Escalators & Moving Walkways Market Size - By Product (Escalators [Parallel, Multi-Parallel], Moving Walkways), By Application (Public Transit, Airports, Retail, Institutional) & Global Forecast, 2023 – 2032

Escalators & Moving Walkways Market Market Size

Escalators & Moving Walkways Market size surpassed USD 17 billion in 2022 and is anticipated to expand at 5% CAGR from 2032 to 2032 owing to the increasing urban population and rapid modernization across metro cities.
 

To support this demand, companies in the building & transportation sector are launching new projects like malls and railway stations that are equipped with modern machines and systems like moving walkways.
 

High capital and maintenance costs associated with the installation and product usage could impede escalators & moving walkways market demand by 2032. The initial purchase costs, operational costs and maintenance costs of machines are high. This is primarily due to the use of modern & upgraded technology, the eco-friendly & sustainable designs, and the superior features of its mechanism. A high production cost will restrict new entrants into the market. Moreover, expensive initial investments & set-up costs could lead to limited product penetration.

COVID-19 Impact

The COVID-19 pandemic led to multiple changes in the supply chain which urged businesses to make efforts to secure and sustain their supply networks. Companies started entering into supply chain agreements with dealers and distributors to ensure steady supply and distribution of their products effectively throughout all regions. It is estimated that escalators & moving walkways market competition could worsen over the course of the forecast period as manufacturers attempt to use a variety of methods to obtain a competitive edge and boost their profit margins.
 

Escalators & Moving Walkways Market Analysis

The escalators segment will reach more than USD 22 billion by 2032. Escalators, often known as moving stairs, are used for transporting large groups of people up and down the floors of a building. They can be deployed both indoors and outdoors, and the constant speed can be changed to match changes in passenger volume. The metal grooved steps of the escalator are connected together and moved by a motor-powered chain on rails. Furthermore, if the mechanism fails, the escalator could still be utilized as a staircase access.
 

The retail application in escalators & moving walkways market scenario is projected to observe 5% growth between 2023 and 2032. This sector consists of shopping malls and commercial complexes along with hyper and supermarkets. The transportation system of buildings in the retail segment is mainly dependent on elevators, escalators, and moving walkways that are installed on the premises. To increase aesthetic appeal, manufacturers in escalators and moving walkways market are coming up with visual designs and lighting options.
 

Asia Pacific escalators and moving walkways market is estimated to amass USD 11 billion in 2032. China is expected to dominate the regional in industry during the forecast period due to the rapidly increasing construction sector. Infrastructural development in most Asian countries will result in a rise in product demand. The presence of small and large industry players in the country has led to lower product prices in this region. Alike China, India is also growing as a lucrative market and is estimated to capture the second-highest growth rate of 6% during 2023-2032.
 

Escalators & Moving Walkways Market Share

• Hyundai Elevator Company
•  KONE Corporation
•  Mitsubishi Electric Corp
•  Fujitec
•  Otis Elevator Company
•  Schindler
•  Thyssenkrupp AG
•  Hitachi LTD
• Toshiba Corporation
• Sicher Elevator Co., Ltd.,
• Sigma Elevator Company
•  Stannah
• Kleemann Hellas SA
•  Stein Ltd and Gulf Elevator & Escalator Co. Ltd.

These companies are focusing on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, they are heavily investing in R&D to introduce innovative products and garner maximum business revenue.
 

Escalators & Moving Walkways Industry News:

• In February 2021, Kone Corporation won an order to provide energy-efficient escalators for Washington Metropolitan Area Transit Authority (WMATA). This will help the company to increase its market in the U.S.
   
• In August 2022, Mitsubishi Electric US, Inc. announced that it is expanding its Elevator and Escalator Division staff and office space with a new call center in the U.S.
   

This escalators & moving walkways market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD million from 2018 to 2032 for the following segments:

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Market, By Product

• Escalators
  • Parallel
  • Multi-Parallel
  • Others
• Moving Walkways

Market, By Application

• Public Transit
• Airports
• Retail
• Institutional
• Others

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Kuwait