The global Elevator and Escalator Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Type (Elevators, Escalators, Moving Walkways), By Service (New Installation, Maintenance and Repair, Modernization), By End-User (Residential, Commercial, Large-Scale).
The future of the elevator and escalator market is influenced by trends such as urbanization, infrastructure development, and advancements in technology driving innovation in vertical transportation systems. Elevators and escalators play a vital role in facilitating mobility and accessibility in buildings, transportation hubs, and public spaces. Key trends shaping this market include the development of smart and connected elevator systems with features such as predictive maintenance, destination control, and energy efficiency to improve user experience and building performance, the integration of sustainable materials and energy-efficient technologies to reduce environmental impact and operating costs, and the adoption of innovative designs and configurations to optimize space utilization and accommodate evolving architectural trends. As cities grow denser and buildings become taller, the demand for safe, efficient, and sustainable vertical transportation solutions is expected to drive market growth and inspire further innovation in elevator and escalator technology.
The market report analyses the leading companies in the industry including Fujitec Co. Ltd, Hitachi Ltd, Hyundai Ltd, Kone Oyj, Mitsubishi Electric Corp, Otis Worldwide Corp, Schindler Group, Thyssenkrupp AG, Toshiba Corp.
One prominent market trend in the elevator and escalator industry is the adoption of smart and connected systems. As buildings become more intelligent and interconnected, there is a growing demand for elevators and escalators equipped with advanced technologies such as IoT (Internet of Things), artificial intelligence, and cloud connectivity. Smart elevators and escalators offer features such as predictive maintenance, remote monitoring, energy efficiency optimization, and personalized user experiences. The trend reflects the increasing focus on building automation, efficiency, and convenience, driving the integration of smart technologies into elevator and escalator systems to enhance performance, safety, and user satisfaction.
A key driver in the elevator and escalator market is urbanization and infrastructure development. With rapid urbanization and population growth in urban centers worldwide, there is a rising demand for vertical transportation solutions to accommodate the transportation needs of densely populated cities. Elevators and escalators play a crucial role in facilitating vertical mobility within buildings and urban spaces, enabling efficient access to residential, commercial, and public facilities. Additionally, ongoing investments in urban infrastructure projects, such as high-rise buildings, transportation hubs, shopping malls, and mixed-use developments, drive market demand for elevators and escalators as essential components of modern urban environments, supporting the growth of the elevator and escalator industry.
One potential opportunity in the elevator and escalator market lies in retrofitting and modernization services. With a large installed base of aging elevator and escalator systems worldwide, there is a growing need to upgrade and modernize existing infrastructure to meet current safety standards, improve energy efficiency, and enhance user experience. Manufacturers and service providers have an opportunity to offer retrofitting and modernization solutions that incorporate advanced technologies, such as destination dispatch systems, regenerative drives, and energy-efficient LED lighting, into older elevator and escalator systems. By retrofitting existing installations with modern features and capabilities, stakeholders in the elevator and escalator industry can extend the lifecycle of equipment, improve performance, and meet the evolving needs of building owners, operators, and occupants, while also contributing to sustainability goals through energy savings and resource optimization.
The Market Ecosystem of the elevator and escalator market involves a series of interconnected stages, starting from design and engineering to installation, maintenance, and modernization. In the initial phase of design and engineering, specialized consultants including Peiffer Elevator Consulting, and architectural firms including WSP play a pivotal role in conceptualizing elevator and escalator systems, typically collaborating with manufacturers including Kone, Schindler, and Otis Elevator Company.
The manufacturers, along with subcomponent suppliers including Mitsubishi Electric and Wittur, handle component manufacturing and operate large-scale manufacturing facilities to produce key elements of elevators and escalators. Distribution and sales are primarily managed by the manufacturers' sales teams, directly engaging with building owners, developers, and construction companies.
Once manufactured, elevators and escalators are installed and commissioned by specialized companies including Otis Elevator Field Service and Schindler Service, or integrated into building projects by construction contractors. Maintenance and service are crucial for ensuring the smooth operation of these systems, provided by both manufacturer-affiliated entities and independent maintenance providers. Further, modernization and renovation services, offered by companies including Kone Modernization and independent modernization specialists, focus on upgrading existing systems with newer components and technology to enhance performance and safety.
