Escalators & Moving Walkways Market Size By Product (Escalators [Parallel, Multi-Parallel], Moving Walkways), By Application (Public Transit, Airports, Retail, Institutional), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028

Industry Trends

Escalators & Moving Walkways Market size surpassed USD 16.15 billion in 2021 and will exhibit a growth rate of over 5.3% from 2022 to 2028. Increasing urbanization owing to the growth of industrialization and infrastructure in developing countries including China, India, and Indonesia is likely to spur the industry demand.
 

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The increasing population and growing urbanization in various regions are driving the market growth. Due to busy lifestyles and round-the-clock working hours, the demand for escalators is increasing especially in commercial establishments.
 

The growing number of hotels, warehouses, and other commercial establishments globally will enhance the market revenue by 2028. Moreover, the aging escalators mainly in the developed countries are further predicted to fuel the industry statistics. Around 2/3^rd of escalators, elevators, and moving walkways market volume in the U.S. comes from the commercial segment and 1/3^rd from the residential segment impelled by high-rise downtowns, consisting mainly of commercial buildings and residential suburbs.
 

Rising demand for the multi-parallel escalators

The parallel segment was the largest in 2020 and is projected to reach a value of USD 9.8 billion by 2028. The parallel segment finds major applications in shopping malls, commercial spaces, airports, and other conventional & public buildings.
 

Walkways segment is set to cross a value of more than USD 4 billion by 2028. The increasing usage of walkways in malls and airports is estimated to achieve huge revenue gains. The growing product used to carry shopping carts, especially to the floor connected to the parking areas, is also poised to bolster their demand.
 

Retail application to generate huge revenue gains

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The retail application segment is predicted to acquire USD 7 billion revenue by 2028, capturing around 30% of the market share on account of rising number of shopping malls, retail outlets, and hypermarkets. In the retail segment, the transportation system of a building is mainly dependent on elevators, escalators, and moving walkways installed on the premises.
 

The other applications segment in escalators & moving walkways market is set to witness 5% gains through 2028. It consists of leisure activities including sports complexes, stadiums, theme parks, amusement parks, play parks, and museums. The products installed in these places may be indoor or outdoor, depending on necessities. In sports complexes and stadiums, the duty cycle is low but the flow of traffic is very high, requiring heavier solutions. In museums, the use of these products is very important for people to see various multi-stored antiques.
 

Asia Pacific to observe significant growth

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Asia Pacific escalators & moving walkways market, led by China, will hold about 60% of the revenue share by 2028 led by the rapidly increasing construction sector. Infrastructural developments coupled with the increasing penetration of the retail sector will complement the regional business scenario. Furthermore, the presence of various & increasing construction of commercial establishments will further augment the market demand.
 

European market is likely to account for nearly USD 8 billion by 2028. The revenue garnered from this region is generally through servicing and after-sales other than new installations. Additionally, the presence of huge retail infrastructures is also anticipated to boost the demand.
 

Industry participants are also expanding their presence in emerging economies to meet the growing need for escalator and moving walkway products & solutions. Some of the major manufacturers include Hitachi Ltd., Otis, KONE Corporation, Mitsubishi Electric Corp., Schindler, thyssenkrupp AG, Fujitec, Toshiba Corporation, Hyundai Elevator Company, and Stein Ltd., among others.
 

This escalators & moving walkways market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in USD Billion from 2018 to 2028 for the following segments:

Market, By Product

• Escalators
  • Parallel
  • Multi-parallel
• Moving Walkways

Market, By Application

• Public Transit
• Airport
• Retail
• Institutional
• Others

Market, By Region

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