Global Elevators & Escalators Market Size Study, by Type (Elevators, Escalators, Moving Walkways), by Service (New Installation, Maintenance, Repair), by Elevator Technology (Traction, Machine-Room-Less, Hydraulic), and Regional Forecasts 2022-2032

Global Elevators & Escalators Market Size Study, by Type (Elevators, Escalators, Moving Walkways), by Service (New Installation, Maintenance, Repair), by Elevator Technology (Traction, Machine-Room-Less, Hydraulic), and Regional Forecasts 2022-2032

The global elevators and escalators market, valued at approximately USD 152.1 billion in 2023, is poised for a transformative journey, projecting a robust compound annual growth rate (CAGR) of 6.40% during the forecast period from 2024 to 2032. Elevators and escalators, integral to the fabric of modern urban infrastructure, are pivotal in ensuring seamless vertical transportation in residential, commercial, and industrial buildings. This thriving industry, driven by rapid urbanization and technological advancements, is increasingly catering to the demands of smarter, more sustainable architectural designs, promising significant strides in efficiency and innovation.

The burgeoning market for elevators and escalators is underpinned by a confluence of factors, including the global rise in high-rise construction projects, particularly in emerging economies. Governments and private entities worldwide are investing heavily in smart cities and urban planning initiatives, which are fueling the demand for advanced vertical transportation systems. Furthermore, innovations in elevator technologies, such as traction-based systems, machine-room-less designs, and hydraulic elevators, have not only enhanced operational efficiency but also aligned with sustainability goals, reducing energy consumption and optimizing space usage.

However, the journey is not without challenges. The substantial upfront costs associated with installation and maintenance, coupled with stringent regulatory standards and safety compliance requirements, may impede market expansion. Additionally, the high cost of retrofitting elevators in aging buildings poses a significant hurdle. Despite these challenges, the industry is set to flourish, thanks to increasing consumer awareness and the adoption of IoT-enabled and AI-powered systems that promise to redefine user experience and operational reliability.

Regionally, Asia Pacific emerges as a dominant force in the elevators and escalators market, propelled by rapid urbanization and infrastructure development in countries like China, India, and Southeast Asia. Europe and North America also represent significant markets, driven by a focus on modernization and retrofitting projects in line with sustainability initiatives. Meanwhile, the Middle East and Africa, alongside Latin America, are anticipated to witness accelerated growth, fueled by investments in mega projects and rising urban populations.

Major market players included in this report are:

1. KONE Corporation

2. Otis Elevator Company

3. Schindler Group

4. Thyssenkrupp AG

5. Mitsubishi Electric Corporation

6. Hitachi Ltd.

7. Fujitec Co., Ltd.

8. Hyundai Elevator Co., Ltd.

9. Toshiba Corporation

10. Stannah Lifts Holdings Ltd.

11. Savaria Corporation

12. Orona Group

13. Johnson Lifts Private Ltd.

14. Sigma Elevator Company

15. Gulf Elevators & Escalators Co. Ltd.

The detailed segments and sub-segment of the market are explained below:

By Type
• Elevators
• Escalators
• Moving Walkways

By Service
• New Installation
• Maintenance
• Repair

By Elevator Technology
• Traction
• Machine-Room-Less
• Hydraulic

By End Use Industry
• Residential
• Commercial
• Industrial

By Region:

North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific

Latin America
• Brazil
• Mexico

Middle East & Africa
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand-side and supply-side analysis of the market.

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