Market Value and Growth
- Projected Market Value: The global escalator market is expected to hit $7.93 billion by 2025.
- 2020 Market Value: The industry was valued at $5.15 billion in 2020.
- Annual Growth Rate: From 2021 to 2027, the market is set to grow at a CAGR of 2.7%.
- 2018-2026 Growth Forecast: The market is projected to expand at a CAGR of 3.6% between 2018 and 2026.
- Indian Market Growth: Escalator sales in India are forecasted to grow at a CAGR of over 7.5% from 2021 to 2026.
Regional Insights
- US vs Europe: There are approximately 16,500 escalators in the U.S. and around 86,000 in Europe.
- China’s Market: China leads the world with over 125,000 escalators installed.
- Japan’s Ratio: Japan boasts the highest escalator to elevator ratio globally.
- Middle East Growth: The Middle East escalator market is expected to grow at a CAGR of 2.6% from 2021 to 2031.
- European Market Share: Europe holds the second-largest share in the global market.
Industry Dynamics
- 2013 Production: Manufacturers produced 1.5 million escalators globally in 2013.
- Market Dominance: Schindler and Kone commanded nearly 50% of the market share in 2019.
- Replacement Market: In 2013, replacements accounted for about 25% of industry units.
- Commercial Segment: In 2017, the commercial sector generated around 75% of total market revenue.
- Step Type Dominance: In 2018, the step type segment held over 80% of the market share.
Technological and Innovation Trends
- IoT Impact: Integrating IoT in escalators can cut downtime by up to 60%.
- Infrastructure Development: Infrastructure projects in Asia-Pacific are significantly driving market growth.
- 2018 Installations: More than 15,000 new escalator units were installed worldwide in 2018.
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Country-Specific Insights
- UK Market Value: The UK’s escalator market was valued at $183.6 million in 2017.
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