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%.

Analyzing Elevators and Escalators Market by Top Investment Segments

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.

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.

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.

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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

Elevators & Escalators Market Outlook

The global elevators and escalators market size was valued at approximately USD 77 billion in 2023 and is projected to reach around USD 118 billion by 2032, growing at a CAGR of 4.8% during the forecast period. This growth can be attributed to several factors, including rapid urbanization, an increase in high-rise building constructions, and the growing need for efficient vertical transportation systems.

One of the key growth factors driving the elevators and escalators market is the rapid rate of urbanization across the globe. As more people migrate to urban areas, the demand for residential, commercial, and institutional buildings increases, necessitating the installation of efficient vertical transport systems. Moreover, government investments in infrastructural development, especially in emerging economies, further boost the demand for elevators and escalators. In countries like India and China, urbanization is accelerating at an unprecedented pace, creating a substantial market for these systems.

Technological advancements in the elevators and escalators industry are also contributing significantly to market growth. Modern elevators and escalators are not only more energy-efficient but also incorporate smart technologies such as IoT, AI, and predictive maintenance. These advancements improve the efficiency, safety, and reliability of these systems, making them more attractive to end-users. The integration of smart technologies enables real-time monitoring and maintenance, reducing downtime and operational costs, thereby enhancing the overall user experience.

Another critical growth driver is the aging global population, particularly in developed regions like North America and Europe. An older demographic necessitates the installation of elevators and escalators in residential buildings, healthcare facilities, and public infrastructure to ensure accessibility and mobility. This trend is expected to continue, driving the market further. Furthermore, the increasing focus on green building practices and the adoption of sustainable technologies are promoting the use of energy-efficient elevators and escalators, thereby fostering market growth.

Observation Elevator Sales have become a noteworthy segment within the elevator industry, particularly in urban areas where panoramic views are a selling point for high-rise buildings. These elevators are designed not only for functionality but also for enhancing the aesthetic appeal of a building, offering passengers a unique experience as they ascend or descend. The demand for observation elevators is increasing in luxury hotels, office buildings, and residential complexes, where the view is part of the attraction. As cities grow vertically, the integration of observation elevators in architectural designs is becoming more prevalent, contributing to the overall growth of the elevator market.

From a regional perspective, Asia Pacific dominates the elevators and escalators market due to rapid urbanization and industrialization, particularly in countries like China, India, and Japan. The region's significant construction activities, coupled with government initiatives for smart city projects, are propelling the market forward. North America and Europe also hold substantial market shares, driven by technological advancements and a growing aged population. Meanwhile, Latin America and the Middle East & Africa present lucrative opportunities due to rising infrastructural investments and urban development projects.

Product Type Analysis

The elevators segment holds the largest share in the global elevators and escalators market, thanks to its widespread application in various sectors such as residential, commercial, and institutional buildings. Elevators are essential for high-rise buildings, ensuring efficient vertical transportation for residents and employees. The increasing trend of skyscrapers and multi-story buildings in urban areas is a significant factor driving this segment. Moreover, the development of smart elevators equipped with advanced technologies like touchless controls, AI, and IoT further boosts market growth.

Escalators are another crucial segment, extensively used in commercial spaces such as shopping malls, airports, and metro stations. The growing number of commercial establishments and public infrastructure projects is driving the demand for escalators. They provide a convenient means

