The worldwide market for elevators and escalators was sized at some **** 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 ***** billion U.S. dollars in 2028.

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.

In 2023, U.S. Elevator Market reached a value of USD 19.41 billion, and it is projected to surge to USD 29.01 billion by 2030.

In 2021, the size of the U.S. elevator market reached a value of **** billion U.S. dollars. It is estimated that the market size will increase with a compound annual growth rate (CAGR) of **** percent from 2022 to 2027, reaching the size of *** billion U.S. dollars in 2027.

The market was valued at USD 11,930 million in 2025 and is projected to reach USD 25,660 million by 2035, reflecting a compound annual growth rate (CAGR) of 7.8% over the forecast period.

Metric	Value
Market Size (2025E)	USD 11,930 million
Market Value (2035F)	USD 25,660 million
CAGR (2025 to 2035)	7.8%

Country-wise Outlook

Country	CAGR (2025 to 2035)
United States	7.6%

Country	CAGR (2025 to 2035)
United Kingdom	7.0%

Country	CAGR (2025 to 2035)
European Union	7.2%

Country	CAGR (2025 to 2035)
Japan	7.4%

Country	CAGR (2025 to 2035)
South Korea	7.5%

Competitive Outlook

Company Name	Estimated Market Share (%)
Otis Elevator Company	20-24%
Schindler Group	15-19%
Thyssenkrupp AG	12-16%
Mitsubishi Electric	10-14%
Other Companies (Combined)	30-40%

As per Cognitive Market Research's latest published report, the Global High Rise Elevators market size will be $42.89 Billion by 2029. High Rise Elevators Industry's Compound Annual Growth Rate will be 3.35% from 2023 to 2030.

Asia Pacific High Rise Elevators market size will be USD 24.08 Billion by 2029.

What are the key factors affceting the High Rise Elevators market?

Growing construction of high-rise buildings

The global building & construction industry is particularly creating a positive impact and this industry is expected to grow above global gross domestic product (GDP) growth over the next decade. The building and construction sectors are some of the largest sectors in the world economy.

Building & construction industry spending worldwide amounted to 11.4 trillion U.S. dollars. Building & construction expenditures are expected to reach 14 trillion U.S. dollars in 2025. With this increase in growth in the construction industry, the construction of high-rise buildings has increased.

Additionally, continuous economic growth in various emerging and developed countries is adding lucrative financing deals with low-interest rates, which is anticipated to boost the revenues of the residential building sector. According to the study, as compared to 2019, new house construction projects in the private sector in the United States increased by more than 10% in 2020.

Furthermore, the increased construction of skyscrapers in many large and medium-sized cities. According to the Council on Tall Buildings and Urban Habitat, 84 percent of the world's skyscrapers over 200 meters have been built in the last 20 years. Similarly, the survey discovered that 23 tall structures were constructed in 2000, while 126 tall buildings were finished in 2019.

The following is a list of countries with the most completed buildings over 150 meters (492 ft) tall, as of 1 May 2022.

The rising construction of high-rise buildings required elevators. Elevators provide efficient vertical mobility, which is a vital component of tall structures. This mobility gadget makes it possible to easily reach multiple levels or floors of a multi-story structure. An elevator can transport people and heavy things from one floor to another by moving up and down. Elevators or lifts are now increasingly prevalent around the world, and many people prefer them to stairs.

As result, the growing construction of high-rise buildings drives the growth of the high-rise elevator market.

Restraints for High Rise Elevators Market

High cost associated with the elevator.(Access Detailed Analysis in the Full Report Version)

Opportunities for High Rise Elevators Market

Technological advancement in elevators.(Access Detailed Analysis in the Full Report Version)

Introduction of High rise Elevator

High-rise buildings have more than 12 stories and may necessitate customized designs for managing car arrangements with single, double, and super double deck solutions, as well as lobby arrangements. A skyscraper is an extremely tall high-rise structure. These structures are tall enough to need the installation of a mechanical vertical transportation system.

