Escalators & Moving Walkways Market Size, Share & Trends Analysis Report By Product (Escalators, Moving Walkways), By Business (New Equipment), By Application (Retail), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The globalescalators & moving walkways market sizewas valued atUSD 12,654.0 million in 2022and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. Factors such as changing lifestyles, urbanization, and the growing preference for public transportation are likely to drive the demand for escalators and moving walkways. In addition, the increasing demand for convenience and safety in public transportation is also anticipated to boost the market demand over the forecast period. The technological advancements in the escalators and moving walkways industry also remains a promising trend for future growth. Companies are investing in research and development to develop energy-efficient and safe escalators and moving walkways. Companies also continue to integrate advanced sensors and automation technology to increase the efficiency and performance of escalators and moving walkways.

For instance, Mitsubishi Electric Company unveiled its new NEXIEZ-MRL Version2 lift in October 2021, with more advanced specifications than the company's flagship machine room-less lift in the global market. In addition to being more efficient, the new model will offer additional passenger safety, comfort, and convenience by providing antiviral solutions that fit the "new normal" needs.

Modular constructionis used to construct permanent and temporary structures such as schools, camps, public amenities, and military and industrial installations. The growing demand for modular buildings in rural and distant places will most likely drive the lift and escalator industry in the United States. This modular construction technology is gaining traction in the region and will be used more frequently in the future as compared to traditional approaches. For instance, CitizenM inaugurated the Los Angeles Downtown Hotel in 2021. This 315-room, 11-story hotel was built in collaboration with BLVD Hospitality and is notable for its use of modular construction.

人口膨胀是提高的需求低-cost homes. As people's lifestyles change, more people are with smaller families or living alone, fueling the growth of the residential construction industry. As a result, the growing number of commercial and residential building permits is becoming a significant element in the growth of the escalators and moving walkways market across the globe. For instance, U.S. is witnessing the residential construction projects including, D.R. HORTON Lennar Corp, Pulte Group, NVR, Taylor Masion and commercial construction projects including Amazon Headquarters, Samsung Chip Factory, California High-Speed Rail, Texas Bullet Rail, among others, thereby boosting the need for the escalators and moving walkways.

Industry participants are frequently engaged in strategic collaborations and substantial R&D investment to increase technology efficiency to meet demand from end-use industries. For instance, in November 2020, Mitsubishi Electric Corporation launched a new U series of escalators. This product launch aimed to provide comfort and safety to the passengers along with significant energy savings as compared to its previous models. The company also targeted Latin America, India, Middle Eastern, and ASEAN markets with this new series of escalators.

The growing awareness regarding environmental issues is driving the demand for energy-efficient escalators and moving walkways. Companies are focusing on developing products that emit low levels of greenhouse gases and use renewable energy sources. This factor is likely to have a positive impact on the market. For instance, in June 2021, Mitsubishi Electric Corporation, produced its Ryoden Dumbwaiter G-Series escalators to provide a more dependable and ecologically friendly model. The Ryoden Dumbwaiter G-Series is easy to operate in any setting.

Product Insights

The escalators product segment dominated the market and accounted for 79.7% of the global revenue share in 2022. Escalators are mobile staircases that transport users between two floors of a building or other structure. Escalators are typically made up of interlocking steps propelled by an electric motor. An escalator's steps move easily, thanks to a chain and gear mechanism. Its entire mechanism is housed in a series of trusses that connect the floors.

Escalators are widely used across several verticals such as commercial places, industrial, and residential. They are commonly found in metro stations, office buildings, railway stations, hospitals, residential complexes, airports, malls, and schools. The installation of escalators and elevators in high-rise and mid-rise buildings has become mandatory in many places, assisting the construction sector to gain momentum.

The moving walkway product segment is expected to witness a CAGR of 4.9% during the forecast period. As moving walkways are the most economical, secure, comfortable, and quick means for transmitting people, their installation in a variety of business and residential settings is expected to drive market demand in the upcoming years.

