The elevator and escalator market is segmented by type (elevator, escalator, and moving walkways), service (new installation, maintenance and repair, and modernization), end-user (residential, commercial, and large-scale), and geography (North America, Asia-Pacific, Europe, South America, and Middle East and Africa). The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

The Elevators and Escalators Market was valued at USD 56,900 Million in 2020 and reached a valuation of USD 79,250 Million by 2025. The market is anticipated to register a Y-o-Y growth of 6.2% in the year 2025.Over the assessment period (2025 to 2035), the market is projected to expand at a value CAGR of 7.1% and reach USD 1,57,359.9 Million by the end of the forecast period.

Metric	Value
Industry Size (2025E)	USD 79,250 Million
Industry Value (2035F)	USD 1,57,359.9 Million
CAGR (2025 to 2035)	7.1%

Country wise Highlights

Countries	CAGR 2025 to 2035
USA	6.4%
UK	11.0%
Germany	6.6%
Japan	5.7%
ASEAN	12.9%

Category Wise Highlights

By Product Type	Value Share 2024
Traction Elevators	40%

By End user	Market Share 2024
Commercial sector	45%

The worldwide market for elevators and escalators was sized at some 85.2 billion U.S. dollars in 2023. It is projected that this market will increase in size in the following years, reaching the size of over 110.5 billion U.S. dollars in 2028.

Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 & is estimated to grow at a CAGR of around 7.8% during the forecast period 2024-30.

Explore the Elevator and Escalator Market trends! Covers key players, growth rate 8.5% CAGR, market size $175.42 Billion, and forecasts to 2034. Get insights now!

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APAC Elevator And Escalator Market Size 2024-2028

The APAC elevator and escalator market size is forecast to increase by USD 11.1 billion at a CAGR of 2.48% between 2023 and 2028.

The elevator and escalator market in APAC is witnessing significant growth due to several key factors. The region's infrastructure sector, particularly the construction of high-speed metro projects, is driving market expansion. Moreover, the increasing investment in smart cities is leading to the integration of advanced technologies in elevators and escalators, thereby enhancing their functionality and efficiency. The green building market and construction activities are also driving the demand for modernization and retrofitting of existing elevators and escalators with smart systems, technology like IoT and AI, touchless controls, predictive maintenance solutions, and sustainability features. However, the market is also facing challenges such as volatile raw material prices, which can impact the cost structure of manufacturers. In addition, the need for energy efficiency and safety regulations is increasing, necessitating the adoption of eco-friendly and safe technologies. Overall, the market trends indicate a positive outlook for the elevator and escalator industry in APAC, with opportunities arising from urbanization, infrastructure development, and technological advancements.

What will be the size of the APAC Elevator And Escalator Market during the forecast period?

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The Asia-Pacific (APAC) elevator and escalator market encompasses various types of vertical transportation solutions, including traction elevators, pneumatic lifts, wheelchair lifts, glass lifts, escalators, and moving walkways. New installations continue to drive market growth, particularly in commercial and industrial spaces, as well as in infrastructure projects such as airports, metro stations, railway stations, and skyscrapers. However, aging infrastructure in APAC also presents significant opportunities for maintenance and repair, modernization, and retrofitting. Smart systems, incorporating Internet of Things (IoT) and Artificial Intelligence (AI) technologies, are increasingly prevalent In the market, enhancing safety, efficiency, and sustainability. These solutions enable predictive maintenance, energy savings, and improved passenger experience.
Furthermore, in the APAC region, vertical transportation solutions are essential for residential, commercial, and industrial spaces, catering to the needs of a growing population and urbanization. Market dynamics are influenced by construction activities, increasing demand for accessibility, and a focus on sustainability. Overall, the market is poised for continued growth, driven by these trends and the region's economic development.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Residential
  Non-residential


Product

  Elevator
  Escalator


Geography

  APAC

    China
    India
    Japan

By End-user Insights

The residential segment is estimated to witness significant growth during the forecast period.

