According to Arizton’s latest research report, the US elevator and escalator market is growing at a CAGR of 2.87% during the forecast period.
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Report Summary
Market Size by New Installations (2029): 40.1 Thousand Units
Market Size by New Installations (2023): 33.8 Thousand Units
CAGR – New Installations (2023-2029): 2.87%
Market Size by Installed Base (2029): 1424.5 Thousand Units
Market Size by Modernization (2023): USD 1.20 Billion
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Segmentation by Carriage Type: Passenger and Freight
Segmentation by Capacity: 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
Segmentation by End-User: Commercial, Residential, Industrial, and Others
Segmentation by Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others
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Elevators are becoming more common in the building business as they become the primary form of transportation for persons looking to travel to higher floors within buildings, and they are especially beneficial to people with mobility issues.
The US construction market was anticipated to grow by 7% in 2022, primarily due to increased demand for new homes and residential renovations. By 2025, residential buildings are expected to contribute more than $1 trillion to the economy. Population expansion, a greater need for cheap housing, and changing lifestyles that result in more individuals are a few causes driving the rise of the residential building business. Installing an elevator in residential sectors allows convenience and luxury. Home elevators have a lot of attractive features that can be sold as a benefit to the potential buyer. Elevators consume less time and are easier to move heavy and bulky objects. They are also helpful to children and older people facing challenges using stairs. Elevators reduce cases of common accidents such as falling down the stairs or children tripping over stair rails.
Mergers and Acquisitions in the U.S. Elevator and Escalator Market
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Cibes Lift Group, a Swedish company, has acquired Area Access Inc., a Virginia-based distributor of vertical lifts. This acquisition expands Cibes’ presence in the U.S. market and enhances its ability to provide innovative solutions to customers nationwide. It is Cibes’ fourth addition in the U.S. and will be finalized by the first quarter of 2024.
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TEI Group, the largest independent vertical transportation company in the NYC metropolitan area, has announced its expansion into the U.S. Southeast by establishing a headquarters in Tampa, Florida. This move aims to extend TEI Group’s reach and services into the Southeastern region.
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PAPL Corp. revealed in February 2024 the establishment of U.S. subsidiary PAPL Inc. and Singapore subsidiary SINGAPORE PTE LTD. With 17 years of operations in India and the Middle East, these new subsidiaries signal a significant move toward the company’s future.
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Fort Lauderdale-based Axxiom Elevator expanded its Southwest footprint by acquiring Iron Hawk Elevator, based in Tucson, Arizona, and serving southern Arizona and western New Mexico. This acquisition, announced by financial advisors Maven Group on December 19, 2023, follows Axxiom’s acquisition of Arizona Elevator Services.
Growing Visitors at Commercial Places to Drive the Demand for Escalator
Escalators are widely used in densely populated shopping centers, airports, transit hubs, and hotels. With 83% of Americans residing in urban areas in 2021, a significant increase from 64% in 1950, this trend is expected to continue, with an estimated 89% projected to live in metropolitan regions by 2050. New York City, the largest urban area with 8.8 million residents, faces increasing congestion, especially in commercial areas. Escalators offer efficient movement without much waiting time, facilitating the smooth flow of people. They also allow pedestrians to walk if they’re in a hurry or case of breakdowns.
However, escalator safety remains a concern. Many injuries result from user negligence, particularly children playing unsupervised near escalators or moving walkways. The use of strollers on escalators is especially unsafe. About 75% of escalator injuries stem from falls, while 20% involve entanglement incidents, often due to loose clothing or footwear. Compared to elevator incidents, escalator accidents are more prevalent and concerning.
The U.S. Elevator and Escalator Market Dynamics
Drivers
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Increasing accommodation building approvals are expected to drive demand for elevators and escalators as the U.S. sees a surge in hotel openings, led by New York City and followed by Atlanta.
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The trend of office-to-residential conversions is further propelling the residential elevator segment, with cities like Houston and Boston offering incentives to convert surplus office space into housing, supported by initiatives such as NYC’s Office Conversion Accelerator, to expedite the conversion process and address housing shortages.
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Growing numbers of building permits and the construction of high-rise structures sought after, especially within the residential domain.
Opportunities
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Elevator maintenance traditionally depends on experienced technicians’ ability to detect issues through trained hearing, which modern technicians may lack. Otis has introduced machine learning with Tune, analyzing elevator acoustic data to identify maintenance needs, and improving efficiency and accuracy.
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Addressing the rising demand for housing and the need to speed up construction, prefabricated modules are becoming popular and is reshaping the construction sector.
Restraints
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Rising maintenance costs and labor shortages overcharge customers, delay repairs, and challenge the availability of experienced workers and components.
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Declining housing disrupts construction schedules, affecting project timelines and completion.
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Component scarcity in older elevators hampers service timelines, while project delays due to inspections compound construction challenges.
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Key Vendors
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Otis
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TK Elevator
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Schindler
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KONE
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Mitsubishi Electric
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Hitachi
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Hyundai Elevator
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Fujitec
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MEI Total Elevator Solutions
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Wurtec
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Delaware Elevator
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Day Elevator and Lift
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Liberty Elevator
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TEI Group
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AVT Beckett
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Colley Elevator
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Champion Elevator
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Access Elevator & Lifts, Inc.
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Godwin Elevator
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Potomac Elevator Company
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Action Elevator Company
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Advanced Elevator
Elevator Market Segmentation by
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Machine Type
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Hydraulic and Pneumatic
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Machine Room Traction
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Machine Room Less Traction
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Others
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Climbing
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Elevators
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Industrial Elevators
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Carriage Type
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Passenger
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Freight
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Capacity
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2-15 Persons
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16-24 Persons
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25-33 Persons
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34 Persons and Above
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End-User
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Commercial
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Residential
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Industrial
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Others
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Public Transit
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Institutional
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Infrastructural
Escalator Market Segmentation by
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Product Type
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Parallel
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Multi Parallel
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Walkway
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Crisscross
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End-User
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Public Transit
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Commercial
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Others
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Institutional Sector
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Infrastructure
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Industrial
Key Questions Answered in the Report:
How big is the U.S. elevator and escalator market?
What will be the growth rate of the U.S. elevator and escalator market?
What are the key opportunities in the U.S. elevator and escalator market?
What is the number of installed bases in the U.S. elevator and escalator market in 2023?
What are the key U.S. elevator and escalator market players?
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