Global Elevators & Escalators Market Size, Trend & Opportunity Analysis Report, by Product (Elevators, Escalators, Moving Walkways), Business (New Equipment, Maintenance, Modernization), Application (Residential, Commercial, Industrial), Services (New Ins

Market Definition and Introduction
The global elevators & escalators market was valued at USD 94.05 billion in 2024 and is anticipated to reach USD 158.35 billion by 2035, expanding at a CAGR of 8.00% during the forecast period (2024–2035). Present urbanism is beginning, but no different from a seismic shift, with growing population density, higher demands for infrastructure sophistication, and increased demands for mobility coming together at breakneck speed, with increasing demand put on vertical transportation systems. Elevators and escalators are now considered a heartbeat of urban activity, providing accessibility and operational continuity for high-rise residential buildings, commercial complexes, and wide industrial facilities. As megacities with taller skylines are being developed and higher demands for urban mobility are being raised, the manufacturers are re-orienting their product lines toward smarter cities, digital building management systems, and energy efficiency. This is not a purely technological shift, but it is a very strategic one that brings in the advanced notion of concurrent innovations across manufacturing, servicing, and regulatory compliance.
Market players are finding themselves at a juncture where they must balance increasing capacity with safety codes which are regressive, environmentally sensitive, and digitally compliant. From upkeeping high-speed lifts in supertall skyscrapers to operating smoothly at transit hubs, the industry is now embracing predictive maintenance and IoT-enabled solutions that minimize downtimes while maximizing passenger comfort and experience. Building operators are also leaning toward modernisation instead of complete overhaul, thus providing rich opportunities for both OEMs and third-party service providers. Simultaneously, sustainability is a major theme where low-energy drives, regenerative braking, and smart standby modes are now embedded in modern-day offerings.
Strategic investments are being made by industry giants and also by young innovators towards developing adaptive and modular systems that can respond to the architectural complexity of a particular situation and the traffic flow requirement. As increased tightening of safety codes and accessibility rules is being advocated for by the regulatory authorities worldwide, adherence to universal design principles and energy-efficient technology is becoming imperative for long-term competitiveness. The growth trajectory of the market is thus closely linked with the urbanisation rates, smart infrastructure developments, and policy incentives for green building certification that are together redefining what modern mobility looks like in vertical spaces.

Recent Developments in the Industry

In April 2024, Otis Elevator Co. announced a strategic partnership with Microsoft to integrate AI-based analytics into its Gen3™ platform, aimed at boosting real-time performance monitoring and predictive maintenance capabilities across global urban infrastructure.
In February 2024, Schindler Group inaugurated its new manufacturing and R&D center in Pune, India, focusing on developing energy-efficient elevator models and expanding its footprint in South Asia’s high-rise building segment.
In September 2023, KONE Corporation introduced a fully carbon-neutral elevator solution in Europe, designed using sustainable materials, regenerative drives, and next-gen IoT interfaces for smart buildings.
In May 2023, Mitsubishi Electric launched its “NEXIEZ-S” elevator series across Asia-Pacific, featuring earthquake-responsive safety measures and enhanced passenger comfort for mid-rise buildings.

Market Dynamics

Skyrocketing Global Market Demand from Urban Infrastructure Boom and Skyscraper Construction
Rapid urbanization is becoming a thing of the past in Asia-Pacific, the Middle East, and parts of Africa, thereby spurring raised construction of residential and commercial high-rise buildings. These vertical developments rely on elevators and escalators for optimal movement, decongestion, and utility to the buildings.
Technology-Driven Modernization and Maintenance Services Impact Lifecycle Value Proposition
Building owners are channelling investments to modernize their aging systems of vertical mobility to include new-age elements, including destination control, AI diagnostics, and low-energy motors. At the same time, a new paradigm of predictive maintenance and real-time monitoring is emerging as after-sales services of maintenance for enhancing operational uptime and safe service.
Sustainability and Energy Efficiency Drive Innovations in Design and Operations
Environmental concerns, along with regulations, have guided manufacturers into developing energy-efficient solutions, using gearless traction machines, standby-mode systems, and recycled materials. Such sustainable designs provide further benefit of lowering operational costs, thereby providing certification for green buildings, thus enhancing their use in both new and retrofit projects.
Demand for Modernization Services from Aging Infrastructure in Developed Economies
Most of the elevator infrastructure in North America and Western Europe is decades-old, outdated by the new spectrum of safety or energy standards. Therefore, this has created a surge in the modernization segment, replacing aging systems with modern intelligent sensors, superior user interfaces, and high-efficiency ones.
Digitization and IoT Conglomeration Elevate Safety, Comfort, and Operational Transparency
Smart technologies such as cloud monitoring, emergency-automatic rescue, and anti-bacterial button panels have added to enhancing elevator functionality and user experience. Such systems have gained much prominence in the post-COVID pandemic era, where hygiene, crowd management, and contactless operations are considered quite important.

