testing battery-powered intercity trains in Northern England. This development is part of Hitachi’s commitment to reducing carbon emissions by integrating battery technology into non-electrified rail networks. The project marks a significant step towards greener public transport solutions, helping to lower emissions in the transport sector.
2. Toshiba Elevator and Building Systems Corporation
Toshiba Elevator and Building Systems Corporation (TELC), founded in 1967, specializes in the design and maintenance of elevators, escalators, and moving walkways. Headquartered in Kawasaki, Japan, TELC has been a key player globally, known for ultra-high-speed elevators.
Key Facts:
- Headquarters: Kawasaki, Japan
- Revenue (2023): Part of Toshiba’s $27.2 billion USD
- Employees: Over 2,000
Recent Developments:
1. HeartCore Enterprises Partnership (January 2024): TELC collaborated with HeartCore Enterprises to implement a new Content Management System (CMS). This system aims to improve user experience by streamlining digital content management and enhancing security protocols. The advanced CMS will provide a more intuitive interface for managing online resources and secure corporate data, ensuring a better digital infrastructure for TELC’s growing operations.
2. Toshiba Johnson Elevators Project (June 2024): TELC secured a contract to supply 60 high-speed elevators to the Tulip Monsella project in India. This luxury residential project highlights Toshiba’s trength in the Indian market through its joint venture, Toshiba Johnson Elevators India. The project reinforces the demand for high-efficiency vertical transportation in India’s booming high-rise residential sector and positions TELC as a leader in delivering advanced elevator solutions.
3. UAE Subsidiary Launch (2024): TELC launched a subsidiary in the UAE to tap into the fast-growing Middle Eastern construction market. This strategic move allows Toshiba to provide localized services for its elevator and building systems in the region, catering to the increasing demand for modern infrastructure and high-rise developments.The subsidiary is expected to help Toshiba expand its market share and meet the specific needs of the Middle Eastern market.
3. Otis Elevator Company
Founded in 1853 by Elisha Otis, Otis Elevator Company is a global leader in manufacturing elevators, escalators, and moving walkways. Headquartered in Palm Beach Gardens, Florida, Otis employs around 71,000 people worldwide and reported a $14.3 billion USD revenue in 2023.
Key Facts:
- Headquarters: Palm Beach Gardens, Florida, USA
- Employees: 71,000
- Revenue (2023): $14.3 billion USD
Recent Developments:
1. Burj Khalifa Modernization: As part of a 10-year contract, Otis is modernizing 34 elevators and 8 escalators in the Burj Khalifa, the world’s tallest building. This project aims to improve safety, efficiency, and reliability by incorporating the latest elevator technologies, ensuring the continuous smooth operation of this iconic structure.
2. Sydney Metro Project (2023): Otis secured a contract for the Western Sydney Airport Project, part of the larger Sydney Metro expansion. This critical transportation infrastructure project involves supplying elevators and escalators, reinforcing Otis’s capability to deliver large-scale solutions for urban development projects.
3. Global Recognition (2024): Otis was recognized in 2024 for its sustainability initiatives and commitment to workplace inclusion. The company has been acknowledged for reducing its carbon footprint, enhancing product energy efficiency, and fostering an inclusive workplace that promotes diversity and equal opportunities.
4. Schindler Group
Founded in 1874, Schindler Group is headquartered in Ebikon, Switzerland, and is a global leader in elevators, escalators, and transit management systems. The company operates in over 100 countries and generated a revenue of $12.5 billion USD in 2023.
Key Facts:
- Headquarters: Ebikon, Switzerland
- CEO: Silvio Napoli
- Revenue (2023): $12.5 billion USD
Recent Developments:
1. Saudi Arabia Project (August 2024): Schindler secured a major contract to supply 293 elevators and escalators for The Avenues – Riyadh project. This ambitious commercial development in Saudi Arabia is one of the largest in the region, and Schindler’s involvement will enhance mobility within the expansive space, reinforcing their presence in the Middle East market.
2. Sustainability Initiatives: Schindler has committed to achieving Net Zero carbon emissions by 2040. Central to this goal is the integration of Schindler Ahead, a digital solution designed to enhance the sustainability of its products and operations. Schindler Ahead enables real-time monitoring, predictive maintenance, and energy efficiency improvements, aligning with the company’s vision of creating a sustainable future for urban mobility.
3. Schindler MetaCore (2023): In 2023, Schindler launched MetaCore, a 5G and AI-powered platform aimed at optimizing predictive maintenance and energy management. This platform enhances the efficiency of building operations by using advanced data analytics to predict elevator performance and maintenance needs, reducing downtime and improving energy consumption.
