The escalation in the aggregate of air passengers due to tourism is driving market growth.
New York, USA, Dec. 11, 2024 (GLOBE NEWSWIRE) — Market Overview:
The global escalators and moving walkways market size was USD 13.61 billion in 2024, estimated at USD 14.37 billion in 2025, and is expected to reach around USD 23.61 billion by 2034, expanding at a CAGR of 5.7% from 2025 to 2034.
What are Escalators and Moving Walkways?
An escalator is a kind of vertical conveyance that reminds one of a moving staircase that conveys people amidst building floors. The steps are fuelled by a motor and progress along a track. A moving walkway is a horizontal conveyer belt that transports people. They are homogenous to escalators, but they convey people over prolonged distances at a retarded speed. Moving walkways are normally detected in airports, train stations, and big buildings to assist people in voyaging prolonged distances more productively.
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Key Takeaways from Report
- The market is expected to exhibit a CAGR of 5.7%.
- The market for escalators and moving walkways is expanding due to the surge in air passengers because of tourism.
- The escalators and moving walkways market analysis is primarily based on product, business, end use, and region.
- Based on business, the new equipment segment dominated the market.
- Asia Pacific dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
Escalators and Moving Walkways Market Dynamics
Growth Drivers
Technological Progressions: The escalators and moving walkways market size is expanding due to the current technological progressions that are enhancing security, productivity, and sustenance. Inventions such as green motor outline, maximized functional seamlessness, and modern security agreements have rendered these systems growingly helpful for building owners and developers. These progressions are decreasing the functional prices and prolonging the instrument’s longevity.
Growing Urbanization: The surging population in urban regions is generating the demand for extensive buildings and frameworks such as malls, airports, and offices. For instance, as per the World Bank Group, 56% of the global population resides in urban cities. The extensive tall buildings require escalators and moving walkways to offer a simplified approach between floors. The augmentation of cities and the building of contemporary tall buildings fuel the demand for these conveyance solutions.
Trends and Opportunities
Growth in Mall Visiting: Escalation in people stopping by malls for shopping, entertainment, and dining, which needs productive handling of extensive crowds. As per the Gulf Business, in 2023, Emaar malls registered a 19% surge in footfall from 2022, with approximately 20 million people paying a visit to the mall in the initial two months of 2023. The growing aggregate of visitors in malls is generating an elevated demand for fitting escalators and moving walkways, suggesting that the escalators and moving walkways market demand is expanding.
Surge in Tourist Traffic: With a rise in tourist traffic, airports are continuously enhancing their framework for productive handling of passenger flow and locating them speedily and pleasantly between terminals, gates, and alternate facilities.
Competitive Analysis
The market is continuously growing, with several firms struggling to invent and discern themselves. Spearheading global corporations command the market by manipulating sizeable research and development and progressive methodologies. These firms follow strategic capabilities such as mergers and acquisitions, alliances, and partnerships to improve the commodity offerings and augment into contemporary markets.
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Major players operating in the escalators and moving walkways market are:
- KONE Corporation
- Otis Worldwide Corporation
- Schindler Group
- TK Elevators
- FUJITEC CO., Ltd
- Toshiba Corporation
- HYUNDAI ELEVATOR CO., Ltd
- Sigma Elevator Company
- Kleemann Hellas SA.
- ThyssenKrupp AG
Regional Insights
Asia Pacific: This region held the largest market share due to an escalation in infrastructure ventures. Speedy urbanization, together with growing infrastructure projects such as shopping malls, office buildings, and conveyance centers, is shaping the market.
North America: Growing renovation and building upgrading ventures throughout the region are expected to drive North America’s escalators and moving walkways market with the highest CAGR during the forecast period.
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Escalators and Moving Walkways Market Segmentation
By Product Outlook
- Escalators
- Parallel
- Multi-Parallel
- Others
- Moving Walkways
By Business Outlook
- New Equipment
- Maintenance
- Modernization
By End Use Outlook
- Public Transit
- Airports
- Retail
- Institutional
- Others
By Region Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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