Elevator and Escalator Market Trends and Segments Forecast To 2028

January 13, 2023 ⚊ 1 Min read ⚊ Views 63 ⚊ BUSINESS

The global elevator and escalator market size was valued at USD 78.60 billion in 2021 and is poised to grow with a CAGR of 6.2% over 2022-2028. The efficiency of elevators and escalators in vertical transportation is the primary goal of their utilisation. An elevator is a closed cabin powered by electric motors that lift a cylindrical piston by driving traction cables, counterweight systems, or pumping hydraulic fluid. Elevators are useful vertical mobility solutions because they make efficient use of urban space and allow everyone to move about in buildings. The two main types of elevators discussed in this paper are passenger elevators as well as freight elevators

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Tags: Elevator and Escalator Market

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