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 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.

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 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%

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 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 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.

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...

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%

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.

United States Shaftless Home Elevators Market was valued at USD 515 Million in 2024 and is expected to reach USD 732 Million by 2030 with a CAGR of 5.89% during the forecast period.

Pages	86
Market Size	2024: USD 515 Million
Forecast Market Size	2030: USD 732 Million
CAGR	2025-2030: 5.89%
Fastest Growing Segment	3-4 Persons
Largest Market	South US
Key Players	1. Savaria Corporation 2. Stiltz Limited 3. Wessex Lifts 4. Pollock Lifts 5. Terry Lifts 6. SHC Elevators 7. Arrow Lift 8. Cibes Lift AB

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.

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Smart Elevator Market Size 2024-2028

The smart elevator market size is forecast to increase by USD 4.92 million at a CAGR of 6.78% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for energy-efficient solutions in freight carriage and elevator systems. With the rise of green buildings, there is a heightened focus on reducing energy consumption, making energy-efficient elevators a priority. Cloud predictive maintenance is also gaining traction, enabling real-time monitoring and predictive analysis, thereby enhancing system performance and reducing downtime. Intense competition among market players is driving innovation and the integration of advanced technologies such as IoT, AI, and machine learning to offer more efficient and cost-effective solutions. Key hardware components, including sensors, controllers, and actuators, are becoming more sophisticated, enabling seamless integration and improved system functionality. These trends are shaping the future of the market, offering numerous opportunities for growth.

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The market is experiencing significant growth in the building sector, particularly in high-rise buildings, as urbanization and the development of smart cities continue to gain momentum. This trend is driven by the need for energy efficiency, advanced control systems, and the integration of various technologies such as artificial intelligence (AI), cloud computing, and the Internet of Things (IoT). Energy consumption is a major concern in buildings, and smart elevators are playing a crucial role in reducing energy waste. These systems use destination-oriented technology, which optimizes elevator routes based on passenger demand, thereby reducing the number of stops and the amount of energy consumed.

Moreover, the integration of AI and cloud predictive maintenance enables real-time monitoring and analysis of elevator performance, allowing for proactive maintenance and further energy savings. Smart technology, including AI, sensors, and infotainment systems, is also being integrated into passenger and freight elevator systems. These features enhance the user experience, provide real-time information, and enable remote monitoring and management. Green buildings, which prioritize energy efficiency and sustainability, are particularly adopting smart elevator systems to meet their sustainability goals. The construction industry is also embracing smart elevators as part of the building process. Elevator manufacturers are developing hardware and software solutions to streamline the installation and integration of these systems into new buildings.

Further, virtual reality diagnostics are being used to simulate elevator performance and optimize design, reducing the need for physical testing and minimizing construction time. The integration of smart technology in elevators is not limited to high-rise buildings. Low and mid-rise buildings are also adopting these systems to improve energy efficiency and enhance the user experience. The use of cloud computing and AI enables remote monitoring and management of these systems, reducing maintenance costs and increasing reliability.

In conclusion, the market is a key component of the building sector, particularly in the context of urbanization and the development of smart cities. The integration of advanced technologies such as AI, cloud computing, and the IoT is driving innovation and improving energy efficiency in both passenger and freight elevator systems. The construction industry is also embracing these systems to streamline the building process and enhance the user experience. Smart elevators are an essential element of green buildings and are expected to continue gaining popularity in the building sector.

Market Segmentation

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

Service

  Modernization
  New deployment
  Maintenance


Application

  Commercial
  Residential
  Industrial


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    Japan


  Middle East and Africa



  South America

By Service Insights

The modernization segment is estimated to witness significant growth during the forecast period. In the realm of modern building infrastructure, elevators play a pivotal role, particularly in high-rise structures. With a typical service life spanning three to four decades, these systems require consistent maintenance to ensure optimal performance. However, as elevators age, sourcing essential components and spare parts for older models becomes increasingly challenging. Consequently, the demand for upgrading to smart elevators arises. Modernization, the process of upgrading

The global home elevators market was valued at USD 7.02 billion in 2022 and is expected to reach USD 10.91 billion by 2028, growing at a CAGR of 7.62%.

The global IoT in elevator market is estimated to reach a value of US$ 33.13 billion in 2024, as revealed in an updated research report by Fact.MR. Revenue from the market is projected to increase at a remarkable CAGR of 11.4% and climb to US$ 97.53 billion by the end of 2034.

Report Attribute	Detail
IoT in Elevator Market Size (2024E)	US$ 33.13 Billion
Forecasted Market Value (2034F)	US$ 97.53 Billion
Global Market Growth Rate (2024 to 2034)	11.4% CAGR
Market Share of Hardware Segment (2034F)	69%
North America Market Share (2034F)	31.5%
South Korea Market Growth Rate (2024 to 2034)	13% CAGR
Key Companies Profiled	Mitsubishi Electric Corporation; Company Profiles; Toshiba Elevators; Electra Ltd.; ThyssenKrupp AG.; Fujitec Co., Ltd.; Telefonica S.A.; Hitachi, Ltd.; Schindler Group; Hyundai Elevator Co. Ltd.; Otis Elevator Company; KONE Corporation.