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 size of the Elevator and Escalator Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.50% during the forecast period. The size of the Elevator and Escalator Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.50% during the forecast period.The elevator and escalator market is experiencing significant growth, driven by urbanization, technological advancements, and increasing demand for energy-efficient solutions. Rapid urbanization and the construction of high-rise buildings are major contributors to the demand for elevators and escalators. The need for efficient vertical transportation in densely populated urban areas is propelling market growth. Innovations such as the integration of the Internet of Things (IoT) in elevators and escalators are enhancing operational efficiency and user experience. Smart elevators that predict and respond to traffic intelligently in real-time are becoming increasingly popula Recent developments include: July 2023: The Miami-Dade County Board of County Commissioners approved a contract to expedite the Miami International Airport's Modernization in Action (MIA) Plan, under which the airport plans to invest nearly USD 12 million in the upgradation of 372 aged elevators, escalators, and moving walkways at the Florida airport, including 145 units that will receive a complete modernization. Over the contract's next five to 10 years, at least 30 conveyance units at the airport are scheduled to be upgraded or replaced annually., March 2023: Sydney Metro West awarded two framework contracts to Schindler and Honeywell for a comprehensive set of systems and equipment to ensure safety, reliability, and efficiency throughout the metro service. The Systems Frameworks package consists of two contracts, under which Schindler and Honeywell will be responsible for supplying and maintaining lifts, escalators, public address systems, CCTV cameras, passenger information displays, fire detection systems, building management control systems, and electronic access control systems. Schindler will design, supply, install, and maintain approximately 60 lifts and 140 escalators for the nine new Sydney Metro West stations between the CBD and Westmead as part of the first contract., November 2022: Fujitec Singapore Corporation Ltd secured a significant order for approximately 300 residential elevators from Singapore's Housing & Development Board (HDB). This order is part of the HDB 33rd Term Housing project, which involves the construction of new homes across various public housing estates throughout the island. The project is expected to be completed within four to five years. The order includes a variety of elevators, including high-speed models, to be installed in high-rise residential buildings with 30 floors or more.. Key drivers for this market are: There is a growing emphasis on energy-efficient and eco-friendly elevator and escalator solutions. The adoption of green building codes and energy-efficient products is driving the demand for sustainable vertical transportation systems. Potential restraints include: The substantial costs associated with the installation and maintenance of elevators and escalators can be a barrier, especially for smaller construction projects or in regions with limited budgets. Notable trends are: The incorporation of IoT and AI technologies is transforming elevator and escalator systems, enabling predictive maintenance, real-time monitoring, and enhanced user experiences.

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.

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US - Elevator and Escalator Market 2024-2028

The US - Elevator and Escalator Market size is forecast to increase by USD 2.82 billion, at a CAGR of 6.36% between 2023 and 2028. The growth rate of the market depends on several factors such as increasing demand for elevators and escalators due to changing demographics, demand for modernization and maintenance of elevators and escalators, and increasing adoption of smart homes Our report examines historical data from 2018-2022, besides analyzing the current and forecasts market scenario. In the dynamic landscape of the market players like AVT Beckett distinguish themselves by providing a range of offerings including Low MRL elevators, Mid MRL elevators, and Mid-rise elevators, while companies such as Colley Elevator Co. contribute with their expertise in conventional hydraulic elevators, Holeless hydraulic elevators, and Roped hydraulic elevators, collectively shaping the diverse and competitive market.

Market Forecasting and Size

Market Forecast 2024-2028

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Market Dynamic

Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Driver - Increasing adoption of smart homes

The increasing adoption of digitization and awareness of global warming in the US has led to the rise of green and eco-efficient homes, termed smart homes. This has led to the development of efficient designs, such as pneumatic elevators, which require less space and maintenance. Pneumatic elevators work on the principle of air pressure by creating high-pressure and low-pressure environments where they can control descent or ascent. At present, the US smart home market has just passed the early adoption stage and is experiencing a slowdown in mass adoption due to various issues, such as high prices and high fragmentation of the US - elevator and escalator market

However, the devices are becoming more prevalent in US homes due to digitalization. Following this dramatic shift, many homeowners are predicted to install smart elevators or stairlifts to improve accessibility. In addition, the installation of an elevator inside a home elevates the house into a luxury home and improves its sale price considerably. Hence, residential builders are trying to appeal to customers by including elevators such as pneumatic lifts. Thus, the increasing adoption of smart homes will spur the growth of the market during the forecast period.

Trends - Elevators as architectural ornaments

In today's buildings, elevators are not just a way of moving people and equipment between floors but are aesthetically designed to meet the expectations of customers. Luxury hotels and malls are increasingly improving aesthetics and enhanced functionalities in elevators to impress customers. For instance, Otis Elevator has installed an Inclined Elevator at The Luxor Hotel and Casino, Las Vegas, to match the building's pyramid shape.