The largest segment in the Elevator and Escalator Market is the "Elevators" category. This dominance can be attributed to diverse key factors. Firstly, elevators are essential vertical transportation systems widely used in various residential, commercial, and industrial buildings worldwide. They provide efficient and convenient access to different floors within buildings, improving accessibility and mobility for occupants and goods. Additionally, the growing trend of urbanization and high-rise building construction drives the demand for elevators to transport people and cargo vertically in tall buildings with multiple floors. In addition, advancements in elevator technology, such as high-speed elevators, destination control systems, and energy-efficient designs, enhance elevator performance, safety, and energy efficiency, further driving their adoption in modern buildings. Further, elevator installations often require customization and integration with building designs and infrastructure, leading to higher project costs and revenues compared to escalators and moving walkways. As a result, the Elevators segment remains the largest in the Elevator and Escalator Market due to its widespread application, essential role in vertical transportation, and continuous innovation to meet the evolving needs of urban development and building construction.
The fastest-growing segment in the Elevator and Escalator Market is the "Modernization" service category. This growth can be attributed to diverse key factors. Firstly, as urbanization continues to accelerate globally, many existing buildings, including residential, commercial, and industrial structures, require upgrades to their elevator and escalator systems to meet modern safety standards, energy efficiency requirements, and user expectations. Modernization involves the replacement or upgrading of various components and systems within existing elevators and escalators to improve performance, reliability, and safety while extending their service life. Additionally, advancements in technology and regulatory changes drive the need for modernization to integrate new features such as destination control systems, remote monitoring, and energy-saving devices into older elevator and escalator installations. In addition, the increasing focus on sustainability and energy efficiency in building operations and maintenance prompts building owners and facility managers to invest in modernization projects to reduce energy consumption, operational costs, and environmental impact. Further, the aging population and accessibility requirements drive the demand for modernization solutions to retrofit elevators and escalators with features such as wheelchair accessibility, braille signage, and emergency communication systems to accommodate people with disabilities and mobility challenges. As a result, the Modernization service segment is experiencing rapid growth in the Elevator and Escalator Market due to the increasing demand for upgrades and improvements to existing elevator and escalator systems to enhance performance, safety, and sustainability in buildings worldwide.
The fastest-growing segment in the Elevator and Escalator Market is the "Large-Scale" end-user category. This growth can be attributed to diverse key factors. Firstly, large-scale infrastructure projects, such as airports, railway stations, hospitals, and shopping malls, require extensive vertical transportation systems to efficiently move people and goods within expansive buildings and complexes. These large-scale projects often involve the installation of multiple elevators and escalators to handle high passenger volumes and accommodate peak traffic flows during busy periods. Additionally, urbanization and population growth in densely populated areas drive the development of large-scale commercial and residential complexes, including mixed-use developments and high-rise buildings, which require sophisticated elevator and escalator systems to facilitate vertical mobility for residents, tenants, and visitors. In addition, technological advancements in elevator and escalator design, such as high-speed elevators, destination control systems, and intelligent traffic management algorithms, enhance the efficiency, safety, and user experience of large-scale vertical transportation systems, further driving their adoption in mega-projects and urban developments. Further, the growing emphasis on sustainability and green building initiatives prompts developers and building owners of large-scale projects to invest in energy-efficient and eco-friendly elevator and escalator solutions to minimize environmental impact and operational costs. As a result, the Large-Scale end-user segment is experiencing rapid growth in the Elevator and Escalator Market due to the increasing demand for advanced vertical transportation systems in large-scale infrastructure projects, urban developments, and commercial complexes to address the challenges of urbanization, population growth, and sustainable urban mobility.