Country-wise Insights

Attribute	United States
Market Value (2024E)	US$ 4.86 Billion
Growth Rate (2024 to 2034)	11.2% CAGR
Projected Value (2034F)	US$ 14 Billion

Attribute	China
Market Value (2024E)	US$ 3.81 Billion
Growth Rate (2024 to 2034)	12.2% CAGR
Projected Value (2034F)	US$ 12.04 Billion

Attribute	Japan
Market Value (2024E)	US$ 2.25 Billion
Growth Rate (2024 to 2034)	12.7% CAGR
Projected Value (2034F)	US$ 7.45 Billion

Category-wise Insights

Attribute	Hardware
Segment Value (2024E)	US$ 23.52 Billion
Growth Rate (2024 to 2034)	11.1% CAGR
Projected Value (2034F)	US$ 67.29 Billion

Attribute	Residential
Segment Value (2024E)	US$ 15.24 Billion
Growth Rate (2024 to 2034)	11.6% CAGR
Projected Value (2034F)	US$ 45.84 Billion

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 Elevators Market was valued at USD 87.47 Billion in 2024 and is expected to reach USD 126.76 Billion by 2030 with a CAGR of 6.22%.

Pages	180
Market Size	2024: USD 87.47 Billion
Forecast Market Size	2030: USD 126.76 Billion
CAGR	2025-2030: 6.22%
Fastest Growing Segment	Maintenance & Repair
Largest Market	North America
Key Players	1. TK Elevator 2. Schindler Group 3. KONE Corporation 4. Hitachi Ltd. 5. Mitsubishi Electric Corporation 6. Toshiba Group 7. FUJITEC CO., LTD. 8. Sigma Elevator Company 9. Schumacher Elevator Company 10. ESCON Elevators Pvt Limited

According to Cognitive Market Research, The Global Luxury Home Elevator market size is USD XX billion in 2023 and will expand at a compound annual growth rate (CAGR) of 8.00% from 2023 to 2030.

The demand for luxury home elevators is rising due to the introduction of contemporary lift technology and the growing popularity of residential lifts.
Demand for traction elevators remains higher in the luxury home elevator market.
The villas category held the highest luxury home elevator market revenue share in 2023.
North American luxury home elevator will continue to lead, whereas the Asia Pacific luxury home elevator market will experience the most substantial growth until 2030.

Rising Interest in Smart Elevators to Provide Viable Market Output

Smart cities, IoT, and more connected products have all played important roles in revolutionizing the house lift industry. Major elevator manufacturers, including Otis Elevator, Schindler, KONE, and TK Elevator, have already revealed smart elevators that use cloud and linked technology to achieve optimal performance and power economy. In addition to the increased ride experience, IoT-enabled lifts have improved performance, assisted in understanding the amount of use through data analysis, and assisted in power optimization.

For instance, in May 2023, the world's top manufacturer, installer, and service provider of lifts and escalators, Otis Worldwide Corporation, launched its Otis ONE IoT service platform in the Middle East. The Otis ONE system integrates the most recent advancements in cloud computing, machine learning, and the Internet of Things (IoT) with Otis's over thirty years of expertise in remote monitoring. In addition to offering consumers and maintenance staff clear, real-time monitoring, it can proactively detect and resolve possible problems to keep escalators and lifts operating and expedite service restoration in the case of a shutdown.

(Source: www.otis.com/en/sa/news?cn=otis-launches-the-otis-one%E2%84%A2-iot-digital-service-solution-in-the-middle-east)

Increasing Number of Two-Story or Higher Residential Structures Being Built to Propel Market Growth

The growth of building two-story or higher residential structures has significantly impacted the luxury home elevator market. The rising disposable income and changing preference of the general public for detached dwellings outside of major cities or urban areas have contributed to a significant increase in the construction of privately owned residential properties that accommodate the entire family. A growing number of earning family members, increased availability of home loans, movement of individuals from urban to rural areas, and an increase in home loan or financial assistance penalties are all factors contributing to the acceleration of this trend.

For instance, There will be 1.56 million new housing starts in 2022, a 3.02% decrease from 2021.

(Source: ipropertymanagement.com/research/housing-starts)

Market Dynamics of the Luxury Home Elevator

Exorbitant Upkeep and Setup Expenses to Restrict Market Growth

Most suppliers include the installation cost, although the exact amount varies based on several factors, including the lift's location, the type of lift, the number of floors in the building, and the demand for a shaft. Additionally, the cost of installing a shaftless lift is lower than that of a lift requiring a shaft; a shaftless lift can be installed in two to three days. On the other hand, a shaft-equipped lift could require three or four weeks, which would result in expensive labor.

Impact of COVID-19 on the Luxury Home Elevator Market

The COVID-19 outbreak dramatically upset this established market dynamic. Construction projects halted, while discretionary expenditure on luxury items shrank due to lockdowns and travel restrictions. The initial effect was a decrease in demand, with lift manufacturers experiencing production slowdowns and project delays. However, as the pandemic progressed, a strange occurrence arose. People began to reconsider their priorities after being confined to their houses for extended periods. The emphasis turned to constructing safe-havens, and house remodeling initiatives increased. This tendency, combined with a greater awareness of the accessibility needs of aging populations, has renewed interest in luxury house lifts. Introduction of The Luxury Home Elevator Mar...

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

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