The elevator is the primary mode of vertical transportation in a high-rise building. It is propelled by an electric motor that raises and lowers the cab by wire ropes in a vertical shaft. Each elevator cab is additionally engaged by vertical guide tracks and is attached to a flexible electric line that supplies electricity for illumination, door operation, and signal transmission.

Elevators in high-rise buildings are designed with a variety of criteria in mind, including the kind of occupancy, speed, size, traffic flow, total vertical distance, and duration of the journey to the destination. Other considerations include safety, quality, capacity, and the type of building in which the elevator will be utilized.

These elevators are available in a variety of configurations, including double-deck lifts, 2-car lifts, shuttle lifts & sky lobbies, ropeless elevators, and others. These lifts can be both passenger and freight elevators. In both residential and commercial structures, high-rise elevators are employed.

Currently, with the growing urbanization, the construction of high-rise buildings is increased. This raises the demand for high-rise elevators all over the world.

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 US elevator and escalator market by new installations accounted for 37.02 thousand units in 2024 and is expected to reach 43.32 thousand units by 2030, growing at a CAGR of 2.65% during the forecast period.

In 2023, North America Elevator Market reached a value of USD 24.38 billion, and it is projected to surge to USD 38.56 billion by 2030

The Passenger Elevators Market Report is Segmented by Type (Elevator, Escalator, and Moving Walkway), Application (Residential, Commercial, Transportation, Industrial, Medical, and Others), and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America). The Market Sizes and Forecasts Regarding Value (USD) for all the Above Segments are Provided.

Global Elevators & Escalators Market was valued at USD 114.2 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.1% through 2029.

Pages	442
Market Size	2023: USD 114.2 Billion
Forecast Market Size	2029: USD 163.55 Billion
CAGR	2024-2029: 6.01%
Fastest Growing Segment	Elevator
Largest Market	Asia Pacific
Key Players	1. Otis Worldwide Corporation 2. Schindler Group 3. KONE Corporation 4. Mitsubishi Electric Corporation 5. TK Elevator GmbH 6. Hitachi, Ltd. 7. Fujitec Co., Ltd. 8. Hyundai Elevator Co., Ltd. 9. Toshiba Elevator and Building Systems Corporation 10. Canny Elevator Co., Ltd.

Smart Elevator Market size reached USD 10.5 billion in 2023, and expected to reach USD 21.5 billion in 2031, expanding at a higher CAGR of 9.4% till 2031

The global elevators and escalators market is projected to expand from USD 79.25 billion in 2025 to approximately USD 157.36 billion by 2035, registering a compound annual growth rate (CAGR) of 7.1%.

Metric	Value
Industry Size (2025E)	USD 79.25 billion
Industry Value (2035F)	USD 157.36 billion
CAGR (2025 to 2035)	7.1%

Analyzing Elevators and Escalators Market by Top Investment Segments

By Product Type	Value Share 2024
Traction Elevators	40%

By End user	Market Share 2024
Commercial sector	45%

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.

Elevator Market Outlook

According to the latest research conducted in 2025, the global elevator market size reached USD 92.7 billion in 2024, reflecting robust demand across urban and infrastructure development sectors. The market is projected to exhibit a compound annual growth rate (CAGR) of 6.1% from 2025 to 2033, ultimately reaching an estimated USD 157.2 billion by 2033. This impressive growth trajectory is primarily driven by rapid urbanization, the proliferation of high-rise buildings, and increasing investments in smart city infrastructure worldwide.

One of the primary growth factors propelling the elevator market is the surge in urbanization, particularly in emerging economies such as China, India, and several Southeast Asian countries. These regions are experiencing unprecedented population influxes into urban centers, resulting in a critical need for vertical transportation systems to efficiently move people and goods within multi-story structures. The demand for elevators is further amplified by government initiatives aimed at developing affordable housing and upgrading existing public infrastructure, which includes the installation of modern elevator systems. Moreover, the trend toward sustainable and energy-efficient building designs has led to the adoption of advanced elevator technologies, such as regenerative drives and smart control systems, enhancing the overall value proposition of modern elevators.

