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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 2024-2034

Publisher Factview Research
Published Jun 27, 2025
Length 285 Pages
SKU # FAVR20179498

Description

The global elevators and escalators market, valued at approximately USD 159.7 billion in 2024, is poised for a transformative journey, projecting a robust compound annual growth rate (CAGR) of 6.80% during the forecast period from 2024 to 2034. 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.

Table of Contents

285 Pages
Chapter 1. Global Elevators & Escalators Market Executive Summary
1.1. Global Elevators & Escalators Market Size & Forecast (2024-2034)
1.2. Regional Summary
1.3. Segmental Summary
1.3.1. By Type
1.3.2. By Service
1.3.3. By Elevator Technology
1.3.4. By End Use Industry
1.4. Key Trends
1.5. Recession Impact
1.6. Investment Analysis
1.7. Investment Rationale
1.8. Analyst Recommendation & Conclusion
Chapter 2. Global Elevators & Escalators Market Definition and Research Assumptions
2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
2.3.1. Inclusion & Exclusion
2.3.2. Limitations
2.3.3. Supply Side Analysis
2.3.3.1. Availability
2.3.3.2. Infrastructure
2.3.3.3. Regulatory Environment
2.3.3.4. Market Competition
2.3.3.5. Economic Viability (Consumer’s Perspective)
2.3.4. Demand Side Analysis
2.3.4.1. Regulatory Frameworks
2.3.4.2. Technological Advancements
2.3.4.3. Environmental Considerations
2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates
Chapter 3. Global Elevators & Escalators Market Dynamics
3.1. Market Drivers
3.1.1. Surge in High-Rise Construction Projects
3.1.2. Investments in Smart Cities and Urban Planning
3.1.3. Advancements in Elevator Technologies
3.2. Market Challenges
3.2.1. High Upfront Installation and Maintenance Costs
3.2.2. Strict Regulatory Standards and Safety Compliance
3.3. Market Opportunities
3.3.1. Adoption of IoT-Enabled Systems
3.3.2. Integration of AI-Powered Solutions
3.3.3. Expansion in Emerging Markets
Chapter 4. Global Elevators & Escalators Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model
4.1.7. Porter’s 5 Force Impact Analysis
4.2. PESTEL Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.2.5. Environmental
4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Elevators & Escalators Market Size & Forecasts by Type 2024-2034
5.1. Segment Dashboard
5.2. Global Elevators & Escalators Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
5.2.1. Elevators
5.2.2. Escalators
5.2.3. Moving Walkways
Chapter 6. Global Elevators & Escalators Market Size & Forecasts by Service 2024-2034
6.1. Segment Dashboard
6.2. Global Elevators & Escalators Market: Service Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
6.2.1. New Installation
6.2.2. Maintenance
6.2.3. Repair
Chapter 7. Global Elevators & Escalators Market Size & Forecasts by Elevator Technology 2024-2034
7.1. Segment Dashboard
7.2. Global Elevators & Escalators Market: Elevator Technology Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
7.2.1. Traction
7.2.2. Machine-Room-Less
7.2.3. Hydraulic
Chapter 8. Global Elevators & Escalators Market Size & Forecasts by End Use Industry 2024-2034
8.1. Segment Dashboard
8.2. Global Elevators & Escalators Market: End Use Industry Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
8.2.1. Residential
8.2.2. Commercial
8.2.3. Industrial
Chapter 9. Global Elevators & Escalators Market Size & Forecasts by Region 2024-2034
9.1. North America Elevators & Escalators Market
9.1.1. U.S. Elevators & Escalators Market
9.1.1.1. Elevators Breakdown Size & Forecasts, 2024-2034
9.1.1.2. Escalators Breakdown Size & Forecasts, 2024-2034
9.1.2. Canada Elevators & Escalators Market
9.2. Europe Elevators & Escalators Market
9.2.1. UK Elevators & Escalators Market
9.2.2. Germany Elevators & Escalators Market
9.2.3. France Elevators & Escalators Market
9.2.4. Spain Elevators & Escalators Market
9.2.5. Italy Elevators & Escalators Market
9.2.6. Rest of Europe Elevators & Escalators Market
9.3. Asia-Pacific Elevators & Escalators Market
9.3.1. China Elevators & Escalators Market
9.3.2. India Elevators & Escalators Market
9.3.3. Japan Elevators & Escalators Market
9.3.4. Australia Elevators & Escalators Market
9.3.5. South Korea Elevators & Escalators Market
9.3.6. Rest of Asia Pacific Elevators & Escalators Market
9.4. Latin America Elevators & Escalators Market
9.4.1. Brazil Elevators & Escalators Market
9.4.2. Mexico Elevators & Escalators Market
9.4.3. Rest of Latin America Elevators & Escalators Market
9.5. Middle East & Africa Elevators & Escalators Market
9.5.1. Saudi Arabia Elevators & Escalators Market
9.5.2. South Africa Elevators & Escalators Market
9.5.3. Rest of Middle East & Africa Elevators & Escalators Market
Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. KONE Corporation
10.1.2. Otis Elevator Company
10.1.3. Schindler Group
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. KONE Corporation
10.3.1.1. Key Information
10.3.1.2. Overview
10.3.1.3. Financial (Subject to Data Availability)
10.3.1.4. Product Summary
10.3.1.5. Market Strategies
10.3.2. Thyssenkrupp AG
10.3.3. Mitsubishi Electric Corporation
10.3.4. Hitachi Ltd.
10.3.5. Fujitec Co., Ltd.
10.3.6. Hyundai Elevator Co., Ltd.
10.3.7. Toshiba Corporation
10.3.8. Stannah Lifts Holdings Ltd.
10.3.9. Savaria Corporation
10.3.10. Orona Group
10.3.11. Johnson Lifts Private Ltd.
10.3.12. Sigma Elevator Company
10.3.13. Gulf Elevators & Escalators Co. Ltd.
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes

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