Rapid urbanization, swift advancement in the building & construction industry, and increasing living standards are the primary factors boosting the growth of the moving walkway product segment. Moreover, an increasing number of shopping centers, train stations, airports, and subway stations are expected to accelerate the growth of the moving walkways product segment in the upcoming years.

Business Insights

The new equipment business segment dominated the market and accounted for 47.5% of the global revenue share in 2022. New equipment such as escalators & moving walkways are mostly built while constructing new infrastructure. The growth of this segment is due to factors such as increased construction activity in developing economies, growth of business hubs, and new construction of malls, airports, offices, and others. For instance, the Navi Mumbai International Airport project involves the construction of an international airport on 1,160 hectares of land near India.

The modernization business segment is expected to witness significant growth. Escalators and moving walkways modernization entail either improving existing moving walkways with more advanced technology or replacing broken walkways with new ones. The procedure entails removing all electrical and mechanical components from the existing framework of the currently installed moving walkway and replacing them with new components. For instance, Kone, TK Elevator, Schindler, and others provide modernization solutions for escalators & moving walkways.

The maintenance business segment is likely to grow at a CAGR of 6.1% over the forecast period. Maintenance of moving walkways consists of replacing, repairing, and maintaining the walkways regularly to prevent them from becoming dysfunctional and halting operations unexpectedly. Furthermore, maintenance is essential to ensure the proper operation of the walkways and to prevent potential inconvenience or injury to travelers while utilizing the facility. For instance, Jackson, a manufacturer, replaced six escalators in Shrewsbury's Darwin Shopping Centre. The renovation required Jackson to dismantle 6 escalators and install 2, 70ft long escalators that service Shrewsbury Centre’s bus stops and pedestrian area.

Application Insights

The public transit application segment accounted for 24.3% of the global revenue share in 2022. Elevators are a typical necessity in all residential structures and public institutions, allowing passengers and commodities to move. Escalators and moving walkways have also become a vital aspect of urban life as escalators are used whenever elevation change is required and allow pedestrians to navigate with ease. For instance, the KONE TransitMaster 120, is a long-lasting, environmentally friendly escalator designed specifically for transportation centers. Even in the most congested traffic, it offers a smooth, safe, and pleasant experience for passengers.

The airport application segment is likely to grow at a CAGR of 6.0% over the forecast period. The rise of the airport escalators and moving walkway systems sector is being driven by an increase in the number of air travelers at airports. Furthermore, many airports are expanding their existing infrastructure, which will fuel the rise of airport escalators and moving walkway systems.

零售应用程序段可能会增长t a CAGR of 5.3% over the forecast period. Escalators and moving walkways are commonly used in department shops, hotels, shopping malls, airports, arenas, transit systems, convention centers, stadiums, train stations, subways, and public buildings. Escalators and moving walkways have become increasingly popular in shopping malls, airports, train stations, and other congested areas. For instance, Kone’s TravelMaster 110, TravelMaster 115, TravelMaster 120, TravelMaster 140, and TravelMaster 165 are the different types of products that cater to the retail sector and infrastructure.

Regional Insights

Asia Pacific dominated the market and accounted for a 41.0% share of global revenue in 2022 owing to increasing focus on building of new airports & airport improvements projects across the region. In addition, the developing economies are witnessing increasing investments in infrastructure including airports, railways, and metro projects which is expected to fuel the market growth. For instance, Xiong’an-Xinzhou High-Speed Railway, China, Singapore Cross Island MRT Line, Singapore, Melbourne Suburban Rail Loop, Australia, and other projects are expected to fuel the market demand for escalators & moving walkways over the forecast period.

对高层建筑的需求正在上升and the U.S. government's emphasis on infrastructure promises to drive the escalator and moving walkways market to new heights. For instance, in November 2021, the U.S. government signed a USD 1.2 trillion infrastructure plan into law, with USD 550 billion going towards broadband, and utilities. Furthermore, the law will spend USD 110 billion on bridges, highways, and other important projects, including a USD 66 billion investment in freight rail and passenger, including prospective Amtrak upgrades. Such factors are projected to propel the escalators & moving walkways industry in North America.

