Elevators and Escalators

Global Elevators and Escalators Market to Reach US$146.2 Billion by 2030

The global market for Elevators and Escalators estimated at US$99.5 Billion in the year 2024, is expected to reach US$146.2 Billion by 2030, growing at a CAGR of 6.6% over the analysis period 2024-2030. Elevators, one of the segments analyzed in the report, is expected to record a 6.9% CAGR and reach US$120.9 Billion by the end of the analysis period. Growth in the Escalators & Walkways segment is estimated at 5.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$11.1 Billion While China is Forecast to Grow at 6.4% CAGR

The Elevators and Escalators market in the U.S. is estimated at US$11.1 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$36.9 Billion by the year 2030 trailing a CAGR of 6.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.9% and 5.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.9% CAGR.

Global Elevators and Escalators Market – Key Trends & Drivers Summarized

Why Are Urban Skylines Fueling a New Era for Vertical Transportation?

The accelerating pace of urbanization across the globe is reshaping the demand landscape for elevators and escalators, as high-rise construction becomes the new norm in metropolitan city planning. With urban populations swelling at an unprecedented rate—especially in emerging economies such as India, China, Brazil, and parts of Africa—governments and developers are increasingly looking upward to accommodate residential, commercial, and institutional infrastructure within limited land footprints. This has created a sustained boom in the deployment of vertical transportation systems, where elevators and escalators play a pivotal role in defining the usability and efficiency of these multi-story buildings. The growing number of smart city initiatives, especially in Asia-Pacific and the Middle East, is further bolstering this trend, as real estate projects increasingly integrate intelligent building systems that include advanced mobility solutions.

Moreover, a shift in architectural design philosophy—favoring sustainable and compact structures with maximum functional space—has necessitated the adoption of advanced elevator systems that occupy minimal shaft space while maximizing energy efficiency. Elevators have evolved from basic lift systems to complex, digitally controlled transport networks with multiple cabins, destination dispatching, and regenerative braking systems. Escalators, on the other hand, are being widely installed not just in malls and transit hubs but also in hospitals, schools, and government buildings, where accessibility and pedestrian flow are critical. The market is also witnessing a revival in retrofit and modernization activities, particularly in aging urban centers where older infrastructure is being upgraded with modern mobility solutions to meet updated safety and efficiency standards. These dynamics are placing vertical transport technologies at the center of the next wave of urban transformation.

How Are Technology Innovations Transforming the Performance of Elevators and Escalators?

Technological innovation is pushing the boundaries of what elevators and escalators can achieve, enhancing their efficiency, safety, and user experience. One of the most significant developments is the rise of smart elevators equipped with IoT sensors, artificial intelligence, and machine learning algorithms. These systems continuously collect and analyze performance data to predict maintenance needs, optimize ride times, and improve passenger flow in real-time. By minimizing downtime and enabling condition-based servicing, smart maintenance models are redefining operational efficiency and long-term asset management. Predictive analytics tools embedded within these systems also help property managers reduce repair costs and extend equipment lifespans.

Advanced materials and engineering designs are enabling the development of ultra-lightweight, high-speed elevators that can travel at velocities exceeding 10 meters per second—an essential feature for next-generation skyscrapers. Magnetic levitation (maglev) and rope-free elevator systems are also being tested and deployed, allowing for vertical and horizontal movement within a building, thereby unlocking new design possibilities for architects and engineers. Escalators are seeing similar advancements with energy-saving technologies such as automatic standby modes, variable speed drives, and advanced safety sensors becoming standard features. Touchless and voice-activated controls, antimicrobial buttons, and real-time occupancy displays are being rapidly adopted, particularly in the post-pandemic era where hygiene and crowd control have become heightened concerns. These technology trends are not only revolutionizing the user experience but also raising the bar for performance, compliance, and sustainability in building mobility.

Who Are the End-Users Driving Innovation and Diversification in the Market?