By Type
Elevators
Escalators
Moving Walkways
By Service
New Installation
Maintenance and Repair
Modernization
By End-User
Residential
Commercial
Large-Scale
Fujitec Co. Ltd
Hitachi Ltd
Hyundai Ltd
Kone Oyj
Mitsubishi Electric Corp
Otis Worldwide Corp
Schindler Group
Thyssenkrupp AG
Toshiba Corp
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Elevator and Escalator Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Elevator and Escalator Market Size Outlook, $ Million, 2021 to 2030
3.2 Elevator and Escalator Market Outlook by Type, $ Million, 2021 to 2030
3.3 Elevator and Escalator Market Outlook by Product, $ Million, 2021 to 2030
3.4 Elevator and Escalator Market Outlook by Application, $ Million, 2021 to 2030
3.5 Elevator and Escalator Market Outlook by Key Countries, $ Million, 2021 to 2030
4 Market Dynamics
4.1 Key Driving Forces of Elevator and Escalator Industry
4.2 Key Market Trends in Elevator and Escalator Industry
4.3 Potential Opportunities in Elevator and Escalator Industry
4.4 Key Challenges in Elevator and Escalator Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Elevator and Escalator Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Elevator and Escalator Market Outlook by Segments
7.1 Elevator and Escalator Market Outlook by Segments, $ Million, 2021- 2030
By Type
Elevators
Escalators
Moving Walkways
By Service
New Installation
Maintenance and Repair
Modernization
By End-User
Residential
Commercial
Large-Scale
8 North America Elevator and Escalator Market Analysis and Outlook To 2030
8.1 Introduction to North America Elevator and Escalator Markets in 2024
8.2 North America Elevator and Escalator Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Elevator and Escalator Market size Outlook by Segments, 2021-2030
By Type
Elevators
Escalators
Moving Walkways
By Service
New Installation
Maintenance and Repair
Modernization
By End-User
Residential
Commercial
Large-Scale
9 Europe Elevator and Escalator Market Analysis and Outlook To 2030
9.1 Introduction to Europe Elevator and Escalator Markets in 2024
9.2 Europe Elevator and Escalator Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Elevator and Escalator Market Size Outlook by Segments, 2021-2030
By Type
Elevators
Escalators
Moving Walkways
By Service
New Installation
Maintenance and Repair
Modernization
By End-User
Residential
Commercial
Large-Scale
10 Asia Pacific Elevator and Escalator Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Elevator and Escalator Markets in 2024
10.2 Asia Pacific Elevator and Escalator Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Elevator and Escalator Market size Outlook by Segments, 2021-2030
By Type
Elevators
Escalators
Moving Walkways
By Service
New Installation
Maintenance and Repair
Modernization
By End-User
Residential
Commercial
Large-Scale
11 South America Elevator and Escalator Market Analysis and Outlook To 2030
11.1 Introduction to South America Elevator and Escalator Markets in 2024
11.2 South America Elevator and Escalator Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Elevator and Escalator Market size Outlook by Segments, 2021-2030
By Type
Elevators
Escalators
Moving Walkways
By Service
New Installation
Maintenance and Repair
Modernization
By End-User
Residential
Commercial
Large-Scale
12 Middle East and Africa Elevator and Escalator Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Elevator and Escalator Markets in 2024
12.2 Middle East and Africa Elevator and Escalator Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Elevator and Escalator Market size Outlook by Segments, 2021-2030
By Type
Elevators
Escalators
Moving Walkways
By Service
New Installation
Maintenance and Repair
Modernization
By End-User
Residential
Commercial
Large-Scale
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Fujitec Co. Ltd
Hitachi Ltd
Hyundai Ltd
Kone Oyj
Mitsubishi Electric Corp
Otis Worldwide Corp
Schindler Group
Thyssenkrupp AG
Toshiba Corp
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Type
Elevators
Escalators
Moving Walkways
By Service
New Installation
Maintenance and Repair
Modernization
By End-User
Residential
Commercial
Large-Scale
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Elevator and Escalator is forecast to reach $268.6 Billion in 2030 from $170.2 Billion in 2024, registering a CAGR of 7.9% over the outlook period
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Fujitec Co. Ltd, Hitachi Ltd, Hyundai Ltd, Kone Oyj, Mitsubishi Electric Corp, Otis Worldwide Corp, Schindler Group, Thyssenkrupp AG, Toshiba Corp
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2030; Currency: Revenue (USD); Volume