Elevators & Escalators Market by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance & Repair), Elevator Technology (Traction, Machine-Room-Less, & Hydraulic), End-use Industry, and Region - Global Forecast to 2030

The global elevators and escalators market is projected to grow from USD 98,842.2 million in 2025 to USD 113,813.8 million by 2030, at a CAGR of 2.86% during the forecast period. The rising trend of mass movement from rural regions to urban areas has created a greater need for significant infrastructure development, particularly in constructing high-rise buildings to satisfy the increasing housing demands. This has led to the evolution of urban areas into megacities, with notable population surges in cities such as Tokyo, Mexico City, Seoul, and Lagos. These megacities are actively involved in the construction of skyscrapers, advanced transportation hubs, and various other infrastructure projects to support their growing populations. A critical component of high-rise structures is facilitating efficient vertical mobility, highlighting the necessity for elevators and escalators. As a result, the rapid urbanization and the increase in high-rise building projects are expected to drive the demand for elevators and escalators. This heightened usage is anticipated to be a significant contributor to market growth during the forecast period.

“In terms of both value and volume, elevators are projected to register the fastest growth during the forecast period.”

Elevators, whether they are open or enclosed platforms used to transport people or goods between different floors in a building, must follow strict safety standards established by regulatory bodies. In the US, elevator manufacturers are required to comply with safety regulations set by the American National Standards Institute (ANSI) and the American Society of Mechanical Engineers (ASME). The elevator industry is expected to experience significant growth due to the ongoing development of new residential and commercial projects worldwide. This growth is projected to be most pronounced in the elevators segment, which is anticipated to achieve the highest CAGR.



By service, the modernization segment is estimated to register the highest CAGR during the forecast period.”

Updating escalators and elevators is common because it makes them more reliable, faster, and safer. Older elevators often have higher maintenance costs, slow rides, and frequent breakdowns, which disrupt the daily operations of busy buildings. Modernization upgrades key parts, boosting efficiency and reducing energy use. This leads to lower expenses and benefits the environment. It also ensures compliance with the latest safety regulations and improves the look and feel of these systems, enhancing the user experience. Overall, modernization increases a building’s value, extends the life of the equipment, and meets the needs of today’s smart and sustainable infrastructure.

“Machine-room-less traction elevator segment to register the fastest growth during the forecast period.”

Elevators that do not need a machine room are expected to register the fastest growth in the elevators and escalators market due to advancements in technology. This cutting-edge technology, stemming from continuous advancements, has transformed the traditional elevator industry. A significant advancement is the major decrease in the size of electrical motors used in traction systems, achieved through the use of newly designed permanent magnet motors (PMM). A key characteristic of this technology is the removal of the necessity for a machine room above the hoistway. This design has gained global popularity and is quickly becoming the new norm in elevator technology.

“Commercial end-use segment to register the fastest growth during the forecast period.”

The commercial sector showcases high demand for elevators and escalators for several key reasons. One major factor is the rapid growth of cities and the emergence of tall commercial buildings. These structures require efficient, safe, and secure methods for people to move around, making vertical transportation systems essential. Additionally, there is a strong focus on improving accessibility, particularly for the aging population and individuals with disabilities. This emphasis is driving the demand for more advanced and inclusive elevator and escalator solutions in commercial environments. Furthermore, today’s elevators and escalators are not just simple machines; they have become sophisticated, energy-efficient systems equipped with innovative features. Commercial spaces are actively seeking these technological advancements to keep up with modern design trends and achieve their sustainability goals.

“In terms of value, the Asia Pacific elevators and escalators market is projected to account for the largest share during the forecast period.”

The Asia Pacific region is anticipated to hold the largest share in terms of value. This increase is linked to greater investments in construction, improved living standards, and rapid urban growth. Countries in the Asia Pacific are actively working on projects to improve commercial and institutional buildings. In the past few years, numerous nations in the region have initiated efforts to create smart cities utilizing low-carbon and Internet of Things (IoT) technologies. As a result, this trend offers promising prospects for the growth of the elevators and escalators market.

In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the elevators and escalators market.

• By Company Type: Tier 1: 25%, Tier 2: 42%, and Tier 3: 33%
• By Designation: C-level Executives: 20%, Directors: 30%, and Others: 50%
• By Region: North America: 20%, Europe: 10%, Asia Pacific: 40%, Middle East & Africa: 20%, and South America: 20%

Schindler Group (Switzerland), Otis (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), Mitsubishi Electric Corporation (Japan), TK Elevator (Germany), and SJEC Corporation (China) are some of the key players in the elevators and escalators market.

Research Coverage

The market study covers the elevators and escalators market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type (elevators, escalators, and moving walkways), service (new installations, maintenance & repair, and modernization), elevator technology (traction elevators, machine-room-less traction elevators, and hydraulic elevators), end-use industry (residential, commercial, institutional, infrastructure, and other end-use industries), and region (Asia Pacific, North America, Europe, South America, and the Middle East & Africa). The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the elevators and escalators market.

Reasons to Buy the Report

The report will offer the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall hydrofluoric acid market and the subsegments. This report will help stakeholders understand the competitive landscape, gain more insights into positioning their businesses better, and plan suitable go-to-market strategies. The report will help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following points:

• Analysis of key drivers (Increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization, growing need for reducing energy consumption in buildings, and growing aging population to facilitate development of better infrastructure within buildings), restraints (uncertainty and risk regarding global economy and high maintenance costs), opportunities (adoption of green building codes and energy-efficient products, development of innovative technologies, and rising demand for smart elevators), and challenges (compliance with standards and regulations) influencing the growth of the elevators and escalators market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the elevators and escalators market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the elevators and escalators market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the elevators and escalators market.

• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Schindler Group (Switzerland), Otis Elevator (US), Thyssenkrupp AG (Germany), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building System Corporation (Japan), Mitsubishi Electric Corporation (Japan), TK Elevator (Germany), and SJEC Corporation (China), among others, in the elevators and escalators market. The report also helps stakeholders understand the pulse of the elevators and escalators market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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