Another significant driver is the growing focus on safety, accessibility, and convenience in both residential and commercial spaces. With aging populations in developed regions and a rising emphasis on inclusive design, there is a marked increase in the installation of elevators that cater to the needs of elderly and differently-abled individuals. The integration of Internet of Things (IoT) and artificial intelligence (AI) into elevator systems has also transformed user experience, offering features like predictive maintenance, real-time monitoring, and touchless controls. These technological advancements not only improve operational efficiency but also reduce downtime and maintenance costs, thereby attracting building owners and facility managers to invest in state-of-the-art elevator solutions.

Furthermore, the elevator market is witnessing a notable shift toward modernization and retrofitting of aging elevator infrastructure, especially in mature markets like North America and Europe. Many buildings constructed in the mid-20th century are now undergoing upgrades to meet current safety standards, energy regulations, and user expectations. Modernization services, which include replacing outdated components and integrating digital technologies, are becoming a substantial revenue stream for elevator manufacturers and service providers. This trend is complemented by the growing adoption of green building certifications, which often require the implementation of energy-efficient vertical transportation systems.

Regionally, Asia Pacific dominates the global elevator market, accounting for over 52% of the total market share in 2024. The region’s leadership is underpinned by rapid urban development, robust construction activity, and significant investments in commercial and residential infrastructure. North America and Europe follow, driven by modernization needs and high standards for building safety and accessibility. The Middle East & Africa and Latin America are also emerging as promising markets, fueled by urban expansion and the development of smart cities. Each region presents unique opportunities and challenges, shaped by local regulations, economic conditions, and demographic trends.

Product Type Analysis

The elevator market by product type is broadly segmented into passenger elevators, freight elevators, home elevators, and others. Passenger elevators represent the largest segment, accounting for a substantial share of the global market due to their ubiquitous presence in commercial, residential, and public buildings. The demand for pas

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Elevator And Escalator Market Size 2025-2029

The elevator and escalator market size is forecast to increase by USD 90.1 billion at a CAGR of 10.8% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing demand for smart elevators integrated with Internet of Things (IoT) platforms. These advanced systems enable predictive maintenance, energy efficiency, and enhanced safety features, making them an attractive investment for building owners and managers. However, the reluctance of some stakeholders to modernize their existing elevators and prioritize energy savings poses a challenge to market expansion. Despite this, the integration of IoT and automation technologies in elevators and escalators presents a lucrative opportunity for companies to capitalize on the growing demand for efficient, safe, and intelligent vertical transportation solutions. Companies seeking to succeed in this market should focus on offering innovative, cost-effective, and reliable products while addressing the concerns of energy efficiency and modernization reluctance. By staying informed of market trends and addressing these challenges effectively, businesses can position themselves for long-term growth and success in the market.

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

Request Free SampleIn the realm of vertical mobility, machine room-less elevators and escalators play a pivotal role in structural engineering and building design. Brands strive to uphold their reputation through service agreements and remote monitoring, ensuring ADA compliance and reducing carbon footprints. Rope-less elevators and innovative escalator designs contribute to energy consumption savings. Maintenance contracts, passenger flow management, and traction drive systems are essential for optimal performance and safety. Car safety devices, load capacity, and quality control are paramount in ensuring user confidence. Urban planning integrates destination dispatch systems and data analytics to enhance efficiency. Fire safety systems and project planning are critical components in the construction process. Gearless machines, over-speed governors, and architectural design are key considerations for both functionality and aesthetics. Accessibility standards, speed ratings, and hydraulic elevators cater to diverse building occupancy needs. Building materials, customer satisfaction, and smart city initiatives are driving forces in the market. Safety brakes, interior design, and emergency power systems are integral to maintaining a competitive advantage.

How is this Elevator And Escalator Industry segmented?