Attractive Opportunities in the Market

Green Building Movement – LEED-certified elevators promote energy-efficient urban development.
Digital Maintenance Platforms – IoT-based monitoring enhances uptime and service efficiency.
Asia-Pacific Urbanization – Rapid infrastructure growth boosts equipment and service demand.
Residential High-Rises – Population growth drives elevator installations in vertical housing.
Smart Cities Expansion – Integration of elevators with building management systems increases.
Elderly Accessibility – Aging demographics necessitate retrofits with user-centric features.
Modernization Projects – Refurbishment of legacy systems supports safety and energy goals.
Touchless Control Panels – Post-pandemic safety measures reshape elevator design.
Sustainability Mandates – Regenerative drives and energy-saving tech gain momentum.
Moving Walkways in Airports – Global air travel recovery revives transit-oriented installations.

Report Segmentation

By Product: Elevators, Escalators, Moving Walkways
By Business: New Equipment, Maintenance, Modernization
By Application: Residential, Commercial, Industrial
By Services: New Installation, Maintenance & Repair, Modernisation
By Region: North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Spain, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific), LAMEA (Brazil, Argentina, UAE, Saudi Arabia (KSA), Africa Rest of Latin America)
The key players: Otis Elevator Co., KONE Corporation, Schindler Group, Mitsubishi Electric Corporation, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevator Co., Ltd., Fujitec Co., Ltd., Toshiba Corporation, and Sannah Lifts Holdings Ltd.

Report Aspects

Base Year: 2024
Historic Years: 2022, 2023, 2024
Forecast Period: 2025-2035
Report Pages: 293

Dominating Segments

Elevators Segment Leads the Global Market with Robust Urbanisation and Skyscraper Proliferation
The elevators segment continues to dominate the global elevators & escalators market, underpinned by unprecedented rates of urbanisation and the worldwide construction boom in high-rise residential and commercial buildings. Modern elevators have thus become a sophisticated vertical mobility system, equipped with advanced digital controls, energy-efficient drives, and integrated safety features. Their indispensability is felt most strongly in new urban centres, where the only solution to answer the growing population is that of vertical expansion. From ultra-high-speed elevators in megacities to customised solutions for mid-rise buildings, this segment offers immense flexibility. Increasingly, developers and owners are focusing on energy efficiency, speed, and safety, and therefore, smart elevators such as IoT-enabled systems with predictive maintenance capabilities are witnessing immense interest. This evolution fits well with the general trend towards smart buildings and carbon-neutral urban infrastructure.
Maintenance & Modernisation Segment Gains Ground Amid Ageing Infrastructure
While new installations continue to fuel revenue streams, maintenance and modernisation have rapidly emerged as growth pillars of great significance. Thousands of elevator and escalator systems installed in the 1990s and early 2000s across North America, Europe, and parts of Asia-Pacific have now reached the end of their operational lifecycle. Rather than full replacements, building operators are leaning toward modernisation strategies that provide better efficiency and safety at lower capital expenditure. Predictive maintenance services and retrofit packages featuring AI-driven control panels, energy recovery systems, and contactless operation technologies are fast becoming the new standard in the industry. This service-oriented model not only ensures longevity of operations but also creates avenues for the OEMs and service providers to generate recurrent revenue.
Commercial Application Segment Emerges as the Growth Powerhouse
Commercial applications, such as office complexes, malls, transit hubs, and hospitals, have turned out to be the most dynamic application segment for elevators and escalators. Indeed, they require reliable, fast, and high-capacity vertical transportation under situations where people movement spikes in certain hours. The commercial sector is also at the forefront of adopting smart dispatching systems and regenerative technologies to save energy and enhance user experience. The importance of commercial applications to market growth will continue to be sustained as hybrid working paradigms begin reconstituting office infrastructure while transport hubs expand in order to cope with the ever-increasing urban populace.

Key Takeaways

Elevators Dominate – High-rise construction and residential demand drive global elevator adoption.
Maintenance Segment Grows – Predictive and remote service models transform post-installation operations.
Technology Integration – Smart elevators enable data-driven diagnostics and contactless operation.
Asia-Pacific Emerges Strong – Urban expansion fuels equipment demand across APAC countries.
Modernization Critical – Aging infrastructure in the West requires safety and efficiency upgrades.
Energy Efficiency Prioritized – Green technology adoption aligns with global ESG frameworks.
Smart Cities Push – Elevators connected to BMS offer a seamless user experience.
Escalators Expand in Transit – Airports and malls install high-capacity escalator systems.
Post-COVID Demand Shift – Hygiene-focused features redefine product offerings.
Elderly Access Support – Barrier-free designs gain traction in residential retrofits.

