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.
To Know More, Click: https://www.arizton.com/market-reports/united-states-elevator-and-escalator-market
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
Stay ahead of the curve with Arizton’s exclusive subscription plan, offering in-depth analysis, market sizing, and growth forecasts for less than $900 per month—a significant value compared to individual report purchases. Click here: https://www.arizton.com/subscription
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
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.
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.
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.
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
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.
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.
Growing numbers of building permits and the construction of high-rise structures sought after, especially within the residential domain.
Opportunities
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.
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
Rising maintenance costs and labor shortages overcharge customers, delay repairs, and challenge the availability of experienced workers and components.
Declining housing disrupts construction schedules, affecting project timelines and completion.
Component scarcity in older elevators hampers service timelines, while project delays due to inspections compound construction challenges.
Buy this Research @ https://www.arizton.com/market-reports/united-states-elevator-and-escalator-market
Key Vendors
Otis
TK Elevator
Schindler
KONE
Mitsubishi Electric
Hitachi
Hyundai Elevator
Fujitec
MEI Total Elevator Solutions
Wurtec
Delaware Elevator
Day Elevator and Lift
Liberty Elevator
TEI Group
AVT Beckett
Colley Elevator
Champion Elevator
Access Elevator & Lifts, Inc.
Godwin Elevator
Potomac Elevator Company
Action Elevator Company
Advanced Elevator
Elevator Market Segmentation by
Machine Type
Hydraulic and Pneumatic
Machine Room Traction
Machine Room Less Traction
Others
Climbing
Elevators
Industrial Elevators
Carriage Type
Passenger
Freight
Capacity
2-15 Persons
16-24 Persons
25-33 Persons
34 Persons and Above
End-User
Commercial
Residential
Industrial
Others
Public Transit
Institutional
Infrastructural
Escalator Market Segmentation by
Product Type
Parallel
Multi Parallel
Walkway
Crisscross
End-User
Public Transit
Commercial
Others
Institutional Sector
Infrastructure
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?
Check Out Some of the Top Selling Reports of Your Interest:
GCC Elevator and Escalator Market – Size & Growth Forecast 2024-2029
https://www.arizton.com/market-reports/gcc-elevator-and-escalator-market
UAE Elevator and Escalator Market – Size & Growth Forecast 2024-2029
https://www.arizton.com/market-reports/uae-elevator-and-escalator-market
Why Arizton?
100% Customer Satisfaction
24×7 availability – we are always there when you need us
200+ Fortune 500 Companies trust Arizton’s report
80% of our reports are exclusive and first in the industry
100% more data and analysis
1500+ reports published till date
Post-Purchase Benefit
1hr of free analyst discussion
10% off on customization
About Us:
Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Media Contact
Company Name: Arizton Advisory & Intelligence
Contact Person: Jessica
Email: Send Email
Phone: +1-312-235-2040 / +1 302 469 0707
Country: United States
Website: https://www.arizton.com/market-reports/united-states-elevator-and-escalator-market