The elevator and escalator industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ProductElevatorsEscalatorsApplicationCommercialResidentialIndustrialTechnologyTractionMachine Room-Less TractionHydraulicTractionMachine Room-Less TractionHydraulicServiceNew InstallationMaintenance RepairModernizationOthersNew InstallationMaintenance RepairModernizationOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanyUKMiddle East and AfricaAPACAustraliaChinaIndiaJapanSouth KoreaSouth AmericaRest of World (ROW)

By Product Insights

The elevators segment is estimated to witness significant growth during the forecast period.The elevator market encompasses various segments, including new installations, maintenance, and modernization. In low-rise buildings below 35 meters, hydraulic elevators are popular due to their cost-effectiveness for maintenance. Mid-size buildings, with heights ranging from 35 to 100 meters, utilize both MRL and traction elevator technologies. Traction elevators are favored for their superior performance, while MRL elevators excel in tight spaces. Gearless traction elevators are the preferred choice for high-rise buildings exceeding 100 meters, offering faster speeds. These structures, often skyscrapers, frequently incorporate destination dispatch technologies. Elevator modernization involves upgrading control systems, safety features, and energy efficiency. Predictive maintenance, warranty programs, and safety inspections are essential components of maintenance contracts. Commercial buildings, including retail stores and office spaces, prioritize elevator systems for customer service and accessibility. Smart building technology integration, such as IoT and cloud-based platforms, enhances performance monitoring and sustainability initiatives. Building regulations and green building standards guide the industry's evolution, emphasizing safety and energy efficiency. Elevator repair services ensure the timely resolution of issues, while installation services enable the integration of new systems. Spare parts and system upgrades mainta

According to Cognitive Market Research, the global Elevator market size is USD 71512.5 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.20% from 2024 to 2031.

The global elevator market will expand significantly by 7.20% CAGR between 2024 to 2031.
North America held the major market of around 40% of the global revenue with a market size of USD 28605.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 21453.75 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 16447.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 3575.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1430.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.

Growth in Infrastructure Projects to Fuel the Demand for Elevators

The growth in infrastructure projects worldwide is anticipated to significantly fuel the demand for elevators. As urbanization continues to accelerate, cities are expanding vertically to accommodate increasing populations and economic activities. Elevators play a crucial role in facilitating vertical transportation within these burgeoning urban landscapes, providing essential access to multi-story buildings such as office complexes, residential towers, and transportation hubs. Moreover, infrastructure development initiatives, including the construction of airports, train stations, hospitals, and educational institutions, further contribute to elevating demand. These projects often require efficient and reliable elevator systems to ensure smooth vertical mobility for passengers and goods. As a result, elevator manufacturers and service providers are presented with substantial opportunities to supply their products and expertise to support the evolving needs of modern infrastructure projects, driving sustained growth in the elevator market.

Innovation in Elevator Design to Propel Market Growth


Saturation of Elevator Installations in Existing Buildings to Limit the Opportunities for New Installations

The saturation of elevator installations in existing buildings presents a challenge for manufacturers seeking opportunities for new installations. In mature markets, many buildings are already equipped with elevator systems, reducing the demand for additional installations. As a result, manufacturers must increasingly focus on maintenance, repair, and modernization services to drive revenue growth. Additionally, building owners may prioritize upgrading existing elevators with modern features and technologies to enhance efficiency, safety, and aesthetics, rather than investing in entirely new systems. To counteract this restraint, elevator manufacturers can explore emerging markets with growing urbanization and infrastructure development, where demand for vertical transportation solutions is on the rise. Moreover, innovation in elevator design and technology can offer compelling reasons for building owners to replace older systems, creating opportunities for manufacturers to penetrate existing markets and stimulate demand for new installations.

Impact of Covid-19 on the Elevator Market

The Covid-19 pandemic has significantly impacted the elevator market, primarily in a negative manner. Lockdowns and restrictions led to a slowdown in construction activities, delaying new installations and projects. Heightened health concerns also prompted reduced usage of elevators in public spaces, such as office buildings and shopping centers, leading to decreased demand for maintenance services. Supply chain disruptions and labor shortages further exacerbated the challenges faced by elevator manufacturers, causing delays in production and installation timelines. Moreover, economic uncertainties resulting from the pandemic led to budget constraints for building owners, hindering investment in elevator upgrades and modernization efforts. Overall, the Covid-19 pandemic has created substantial hurdles for the elevator market, impeding growth and posing operational c...