In Asia-Pacific (APAC), the residential market for vertical transportation solutions, including elevators and escalators, is experiencing growth due to the increasing construction of high-rise buildings. Governments in countries like India, China, Indonesia, Cambodia, and Vietnam are addressing the rising urban population by launching affordable public housing programs. These programs provide housing options for citizens with moderate incomes, resulting in a demand for elevators in residential buildings priced between USD 24,000 and USD 96,000. Similar initiatives are underway in India, Cambodia, Myanmar, Indonesia, and Thailand. The commercial and industrial sectors, including airports, metro stations, railway stations, skyscrapers, and green building projects, also contribute significantly to the market growth in APAC. Modernization and retrofitting of existing infrastructure, smart systems integration, and sustainability are key trends driving the demand for vertical transportation solutions.

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The residential segment was valued at USD 48.40 billion in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of APAC Elevator And Escalator Market?

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The North America elevator and escalator market accounted for 38.5 thousand units in 2022, which is expected to reach 46.9 thousand units by 2029 growing at a CAGR of 2.84%

The Thailand elevator and escalator market size by new installations accounted for 7.57 thousand units in 2024 and is expected to reach 9.95 thousand units by 2029, growing at a CAGR of 4.66%

The global elevators & escalators market was valued at USD 134.46 billion in 2021 and is expected to grow at a CAGR of 6.3% during the forecast period.

The global elevators & escalators market size is expected to reach USD 229.0 Billion by 2030 according to a new study by Polaris Market Research.

The Southeast Asia elevator and escalator market size by new installations accounted for 37.08 thousand units in 2024 and is expected to reach 46.57 thousand units by 2030, growing at a CAGR of 3.87%

The Saudi Arabia Elevator & Escalator Market is estimated to grow at a CAGR of around 7.5% during the forecast period 2024-30. Commercial & Residential segment held the largest share of the Saudi Arabia Elevator & Escalator Market.

Global Elevators & Escalators market size 2025 was XX Million. Elevators & Escalators Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

The Europe elevator and escalator market size was valued at 155.6 thousand units in 2023 and is expected to reach 205.9 thousand units by 2029, growing at a CAGR of 4.78% from 2023-2029.

East Africa Elevator And Escalator Market Size By Type (Escalators, Elevators), By Business (New Equipment, Maintenance), By End User (Residential, Commercial) And Forecast

The global elevators and escalators market is experiencing robust growth, driven by rapid urbanization, increasing infrastructure development, and rising demand for advanced building technologies in both residential and commercial sectors. The market, estimated at $80 billion in 2025, is projected to witness a healthy Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033, reaching approximately $120 billion by the end of the forecast period. Key drivers include the ongoing construction boom in emerging economies like India and China, coupled with renovations and modernization projects in developed nations. Technological advancements such as IoT integration, energy-efficient designs, and improved safety features are further fueling market expansion. The market is segmented by type (elevators and escalators) and application (residential, commercial, industrial, and others). Major players like Otis, ThyssenKrupp, Schindler, and Kone dominate the market, competing fiercely through innovation, strategic partnerships, and geographic expansion. However, increasing raw material costs and stringent regulatory compliance requirements pose potential restraints. The Asia-Pacific region holds a significant market share, owing to the robust construction activities and rapid economic growth in countries like China and India. North America and Europe also represent substantial markets, with a focus on modernization and technological upgrades. The competitive landscape is marked by both organic and inorganic growth strategies. Leading companies are investing heavily in research and development to introduce cutting-edge technologies, improve energy efficiency, and enhance safety features. This focus on innovation is crucial to maintaining a competitive edge and attracting new customers in a rapidly evolving market. Furthermore, strategic mergers and acquisitions, as well as expansion into new geographical markets, are anticipated to play a pivotal role in shaping the market dynamics in the coming years. The focus on sustainable development is also impacting the market, with more demand for energy-efficient and eco-friendly elevator and escalator systems. This trend is likely to further accelerate the adoption of advanced technologies and drive future market growth.

The size and share of the market is categorized based on Type (Elevator, Escalator) and Application (Commercial Office, Hotels, Residential, Other) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The Italy elevator and escalator market size by new installations accounted for 12.3 thousand units in 2023 and is expected to reach 13.0 thousand units by 2029, growing at a CAGR of 0.89% during the forecast period.

Explore the detailed segmentation analysis of the Elevator and Escalator market. Understand detailed breakdown for each segment and uncover market opportunities.

Global Elevator and Escalator market size will be USD 219.11 Billion by 2030. Elevator and Escalator Industry's Compound Annual Growth Rate will be 6.31% from 2023 to 2030.