Regional Insights

North America region is well ahead in the elevator and escalator market.
Market leadership has stuck to North America mainly because of its strict governing assets, appropriate infrastructure, and a corporate focus on smart and energy-efficient buildings. The US, topping the chart, has witnessed investments in real estate and transit opportunities in most of the states marked by California and its neighbours, especially New York. Regulatory authorities enforce very tight safety, design, and accessibility norms, which products must implement. Furthermore, the much respected service interface and quick shift in the market toward AI-supported creative maintenance mechanisms have made North America unassailable.
Europe: First in Greening Accessible Mobilities Amid Severe Legislation
Europe has been leading the way in sustainable vertical transport progress, which is quite solidly governed, for a long time with commensurate recognition of environmentalist thinking and action. In Germany, this broadly emphasizes the use of more energy-efficient systems in lifts as a part of the urban development, for instance, in France and the Netherlands. The agents driving outdoor elevators verily owe the first and foremost distinction to the directives of Europeans, a new Lift Directive and Green Deal, which refer manufacturers to reverse drive, smart standby mode and enable them for compliance with accessibility. The current state of adoption of energy efficiency characteristics in modernising out-of-date block buildings accounts ever so much in the face of attraction to Europe in the field of technology advancement that before those other things came about, comes under the impetuses of the active climate change policy and regulation bodies-aligning their energies somewhat with regards to the new tech front. Asia = Pacific: Spirit of the Megatrends of Urbanisation Makes It the Fastest-growing Market
Asia-Pacific became the fastest-growing market, driven by extreme industrial and urban growth and the rise of mega infrastructure projects.
China, India, and South Korea have seen tremendous growth in terms of new lift and escalator installations. The lift and escalator market growth is currently driven mainly by the urban problem: more than enough megatrends-wetlands that flood the world with greenish projections of new house philosophies. The next priority on the list fuels otherwise orders of curvature. In the face of considerable profit margin experience, industry players are scrambling to set up their local production, service, and R&D facilities while crawling over each other in creating energy-efficient mechanisms favored by all the locally respectable law enforcement.
LAMEA Sustained Growth with Concentrated Urban Development
The LAMEA region has focused on sustained growth in some of the urban clusters of countries such as Brazil, the UAE, and Saudi Arabia. This has thereby made the construction of elevators and escalators their stimulation points within the transit hubs, residential tall stories, or commercial buildings. The respective governments of all the nations are actively cooperating in advancing their infrastructure goals as part of their broader diversification strategies. In an attempt to encourage sustainable construction, the whole bottle is being tipped off a cliff for ENERGY STAR, its containment slapped, whereas certain manufacturers are hurrying up to design a better solution to seal.

Core Strategic Questions Answered in This Report

Q. What is the expected growth trajectory of the elevators & escalators market from 2024 to 2035?
The global elevators & escalators market is projected to grow from USD 94.05 billion in 2024 to USD 158.35 billion by 2035, reflecting a CAGR of 8.00% over the forecast period (2025–2035). Growth is driven by urbanization, infrastructure expansion, retrofitting needs, and smart technology integration across new and existing buildings.
Q. Which key factors are fuelling the growth of the elevators & escalators market?

Several key factors are propelling market growth:

Increased demand for high-rise residential and commercial spaces.
Smart city development and public infrastructure investments.
Rising need for modernization in aging buildings.
Adoption of energy-efficient and sustainable mobility systems.
Integration of IoT, AI, and predictive maintenance technologies.
Q. What are the primary challenges hindering the growth of the elevators & escalators market?

Major challenges include:

High capital cost of installation and retrofitting.
Skilled labour shortages in after-sales service and repair.
Regulatory discrepancies across countries.
Cybersecurity concerns linked to smart elevator systems.
Slow modernization in developing regions due to funding constraints.
Q. Which regions currently lead the elevators & escalators market in terms of market share?
Asia-Pacific leads the global market owing to its booming construction sector and urban expansion initiatives.
North America and Europe follow, with emphasis on modernization and technological integration.
The LAMEA region is steadily gaining momentum due to large-scale infrastructure projects and tourism-driven demand.
Q. What emerging opportunities are anticipated in the elevators & escalators market?

The market is ripe with new opportunities, including:

Expansion of touchless control technologies in public buildings.
Growth in service robotics integration within elevator systems.
High demand for compact elevators in low-rise and retrofit projects.
Smart diagnostics platforms for real-time fleet management.
Increasing elevator installation in modular and prefabricated construction.

Key Benefits for Stakeholders

The report offers a quantitative assessment of market segments, emerging trends, projections, and market dynamics for the period 2024 to 2035.
The report presents comprehensive market research, including insights into key growth drivers, challenges, and potential opportunities.
Porter's Five Forces analysis evaluates the influence of buyers and suppliers, helping stakeholders make strategic, profit-driven decisions and strengthen their supplier-buyer relationships.
A detailed examination of market segmentation helps identify existing and emerging opportunities.
Key countries within each region are analysed based on their revenue contributions to the overall market.
The positioning of market players enables effective benchmarking and provides clarity on their current standing within the industry.
The report covers regional and global market trends, major players, key segments, application areas, and strategies for market expansion. Show more