5. KONE Corporation
Founded in 1910, KONE Corporation is headquartered in Espoo, Finland, and operates globally in the elevator and escalator industry. In 2023, KONE generated $11.7 billion USD in revenue.
Key Facts:
- Headquarters: Espoo, Finland
- Revenue (2023): $11.7 billion USD
- Employees: Approximately 60,000
Recent Developments:
1. New Technologies for Elevators (2024): KONE is integrating AI and digital twin technologies into its elevators. This advancement aims to create more connected, energy-efficient elevators with enhanced performance monitoring. The use of AI will allow predictive maintenance, improving elevator uptime and reducing energy consumption, while digital twins will simulate real-world operations to optimize system efficiency.
2. Sustainability in Singapore (July 2024): KONE has expanded its sustainability efforts in Singapore, focusing on creating greener urban environments. This initiative includes implementing energy-efficient elevators and escalators that contribute to lowering carbon footprints in high-density cities. The company’s commitment aligns with global goals to reduce environmental impact and promote sustainable urban growth.
3. Review of Door Business (2024): In 2024, KONE initiated a review of its Door Business, signaling a potential sale of this division. The strategic review reflects the company’s focus on its core elevator and escalator business, possibly reallocating resources to strengthen its position in the smart urban mobility market. This move is part of KONE’s larger plan to streamline its operations and enhance profitability in its main sectors.
6. TK Elevator (ThyssenKrupp Elevator)
TK Elevator, headquartered in Düsseldorf, Germany, is a leading global player in the elevator and escalator industry. The company operates in over 100 countries and reported $9.52 billion USD in revenue for 2023.
Key Facts:
- Headquarters: Düsseldorf, Germany
- Revenue (2023): $9.52 billion USD
- Employees: Over 50,000
Recent Developments:
1. Dubai Airports Contract (September 2024): TK Elevator renewed its service contract with Dubai Airports, covering the maintenance of nearly 5,000 units, including elevators, escalators, and moving walkways. This contract underscores the company’s leadership in managing large-scale transportation hubs, ensuring operational efficiency and safety for millions of passengers. The renewal reflects TK Elevator’s strong performance in maintaining complex systems and its ability to support one of the busiest airports globally.
2. Guangzhou Baiyun Train Station (May 2024): In May 2024, TK Elevator installed 150 heavy-duty escalators at Guangzhou Baiyun Train Station, one of the largest transportation hubs in China. These escalators are designed to handle high foot traffic, ensuring smooth and safe passenger flow. The project strengthens TK Elevator’s presence in the Asian market and demonstrates its capability to support large infrastructure projects, contributing to improved public transportation systems.
3. EOX Renew Launch (2023): TK Elevator launched EOX Renew, an eco-efficient elevator designed specifically for older buildings. The EOX Renew focuses on reducing energy consumption and extending the life cycle of older elevators, offering a sustainable solution for retrofitting. This initiative aligns with global efforts to reduce environmental impact, helping building owners modernize their infrastructure while lowering operational costs.
7. Mitsubishi Electric Corporation
Mitsubishi Electric, founded in 1921, is a global leader in electronics and electrical equipment. The company generated approximately $35.5 billion USD in revenue in 2024 and operates in various sectors, including elevators and escalators.
Key Facts:
- Headquarters: Tokyo, Japan
- Revenue (2024): $35.5 billion USD
- Employees: 149,134
Recent Developments:
1. Seagrass Protection Fences (September 2024): Mitsubishi Electric installed undersea fences in Okinawa to protect seagrass beds, essential for maintaining marine biodiversity. Seagrass supports marine life by providing a habitat and absorbing carbon, making this initiative crucial for combating climate change and preserving underwater ecosystems. By protecting seagrass, Mitsubishi Electric demonstrates its commitment to environmental sustainability and marine conservation efforts.
2. 200Gbps PIN-PD Chip (August 2024): The company shipped its 200Gbps PIN-PD chips for high-speed optical-fiber communication systems, marking a significant leap in telecommunications technology. These chips enable faster and more efficient data transmission, supporting the growing demand for bandwidth in modern communication networks. The development of this technology reinforces Mitsubishi Electric’s role in advancing global communication infrastructure, particularly as the world moves towards more data-intensive services such as 5G and cloud computing.
