Global Elevator and Escalator Market Expected to Reach USD 244.3 Billion by 2033 - IMARC Group

Global Elevator and Escalator Market Statistics, Outlook and Regional Analysis 2025-2033

The global elevator and escalator market size was valued at USD 161.7 Billion in 2024, and it is expected to reach USD 244.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4.64% from 2025 to 2033.

The global elevator and escalator market is majorly influenced by notable increase in infrastructural development and urbanization, especially in emerging economies. With the significant expansion of and steady emergence of vertical construction projects, the requirement for effective vertical transportation solutions is rising increasingly. High-rise residential, commercial, and mixed-use buildings are becoming more prevalent, necessitating the installation of modern elevator and escalator systems. Furthermore, rapid population growth, along with urban migration, fuels the need for efficient transportation within densely populated areas. This trend is particularly pronounced in countries where urbanization rates are expected to accelerate in the coming years. Additionally, the growth of commercial spaces such as shopping malls, airports, and office buildings also contributes to the market's expansion, with advanced elevator systems becoming integral to meeting the mobility demands of large crowds. For instance, as per industry reports, India’s retail shopping malls experienced resilient growth, with an additional 3.1 million square feet of space introduced in Q4 2023.

Another key driver of the global elevator and escalator market is technological innovation and the increasing demand for smart, energy-efficient solutions. Modern consumers and businesses are placing a premium on sustainability, and elevator systems are evolving to meet these expectations. Innovations such as regenerative drives, machine-room-less (MRL) elevators, and predictive maintenance technologies are improving energy efficiency and reducing operational costs. For instance, as per industry reports, in high-rise buildings, elevators can represent as much as 10% of the overall energy usage. By incorporating regenerative drives, the energy consumption of an elevator can be reduced by up to 25%. Additionally, the adoption of IoT-enabled systems allows for remote monitoring and performance optimization, enhancing user experience and operational effectiveness. The market is also witnessing the integration of advanced features such as touchless controls and AI-driven solutions for better accessibility and convenience. As sustainability regulations become stricter and energy efficiency becomes a priority, these innovations are increasingly shaping the future of the elevator and escalator market.

Global Elevator and Escalator Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share due to rapid urbanization, high construction activity, and increasing demand for infrastructure development.

Asia-Pacific Elevator and Escalator Market Trends:

Asia Pacific has emerged as a dominant region in the global elevators and escalators marked, chiefly because of the escalating requirement for high-rise buildings, amplifying urbanization, and growing construction activities. For instance, as per industry reports, in July 2024, The China State Council revealed that the nation is expecting the urbanization rate to rise to around 70% over the next five years. Additionally, 66.16% of China's population was found to be living in urban areas by the end of 2023. Furthermore, countries such as India or China are witnessing substantial infrastructural development, bolstering the demand for effective vertical transportation systems. Moreover, rapid industrialization in this region, along with proliferating middle class and elevating disposable incomes, are further fostering the requirement for elevators and escalators in key sectors like transportation, commercial, and residential. Additionally, increasing government investments in infrastructure projects and the accelerating emphasis on energy-efficient, smart systems fortify the region's leadership in the global market.

North America Elevator and Escalator Market Trends:

North America represents a substantial share in the global elevator and escalator market, chiefly influenced by magnified requirement in transportation hubs, commercial real estate, and residential buildings. Technological innovations, such as energy-saving systems and smart elevators, are notably bolstering market expansion. In addition, Canada and the U.S. are prime contributors, owing to their urbanization trends and constant infrastructure development.

Europe Elevator and Escalator Market Trends:

Europe is a well-established market for elevators and escalators, with robust requirement for modernization and substitution of aging systems. The region's increasing emphasis on energy efficiency and sustainability bolsters advancements in vertical transportation solutions. Furthermore, countries like the UK, Germany, and France primarily steer the market, aided by regulatory policies focusing on building accessibility as well as safety.

Latin America Elevator and Escalator Market Trends:

Latin America is experiencing stable expansion in the elevator and escalator market, principally propelled by steady infrastructural development and notable urbanization in emerging economies such as Mexico or Brazil. Moreover, elevated investments in both commercial and residential ventures, combined with enhancements in public transportation network, are facilitating the need for dependable vertical transportation solutions across Latin America.

Middle East and Africa Elevator and Escalator Market Trends:

The Middle East and Africa (MEA) region is witnessing significant market growth, especially in the construction of mega-scale infrastructure ventures, typically including transportation framework, skyscrapers, and shopping malls. The requirement for leading-edge elevator and escalator systems is also boosted by a rapid inclination towards modern, energy-saving solutions, substantial urban growth, and magnifying investments in major markets, including South Africa and the UAE.

Top Companies Leading in the Elevator and Escalator Industry

Some of the leading elevator and escalator market companies include Canny Elevator Co. Ltd., Electra Elevators, Fujitec Co. Ltd., Gulf Elevators & Escalators Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., Johnson Lifts Private Limited, Kleemann Group, KONE Corporation, Mitsubishi Electric Corporation, Otis Elevator Company (I). Ltd (Otis Worldwide Corporation), Schindler Holding Ltd., Sigma Elevator Company, Toshiba Elevator and Building Systems Corporation (Toshiba Corporation), among many others. In October 2024, Hitachi Ltd. announced the receival of an order of 12 escalators and 44 excellent-speed elevators from CRC Group, India. This is one of the most acclaimed commercial projects in Noida, a major urban region in the country.

Global Elevator and Escalator Market Segmentation Coverage

• On the basis of the type, the market has been categorized into elevators, escalators, and moving walkways, wherein elevators represent the leading segment. This is chiefly due to their extensive installation in industrial, commercial, or residential facilities. Their exceptional capability to effectively transport both goods and people across several floors establishes them as a necessity in high-rise buildings, thereby strengthening their leading market share. In addition, technological advancements in smart and energy-efficient elevators further enhance their appeal, supporting sustained demand globally.
• Based on the service, the market is classified into new installation, maintenance and repair, and modernization, amongst which new installation dominates the market. This is driven by urbanization and growing construction activities. As demand for high-rise buildings and commercial complexes rises, the need for modern, efficient vertical transportation solutions becomes critical. Moreover, this segment encompasses both elevators and escalators, with a focus on the latest designs, energy efficiency, and integration with smart building systems.
• On the basis of the end use, the market has been divided into residential and commercial (offices, hospitality, mixed block, and others). Among these, commercial accounts for the majority of the market share. Applications for this leading segment span office buildings, malls, hotels, and transportation hubs. The continuous growth in urbanization, along with increased demand for multi-story commercial spaces, has driven the need for reliable, high-capacity vertical transportation systems. Furthermore, the segment heavily benefits from the integration of advanced technologies that improve user experience and operational efficiency.

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