The demand for mobility is growing, necessitating the development of modern, integrated transport networks. To move many people at once, escalators and moving walkways are used, thereby fueling the market demand. The presence of stringent European regulations & standards for the escalators and moving & walkways are mandatory for all manufacturers to cover commercial, industrial, and public transport applications for safety, construction & installation, and modernization. For instance, BS EN115-2:2010 specifies standards for improving the safety of existing escalators and moving walks. This standard applies to those who have prevailing machines and are considering escalator or moving walk rehabilitation or modernization.

Increasing investments to develop new airports to cater to the rising consumer demand coupled with the increased number of air terminal expansion projects are anticipated to drive the escalators & moving walkways market in Central & South America. For instance, in 2019, Argentina’s airport terminals will be remodeled. This redevelopment includes the Ezeiza International Airport, which will expand to a size of 217,230 m²and service the country's core. The new passenger terminal will have 138 check-in desks, 128 self-check-in machines, and 54 boarding gates. Furthermore, it will also include a new four-story car park, with a capacity to park 1,835 vehicles.

Key Companies & Market Share Insights

The manufacturers adopt several strategies, including acquisitions geographical expansions, new joint ventures, product developments, and mergers to enhance market penetration and cater to the changing technological requirements of various applications such as retail, airports, public transit, institution, and others.

For instance, in April 2023, Schindler installed nine new escalators for USD 13.5 Million modernization project for the Pittsburgh railway station. The project is expected to be wrapped up in 2024. The company also replaced three of four escalators at the Steel Plaza Station, and it is expected that the replacement of escalators will be moved further to First Avenue Station in early 2024. Some prominent players in the global escalators and moving walkways market include:

• KONE Corporation

• Otis Worldwide Corporation

• Schindler Group

• TK Elevators

• FUJITEC CO., LTD

• Toshiba Corporation

• HYUNDAI ELEVATOR CO.,LTD

• Sigma Elevator Company

• Kleemann Hellas SA.

• ThyssenKrupp AG

• Stein Ltd

• Sicher Elevator Co., Ltd.

• Mitsubishi Electric Corp.

• Gulf Elevator and Escalator Co. Ltd.

• Stannah

Escalators And Moving Walkways Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 13,223.4 million
Revenue forecast in 2030	USD 19.34 billion
Growth rate	CAGR of 5.4% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD million, CAGR from 2023 to 2030
Report coverage	Revenue forecast, company market position analysis, competitive landscape, growth factors, and trends
Segments covered	Product, business, application, region
Regional scope	North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
Country Scope	U.S.; Canada; Mexico; Germany; France; U.K.; Italy; Spain; China; Japan; India; South Korea; Australia; Malaysia; Indonesia Brazil; Argentina; South Africa; UAE; Saudi Arabia
Key companies profiled	KONE Corporation; Otis Worldwide Corporation; Schindler Group; TK Elevators; FUJITEC CO., LTD; Toshiba Corporation; HYUNDAI ELEVATOR CO.,LTD; Sigma Elevator Company; Kleemann Hellas SA.; ThyssenKrupp AG; Stein Ltd; Sicher Elevator Co., Ltd.; Mitsubishi Electric Corp.; Gulf Elevator and Escalator Co. Ltd.; Stannah
Customization scope	Free report customization (equivalent up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope.
革命制度党cing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Global Escalators And Moving Walkways Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global escalators & moving walkways market report based on product, business, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Escalators

    • Parallel

    • Multi-parallel

    • Others

  • Moving Walkways

• Business Outlook (Revenue, USD Million, 2018 - 2030)

  • New Equipment

  • Maintenance

  • Modernization

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Escalators & Moving Walkways

    • Retail

    • Public Transit

    • Airports

    • Institution

    • Others

  • Escalators

    • Retail

    • Public Transit

    • Airports

    • Institution

    • Others

  • Moving Walkways

    • Retail

    • Public Transit

    • Airports

    • Institution

    • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • UK

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Malaysia

    • Indonesia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa