Global Elevator & Escalator Market Grows Steadily at a CAGR of 7.01%

Introduction

Introduction

Elevators and escalators are vertical transportation systems used to move people or goods between different levels of a building or structure. Elevators are enclosed platforms or cabins that travel up and down a shaft, typically powered by electric motors, hydraulic systems, or machine-room-less (MRL) technologies. They are commonly used in high-rise buildings, residential complexes, commercial spaces, and industrial settings.

Escalators, on the other hand, are moving staircases that transport people between floors in a continuous loop. These systems are primarily used in public spaces such as shopping malls, airports, and transit stations. Both elevators and escalators play a crucial role in ensuring accessibility, convenience, and efficient movement within multi-story buildings.

Market Dynamics

Urbanization and infrastructure development drive the global market

As urban populations grow and cities expand, the need for high-rise residential and commercial buildings increases, making efficient vertical transportation systems crucial. High-rise buildings provide a space-efficient solution to accommodate the growing population in urban areas with limited available land, and elevators and escalators are essential to ensuring functionality and accessibility in these structures.

For instance, the World Bank predicts that by 2050, 70% of the global population will live in urban areas. This urban shift will significantly boost the demand for elevators and escalators, especially in rapidly growing regions such as Asia, Africa, and Latin America, where urbanization is accelerating.

Focus on eco-friendly and energy-efficient solutions creates tremendous opportunities

With increasing environmental regulations and the widespread adoption of green building standards, there is a rising demand for energy-efficient and eco-friendly solutions. Innovations such as regenerative braking systems, which capture excess energy during braking and feed it back into the building’s power grid, are helping to reduce energy consumption and lower utility costs.

• For instance, the U.S. Green Building Council reports that green building practices, including the integration of energy-efficient elevators, are expected to grow as sustainability continues to be a key priority in the construction industry.

These advancements not only contribute to sustainability efforts but also meet the demands of environmentally conscious businesses and consumers seeking to minimize their carbon footprint.

Regional Analysis

The Asia-Pacific region dominates the global elevator and escalator market, fueled by rapid urbanization, extensive infrastructure development, and a significant rise in high-rise construction across emerging economies such as China, India, and Southeast Asia. As these countries experience substantial economic growth, their cities are expanding upward to accommodate the increasing population and urban migration, creating a strong demand for efficient vertical transportation in both residential and commercial buildings.

The surge in high-rise projects, including office towers, residential complexes, shopping malls, and mixed-use developments, has heightened the need for advanced elevator and escalator systems to ensure smooth and efficient movement within these buildings. Moreover, the growing middle class, rising disposable incomes, and a shift towards modern urban lifestyles have further fueled the demand for these transportation solutions.

Key Highlights

• The global elevator & escalator market size was valued at USD 117.97 billion in 2024 and is expected to grow from USD 126.24 billion in 2025 to reach USD 217.06 billion by 2033, growing at a CAGR of 7.01% during the forecast period (2025-2033).
• Based on Product, the global market is divided into elevators, escalators, and moving walkways. The elevator segment dominated the market with the largest market revenue.
• Based on Business, the global market is divided into new equipment, maintenance, and modernization. The maintenance segment dominated the market with the largest market revenue.
• Based on Elevator Technology, the global market is divided into traction elevators, machine room-less traction elevators, and hydraulic. The machine room-less traction elevator segment dominated the market with the largest market revenue.
• Based on Application, the global market is divided into residential, commercial, and industrial. The commercial segment dominated the market with the largest market revenue.
• Asia-Pacific is the highest shareholder in the global market.

Competitive Players

1. Otis Elevator Company, KONE Corporation
2. Schindler Group
3. Thyssenkrupp AG
4. Mitsubishi Electric Corporation
5. Hitachi Ltd.
6. Toshiba Elevator and Building Systems Corporation
7. Fujitec Co., Ltd.
8. Hyundai Elevator Co., Ltd.
9. Johnson Lifts Private Ltd.
10. Orona Group
11. Stannah Lifts Holdings Ltd.
12. Kleemann Hellas SA
13. Sigma Elevator Company
14. Escon Elevators Pvt Ltd

Recent Developments

• In January 2024, KONE Corporation introduced a new line of eco-efficient escalators in Europe. Designed to meet stringent sustainable building requirements, these escalators focus on reducing energy consumption and minimizing environmental impact, addressing the growing demand for green building solutions across Europe. 

Segmentation

1. By Product
   1. Elevators
   2. Escalators
   3. Moving Walkway
2. By Business
   1. New Equipment
   2. Maintenance
   3. Modernization
3. By Elevator Technology
   1. Traction Elevator
   2. Machine Room-less Traction Elevator
   3. Hydraulic
4. By Applications
   1. Residential
   2. Commercial
   3. Industrial
5. By Regions
   1. North America
   2. Europe
   3. Asia-Pacific
   4. Latin America
   5. The Middle East and Africa