Escalators & Moving Walkways Market to Observe Rugged Expansion at a Top CAGR by 2032
The escalators & moving walkways market is expected to grow considerably by 2028 owing to rising urbanization across the globally. In addition, rapid industrialization and prominent infrastructural development in emerging economies are likely to further facilitate industry expansion through the forecast timespan.
Notably, changing lifestyle and growing demand for convenience has boosted product demand in various places, especially in commercial and official buildings. Key participants in the industry have been focusing on expanding their business in developing countries, aided by the growing need for walkway solutions, which has played a vital role in escalators & moving walkways market growth in recent years. For instance, in July 2020, Otis, a leading escalator and moving walkways company, opened a new escalator factory in Shanghai, which adheres to Industry 4.0 standards. Otis China's manufacturing facility aims to build high-performance escalators and moving walkways.
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To cite another instance, in May 2021, KONE Corporation, a global elevators & escalators company, announced the development of the latest innovation designed to make it easier for wheelchair users to navigate through modern buildings by connecting escalators to wheelchairs. The design was chosen as the winning idea at KONE's DX Experiments competition for finding innovative ideas to connect objects to escalators.
In another instance, in September 2021, Hitachi Elevator Philippines, a subsidiary of Hitachi Ltd, a leading technology solution company, inked a contract for 67 units of elevators & escalators for the expansion of the North-South Commuter Railway (NASCR) Phase 1 project. Later, in April 2022, Hitachi acquired all leftover shares of Yungtay Engineering Co., a Taiwan-based subsidiary specializing in escalators and moving solutions. The acquisition aimed to augment Hitachi's position in the People's Republic of China and other parts of Asia.
Likewise, in February 2022, Schindler, a major manufacturer of elevators, signed a global frame deal with ISS, a leading workplace facility company. The agreement focused on the maintenance and modernization of elevators and escalators in the operations of ISS's global offerings.
The escalators & moving walkways market has been bifurcated based on product, application, and region. Based on product, the market has been divided into escalators (parallel and multi-parallel) and moving walkways. The multi-parallel escalators segment is anticipated to witness substantial growth at a CAGR of over 5.4% through the review period.
In terms of application, the escalators & moving walkways industry has been classified into retail, public transit, airport, institutional, and others. In 2021, the institutional segment was valued at around USD 2.37 billion and is foreseen to reach approximately USD 3.36 billion in revenue by 2028, delivering more than 5.1% CAGR over the study timeframe.
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In the regional landscape, the Middle East & Africa escalators & moving walkways market is slated to expand at a CAGR of above 6.1% through the forecast period to account for a sizable share in the overall industry revenue by the end of 2028.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Methodology
1.2 Market definitions
1.3 Market estimation & forecast parameters
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Escalators & moving walkways market 360° synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Product by application trends
2.1.3 Application trends
2.1.4 Regional trends
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