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 Report is Segmented by Product Type (Elevators, Escalators, and Moving Walkways), Technology (Traction, Hydraulic, Machine-Room-Less, and Vacuum/Pneumatic), Service (New Installation, Maintenance and Repair, and Modernisation), End-User (Residential, Commercial, Infrastructure, and Industrial), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa).

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 2024, U.S. Elevator Market reached a value of USD 12.36 billion, and it is projected to surge to USD 17.45 billion by 2030.

The global elevators and escalators market is projected to expand from USD 79.3 billion in 2025 to approximately USD 157.4 billion by 2035, registering a compound annual growth rate (CAGR) of 7.1%.

Metric	Value
Industry Size (2025E)	USD 79.3 billion
Industry Value (2035F)	USD 157.4 billion
CAGR (2025 to 2035)	7.1%

Elevator Market Outlook

According to our latest research, the global elevator market size in 2024 is valued at USD 108.2 billion, reflecting robust growth driven by urbanization, infrastructure development, and modernization trends worldwide. The market is projected to expand at a CAGR of 6.5% from 2025 to 2033, reaching a forecasted value of USD 189.7 billion by 2033. This growth trajectory is underpinned by rising investments in high-rise buildings, increasing demand for smart and energy-efficient elevator solutions, and a significant focus on safety and accessibility standards across both developed and emerging economies.

One of the primary growth factors fueling the elevator market is the rapid pace of urbanization, particularly in Asia Pacific and the Middle East. As cities expand vertically to accommodate growing populations, the demand for passenger elevators, freight elevators, and home elevators has surged. Governments and private developers are increasingly investing in residential and commercial high-rises, shopping malls, and transportation hubs, all of which require advanced vertical transportation solutions. Moreover, the integration of smart technologies such as IoT-based monitoring, predictive maintenance, and touchless controls is further catalyzing the adoption of modern elevator systems, as building owners seek to enhance user experience, operational efficiency, and safety.

Another significant driver is the ongoing focus on sustainability and energy efficiency within the construction and building management sectors. Modern elevator technologies, such as machine room-less (MRL) systems and regenerative drives, are becoming increasingly popular for their ability to reduce energy consumption and minimize the environmental footprint of buildings. These innovations align with global green building standards and regulations, prompting both new installations and the modernization of existing elevator fleets. Additionally, the aging infrastructure in mature markets like North America and Europe is leading to a surge in maintenance, repair, and modernization services, which represent a substantial share of the overall market revenue.

Demographic shifts, including the rise in aging populations and the growing emphasis on accessibility, are also shaping the elevator market landscape. Residential and public buildings are being retrofitted with elevators and lifts to ensure compliance with accessibility regulations and to cater to the mobility needs of elderly and differently-abled individuals. This trend is particularly pronounced in developed regions, where governments are enforcing stringent building codes and offering incentives for accessibility improvements. Furthermore, the proliferation of smart homes and connected buildings is driving demand for home elevators and customized solutions, expanding the market’s reach beyond traditional commercial and industrial applications.

From a regional perspective, Asia Pacific remains the epicenter of elevator market growth, accounting for the largest share of global demand in 2024. The region’s dominance is attributed to rapid urbanization, large-scale infrastructure projects, and the presence of leading elevator manufacturers. North America and Europe also represent significant markets, driven by modernization initiatives and the replacement of aging elevator systems. Meanwhile, the Middle East & Africa and Latin America are emerging as high-potential regions, supported by investments in real estate development, tourism infrastructure, and urban mobility projects. Each region presents unique opportunities and challenges, shaping the competitive dynamics and technological advancements in the global elevator market.

Product Type Analysis

The elevator market is segmented by product type into passenger elevators, freight elevators, home elevators, and others, each catering to distinct end-user requirements and operational environments. Passenger elevators represent the largest segment, driven by their ubiquitous presence in residential, comm

In 2021, the size of the global 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.

Elevators Market Outlook

According to our latest research, the global elevators market size reached USD 94.7 billion in 2024. The market is experiencing robust expansion, with a CAGR of 6.2% projected during the forecast period from 2025 to 2033. By 2033, the elevators market is expected to attain a value of USD 162.6 billion. This growth is primarily driven by rapid urbanization, the increasing construction of high-rise buildings, and technological advancements in elevator systems that enhance energy efficiency and user safety.