The market for elevators and escalators is expanding rapidly across a broadening spectrum of end-users, each with unique operational demands and expectations. Traditionally, high-rise commercial buildings and luxury residential towers dominated the usage of premium elevator systems. However, the scope has now widened to include mass transit systems, airports, shopping malls, education institutions, healthcare facilities, and even industrial warehouses, where personnel and goods movement are critical. Public transportation hubs, in particular, are becoming hotbeds for escalator and elevator installations due to the need for high-capacity, durable systems capable of managing heavy foot traffic with minimal downtime. The ongoing expansion and modernization of metro rail systems in cities like Delhi, Jakarta, and São Paulo are exemplary in this regard.

In the residential segment, rapid urban migration and vertical expansion in affordable housing are driving the adoption of cost-effective yet reliable elevator solutions. Developers are also seeking modular and scalable systems that can be quickly installed and integrated into evolving smart infrastructure networks. In hospitality and healthcare, comfort, speed, and low noise levels are critical, pushing demand for advanced control systems and adaptive ride behavior. Even low-rise and mid-rise buildings are increasingly incorporating elevator systems due to shifting consumer preferences and evolving building codes related to accessibility for the elderly and disabled. Facility managers, architects, and infrastructure consultants are playing a larger role in influencing the type of solutions deployed, pushing manufacturers to offer customizable and multi-functional systems tailored to diverse applications and budgets. This deepening of end-use diversity is creating new pockets of demand and opening avenues for product differentiation and specialization.

What’s Fueling the Growth Momentum in the Elevators and Escalators Market?

The growth in the elevators and escalators market is driven by several factors that span technological advancement, changing end-use requirements, and evolving consumer and regulatory expectations. A key driver is the rapid proliferation of smart buildings and integrated infrastructure projects, which require elevators and escalators to function not as standalone systems but as connected, intelligent mobility platforms. This trend is encouraging the adoption of IoT-enabled solutions, cloud-based diagnostics, and centralized fleet management systems, particularly in high-density urban centers. Simultaneously, the need for energy efficiency and sustainability is leading to increased use of regenerative drives, lightweight materials, and eco-mode operations that align with green building standards and ESG frameworks.

End-use diversification is another strong contributor, with expanding application in public infrastructure, affordable housing, and industrial logistics, each requiring tailored product configurations. Consumer behavior is also evolving, with users increasingly valuing speed, comfort, hygiene, and touchless experience, especially in the wake of health and safety concerns. This has led to rapid uptake of innovations like destination control systems, real-time status apps, and antimicrobial surfaces. Additionally, regulatory trends—such as mandatory safety upgrades, accessibility mandates, and energy efficiency certifications—are compelling both new installations and retrofits across global markets. Aging infrastructure in North America and Europe is prompting large-scale modernization efforts, while fast-paced urban development in Asia-Pacific and the Middle East is fueling greenfield demand. Furthermore, rising disposable incomes, real estate investments, and global events like the Olympics or World Expos are catalyzing infrastructure expansion, adding momentum to this already dynamic market.

SCOPE OF STUDY:

The report analyzes the Elevators and Escalators market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Elevators, Escalators & Walkways); Service (New Installation Business, Maintenance & Repair Business, Modernization Business); Application (Residential Application, Commercial Application, Other Applications)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Select Competitors (Total 211 Featured) -

• Canny Elevator Co., Ltd.
• Fujitec Co., Ltd.
• Hitachi Ltd.
• Hyundai Elevators Co., Ltd.
• Johnson Lifts Private Limited
• Kleemann Hellas S.A.
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Worldwide Corporation
• Savaria Corporation
• Schindler Group
• Shanghai Mitsubishi Elevator Co., Ltd. (SMEC)
• Sigma Elevator Company Limited
• SJEC Corporation
• TK Elevator Holding GmbH
• Toshiba Elevator and Building Systems Corporation

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