3. DAICHI-4 Satellite Imagery (August 2024): Mitsubishi Electric’s DAICHI-4 satellite captured high-resolution imagery for disaster monitoring, significantly improving response capabilities. This technology provides accurate and timely data, which can be used to assess damage from natural disasters, aiding in faster and more effective recovery efforts. The satellite’s imaging technology reflects Mitsubishi Electric’s leadership in space technology and its contributions to global disaster resilience.
8. Hyundai Elevator Co., Ltd.
Founded in 1984, Hyundai Elevator is headquartered in Icheon, South Korea. The company reported $1.99 billion USD in revenue for 2023 and is known for its innovations in vertical mobility.
Key Facts:
- Headquarters: Icheon, South Korea
- Revenue (2023): $1.99 billion USD
- Employees: 2,735
Recent Developments:
1. Vertiport Project (April 2024): Hyundai Elevator is spearheading the development of vertiports in South Korea as part of the country’s Urban Air Mobility (UAM) initiative. Vertiports, designed for electric vertical take-off and landing (eVTOL) aircraft, are a crucial infrastructure for UAM, which aims to reduce traffic congestion by introducing air taxis. Hyundai’s role in this futuristic project positions the company as a leader in shaping next-generation urban transportation and mobility solutions, paving the way for faster, more efficient city travel.
2. Partnership with Kakao Mobility (July 2024): Hyundai Elevator partnered with Kakao Mobility to establish integration standards between elevators and robots. This collaboration focuses on improving the seamless operation between robotic delivery services and elevators in smart buildings. By integrating Kakao’s mobility solutions, Hyundai is creating more efficient and autonomous transportation within buildings, which enhances convenience for users and businesses alike.
3. Elevator-Robot Integration (July 2024): Hyundai is advancing its robot-elevator integration by developing solutions that allow robots to interact more effectively with elevators. This innovation enhances the functionality of robots in smart buildings, enabling them to navigate floors autonomously. This development strengthens Hyundai Elevator’s position in smart building technology and robotics, supporting the future of automated urban living.
9. Fujitec Co., Ltd.
Fujitec, established in 1948, specializes in elevator and escalator solutions. With $1.61 billion USD in revenue for 2024, Fujitec operates globally with facilities across North America, East Asia, and South Asia.
Key Facts:
- Headquarters: Hikone, Japan
- Revenue (2024): $1.61 billion USD
- Employees: 11,818
Recent Developments:
1. Expansion through Technology (2024): Fujitec has prioritized enhancing urban mobility through the adoption of energy-efficient elevator and escalator technologies. This focus aligns with global efforts to reduce carbon footprints in densely populated cities, promoting sustainable development in urban environments. These advancements help meet the growing demand for environmentally conscious solutions in the vertical transportation industry.
2. Treasury Shares Disposal (2024): Fujitec successfully completed the disposal of treasury shares, utilizing the proceeds as part of an executive compensation package. This financial maneuver strengthens the company’s balance sheet while aligning executive incentives with long-term company performance, ensuring strategic decisions that benefit shareholders and stakeholders alike.
3. Market Growth (2024): Fujitec strengthened its market position in the Americas and Europe, leading to a 10% increase in revenue. This growth is attributed to expanding its service networks and increasing its market share in key regions, demonstrating Fujitec’s commitment to global expansion and its ability to compete in mature markets.
10. Delta Elevator Co. Ltd.
Delta Elevator Co. Ltd., founded in 1967, is a Canadian elevator company headquartered in Kitchener, Ontario. It reported approximately $40.9 million USD in revenue for 2023.
Key Facts:
- Headquarters: Kitchener, Ontario, Canada
- Revenue (2023): $40.9 million USD
- Employees: 51-200
Recent Developments:
1. New Branch in Peterborough (2023): Delta Elevator opened a new branch in Peterborough, aimed at improving the company’s reach in installation, maintenance, and modernization services. This move allows Delta to better serve customers in the region, enhancing operational efficiency and reducing response times for service calls, ultimately improving customer satisfaction.
2. Expansion of Electric Vehicle Fleet (2023): Delta expanded its electric vehicle fleet with the addition of a 2023 Ford E-Transit electric van, bringing the fleet total to five. This initiative is part of Delta’s broader sustainability goals, aimed at reducing the company’s carbon footprint and promoting eco-friendly practices. By transitioning to electric vehicles, Delta is not only minimizing environmental impact but also setting a precedent in the industry for sustainability.
3. ISO Certification & Safety Standards (2023): Delta maintained its ISO 9001:2015 and COR™ 2020 certifications, reinforcing its commitment to safety, quality, and regulatory compliance. These certifications ensure that Delta adheres to the highest international safety and quality management standards, which strengthens customer confidence and supports operational excellence.