One of the most significant growth factors for the elevators market is the accelerating pace of urbanization globally. As more people move into cities, the demand for residential and commercial buildings rises, necessitating efficient vertical transportation solutions. Emerging economies in Asia Pacific and the Middle East are witnessing a construction boom, particularly in metropolitan areas where land scarcity prompts vertical expansion. The proliferation of smart cities and government investments in infrastructure development further fuel the adoption of advanced elevator systems, making urbanization a cornerstone of market growth.

Technological innovation has also played a pivotal role in propelling the elevators market forward. The integration of Internet of Things (IoT), artificial intelligence, and machine learning into elevator systems has led to the development of smart elevators that offer predictive maintenance, enhanced safety features, and improved energy efficiency. These advancements address the critical needs of modern buildings, where reliability and sustainability are paramount. Additionally, the shift towards machine room-less and traction technologies has reduced installation space requirements and operational costs, making elevators more accessible to a broader range of projects, including retrofitting older buildings.

Another key driver is the growing emphasis on sustainability and energy efficiency in the construction sector. Building codes and regulations in many countries are becoming increasingly stringent regarding energy consumption and environmental impact. Elevator manufacturers are responding by introducing products that utilize regenerative drives, LED lighting, and eco-friendly materials. These innovations not only reduce operational costs for building owners but also align with global efforts to minimize carbon footprints. The trend towards modernization and retrofitting of existing elevator systems in aging infrastructure further boosts market growth, as property owners seek to comply with new standards and improve building value.

From a regional perspective, Asia Pacific dominates the global elevators market, accounting for the largest share due to rapid urban development in countries such as China, India, and Southeast Asian nations. North America and Europe follow, driven by modernization projects and stringent safety regulations. The Middle East and Africa are emerging as high-growth regions, propelled by ambitious infrastructure projects and the construction of luxury residential and commercial complexes. Latin America, while smaller in market size, is witnessing steady growth fueled by urbanization and infrastructure improvements. Each region presents unique opportunities and challenges, shaping the competitive dynamics of the global elevators market.

Product Type Analysis

The elevators market is segmented by product type into passenger elevators, freight elevators, home elevators, and others. Passenger elevators represent the largest segment, accounting for the majority of installations in residential, commercial, and public buildings. The demand for passenger elevators is closely linked to urbanization trends and the construction of high-rise structures, where efficient vertical mobility is essential. Technological advancements, such as destination control systems and touchless interfaces, are enhancing the user experience and safety, further boosting the adoption of passenger elevators in both new and existing buildings. These elevators are also increasingly being designed with energy-efficient features to meet stringent building codes.

Freight elevators serve a distinct market, primarily catering to industrial facilities, warehouses, and commercial centers where the transportation of heavy goods and equipment is required. The growth of the logistics and e-commerce sectors has driven up the demand for freight elev

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%

The global escalators and elevators market is projected to grow at a CAGR of 5.80% between 2025 and 2034, reaching a value of around USD 227.21 Billion by 2034.

The global residential elevator market size is projected to grow from USD 23.48 billion in 2025 to USD 33.6 billion by 2033, exhibiting a CAGR of 4.58%.
Report Scope:

Report Metric	Details
Market Size in 2024	USD 22.45 Billion
Market Size in 2025	USD 23.48 Billion
Market Size in 2033	USD 33.6 Billion
CAGR	4.58% (2025-2033)
Base Year for Estimation	2024
Historical Data	2021-2023
Forecast Period	2025-2033
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered	By Product Type,By Technology,By Application,By Distribution Channel,By End-User,By Region.
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered	U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

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.

Indonesia Elevator Market was valued at USD 990.7 Mn for the year 2024, and is projected to reach at USD 1371.80 Mn by 2030, due to the rising urbanization.

Elevator Market valued at USD 93.64 Billion in 2024, and is projected to reach at USD 137.57 Billion by 2030, due to the rise in urbanization

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.

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

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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 maintain functionality and e

India Elevator Market was valued at USD 2.95 Billion for the year 2024, and is projected to reach at USD 4.84 Billion by 2030, due to the rising urbanization.

Discover the booming global elevators & escalators market! This in-depth analysis reveals a $36.53B market in 2025, projected to grow at a 3.5% CAGR through 2033. Explore key drivers, trends, restraints, and regional insights from leading players like Kone and Otis. Learn how urbanization and infrastructure development are shaping this dynamic industry.

In 2023, the Middle East Elevator Market reached a value of USD 1.25 billion, and it is projected to surge to USD 2.38 billion by 2030.