In 2021, the size of the global elevator market reached a value of 76.03 billion U.S. dollars. It is estimated that the market size will increase with a compound annual growth rate (CAGR) of 3.64 percent from 2022 to 2027, reaching the size of 94.24 billion U.S. dollars in 2027.

The Energy Efficient Elevators Market is Segmented by Control System (Elevator Control System, Access Control System), Automation System (Motors and Drivers, Sensors and Controllers, Building Management Systems), End User (Industrial, Commercial, Residential), and Geography.

Electric Elevator and Escalator Market Outlook

The global electric elevator and escalator market size was valued at approximately USD 100 billion in 2023 and is projected to reach around USD 160 billion by 2032, growing at a CAGR of 5.5% during the forecast period. The growth of this market is driven by the rapid urbanization and increasing demand for efficient vertical transportation solutions in residential and commercial buildings worldwide.

One of the primary growth factors of the electric elevator and escalator market is the rapid pace of urbanization. As more people move to urban areas, the demand for high-rise buildings and efficient vertical transportation systems has significantly increased. Urbanization not only compels the construction of new residential and commercial buildings but also drives the need for modernization and maintenance of existing structures. Moreover, the growing middle-class population and their rising disposable incomes have spurred the demand for better living standards, further fueling the growth of the market.

Technological advancements in the elevator and escalator industry have also contributed to market growth. Innovations such as energy-efficient systems, smart elevators equipped with the Internet of Things (IoT) technology, and automated maintenance solutions have enhanced the efficiency and safety of these systems. Additionally, the integration of artificial intelligence and machine learning for predictive maintenance and improved user experiences has made electric elevators and escalators more attractive to building owners and operators, thus boosting market demand.

Energy Efficient Elevators are becoming increasingly important in the modern world, as they offer significant advantages in terms of reducing energy consumption and minimizing environmental impact. These elevators are designed with advanced technologies such as regenerative drives, LED lighting, and energy-efficient motors, which help in lowering operational costs and enhancing sustainability. Building owners and operators are increasingly opting for energy-efficient solutions to meet green building certifications and adhere to environmental regulations. The adoption of energy-efficient elevators not only contributes to cost savings but also aligns with the growing emphasis on sustainable construction practices, making them a preferred choice in both new installations and modernization projects.

The increasing focus on safety and regulatory standards is another key growth driver. Governments and regulatory bodies worldwide have implemented stringent safety regulations and building codes that mandate the installation of modern, safe, and efficient vertical transportation systems. Compliance with these regulations requires the installation of advanced elevators and escalators, leading to an uptick in both new installations and the modernization of older systems. Furthermore, the rising awareness about accessibility for people with disabilities has led to the incorporation of features such as voice-activated controls and braille buttons, further augmenting market growth.

Regionally, the Asia Pacific region dominates the electric elevator and escalator market due to the rapid urbanization, increasing construction activities, and burgeoning population. Countries like China and India are at the forefront of this growth, driven by significant investments in infrastructure development and smart city projects. North America and Europe also hold substantial market shares, attributed to the strong emphasis on modernization and adherence to stringent safety regulations. Meanwhile, emerging economies in Latin America and the Middle East & Africa are expected to offer lucrative growth opportunities, supported by ongoing urban development and infrastructure projects.

Product Type Analysis

The product type segment of the electric elevator and escalator market is categorized into elevators, escalators, and moving walkways. Elevators represent the largest share of this segment, driven by their extensive use in residential, commercial, and industrial buildings. Elevators have become an indispensable part of modern urban living, ensuring efficient vertical transportation in high-rise buildings. With the rise in urban population and the construction of skyscrapers, the demand for advanced elevator systems has surged, contributing significantly to market growth.

Escalators also hold a substantial share of the mark