Similarly, Italian fashion major Prada installed the largest glass elevator, featuring silver seats that let visitors enjoy the display cases of shoes and other A-rundown items while descending or ascending in the elevator. Key vendors such as Thyssenkrupp Elevator offer interior car solutions to improve the aesthetics of the elevator. Thus, the growing trend of elevators as architectural ornaments will drive market growth during the forecast period.

Challenge - Increasing cost of complying with building codes for elevators and escalators

The Department of Buildings (DOB), Occupational Safety and Health Administration (OSHA), and other administrative bodies have been boosting efforts to keep elevators and escalators compliant with regulations to keep users safe. In the past, there have been noteworthy code and rule changes that have had substantial financial impact on building owners, facility managers, and elevator service organizations. A recent example is the Los Angeles City Fire Code 2020, which mandates that all elevators installed in buildings have an alternative floor recall feature with an approved smoke detector in the designated main floor elevator lobby.

Moreover, activation of this smoke detector would recall the elevator to an alternate floor designated by the Chief in case of a fire in a building. This addition has required most building owners to upgrade not only the elevator system but also optimize their firefighting systems. Thus, the increasing cost of compliance for elevators and escalators will hinder the growth of the market during the forecast period.

Market Segmentation by Product, Service, and Application

Product Segment Analysis:

The market share growth by the elevators segment will be significant during the forecast period. The elevators segment has its revenue generation from new installations (unit a

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.

Global elevators and escalators market worth USD 161.99 Billion in 2024, is expected to surpass USD 304.07 Billion by 2034, with a CAGR of 6.5% from 2025 to 2034.

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

Global Elevator and Escalator market size is expected to reach $175.42 billion by 2029 at 8.5%, segmented as by product, elevators, escalators, moving walkway

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 United Kingdom Elevators and Escalators Market stood at USD 2.63 billion in 2022 and is to project growth in the forecast with a CAGR of 7.90% by 2028.

The size and share of this market is categorized based on Application (Residential Area, Commercial Office, Transportation Hub Area, Industrial Area, Competitor Analysis, The report also provides analysis of leading market participants including:, Key companies Elevator and Escalator revenues i) and Product (Elevator, Escalator, Moving Walkway) and geographical regions (North America, Europe, Asia-Pacific, South America, Middle-East and Africa).

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.

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.

The global Elevators and Escalators market is experiencing robust growth, driven by increasing urbanization, expanding infrastructure development, and rising demand for improved vertical transportation solutions in both residential and commercial sectors. The market is characterized by a high degree of competition among established players like KONE, Mitsubishi Electric, Schindler, and ThyssenKrupp, who are constantly innovating to offer energy-efficient, technologically advanced, and aesthetically pleasing products. Factors like the growing adoption of smart building technologies, including IoT-enabled elevators with predictive maintenance capabilities, are further propelling market expansion. However, the market faces challenges such as high initial investment costs for installation and maintenance, stringent safety regulations, and potential supply chain disruptions. Regional variations in market growth are also observed, with North America and Asia Pacific expected to lead the expansion, fueled by strong economic growth and large-scale infrastructure projects in these regions. The increasing adoption of sustainable practices, with manufacturers focusing on energy-efficient designs and eco-friendly materials, is a key trend shaping the future of this market. Furthermore, technological advancements such as machine learning and AI are expected to enhance elevator and escalator performance, safety, and maintenance optimization, leading to long-term growth in the sector. The market is segmented by type (elevators and escalators) and application (residential, commercial, industrial, and others), with the commercial sector expected to hold a significant market share due to the rising number of high-rise buildings and shopping malls. Looking ahead, the forecast period (2025-2033) promises continued expansion, fueled by ongoing urbanization in developing economies and replacement cycles in developed markets. Government initiatives aimed at improving urban infrastructure and promoting sustainable transportation solutions will further support market growth. However, economic fluctuations and geopolitical uncertainties remain potential headwinds. The competitive landscape will likely witness strategic partnerships, mergers and acquisitions, and technological advancements, driving further innovation and market consolidation. A consistent focus on safety, reliability, and energy efficiency will remain crucial for players seeking to gain a competitive edge and cater to the evolving needs of the market. The continued adoption of advanced technologies, such as destination dispatch systems and advanced monitoring systems, will contribute to improving the overall efficiency and user experience, thereby fuelling market demand.