Elevators and Escalators Market - Forecasts from 2025 to 2030

The Elevators and Escalators Market is anticipated to surge from USD 102.467 billion in 2025 to USD 137.253 billion by 2030, driven by a 6.02% CAGR.

The elevators and escalators market is a vital component of modern infrastructure, facilitating efficient vertical transportation in buildings worldwide. These systems enhance convenience and speed, driving their widespread adoption across residential, commercial, and industrial sectors. The market is propelled by rapid urbanization, increased construction investments, a growing geriatric population, and advancements in smart technologies, though high installation and maintenance costs pose challenges.

This research examines current trends in demand, supply, and sales, alongside recent developments shaping the elevators and escalators market. It provides a comprehensive analysis of key drivers, restraints, and opportunities, detailing industry trends, policies, and regulations across geographical regions to equip stakeholders with insights into the regulatory framework and market dynamics.

Competitive intelligence identifies major industry players and their revenue contributions, derived from extensive secondary research, including industry association studies, analyst reports, investor presentations, press releases, and journals. Market size for the overall sector and key segments was determined using bottom-up and top-down methodologies, validated with primary inputs from stakeholders in the global elevators and escalators value chain. Comprehensive market engineering integrated data from diverse sources and proprietary datasets, employing data triangulation for accurate market breakdown and forecasting. Insights are presented through analytical narratives, charts, and graphics for efficient comprehension. The global market was valued at approximately USD 83.2 billion in 2024 and is projected to reach USD 135.2 billion by 2032, growing at a CAGR of 6.3%. Key players profiled include Schindler Holding Ltd., Kone Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, and United Technologies, among others.

Key Highlights

• Urbanization and Construction: Rapid urban growth and construction investments drive demand for elevators and escalators in high-rise buildings.
• Geriatric Population: An aging global population increases the need for accessible vertical transportation solutions.
• Smart Technologies: Advancements in smart elevators and escalators enhance efficiency and user experience, fueling adoption.
• Cost Challenges: High installation and maintenance costs limit market penetration, particularly for smaller projects.

Growth Drivers

Rapid urbanization, with 60% of the global population expected to live in urban areas by 2030, fuels demand for vertical transportation in high-rise residential and commercial structures. Increasing investments in the construction sector, particularly in Asia-Pacific, where infrastructure spending reached USD 1.2 trillion in 2024, drive installations. The growing geriatric population, projected to reach 1.5 billion by 2050, necessitates accessible elevators for mobility, especially in developed regions like Europe and North America. Technological advancements in smart elevators, such as IoT-enabled systems and predictive maintenance, improve energy efficiency and user convenience, with companies like Kone introducing AI-driven solutions in 2024.

Restraints

High installation costs, often exceeding USD 100,000 for advanced elevator systems, and ongoing maintenance expenses deter adoption in smaller projects and cost-sensitive markets. These costs, coupled with the need for specialized technical expertise, challenge market growth, particularly for SMEs and in emerging economies.

Segmentation Analysis

By Product Type: Elevators dominate with a 65% market share in 2024, driven by demand in high-rise buildings, while escalators grow steadily in commercial spaces like malls and airports.

By Application: Commercial applications lead, fueled by office towers and retail complexes. Residential and industrial segments grow with urbanization and manufacturing needs.

By Technology: Smart elevators, incorporating IoT and AI, exhibit the fastest growth due to energy efficiency and remote monitoring capabilities.

Regional Analysis

Asia-Pacific holds the largest share at 45% in 2024, driven by rapid urbanization and infrastructure projects in China and India, with China’s construction sector investing USD 800 billion in 2024. North America sustains growth through smart city initiatives and accessibility mandates, while Europe advances with green building regulations and an aging population, supported by the EU’s USD 500 million smart infrastructure fund in 2024.

This report equips industry experts with critical insights into market trends, regulatory landscapes, and competitive dynamics. It highlights opportunities in smart technologies and urban infrastructure while addressing cost barriers. The rigorous methodology, blending primary and secondary data, ensures reliable projections, enabling stakeholders to navigate complexities and prioritize investments in this essential infrastructure sector.

Key Benefits of this Report:

• Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, and other sub-segments.
• Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
• Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape future market developments.
• Actionable Recommendations: Utilize the insights to exercise strategic decisions to uncover new business streams and revenues in a dynamic environment.
• Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, and Competitive Intelligence.

Report Coverage:

• Historical data from 2022 to 2024 & forecast data from 2025 to 2030
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Segmentation

• By Type
  • Elevators
    • Hydraulic Elevators
    • Traction Elevators
  • Escalators
    • Parallel Escalators
    • Curved Escalators
    • Others
• By Service
  • New Installation
  • Maintenance & Repair
• By End-User
  • Residential
  • Commercial
  • Industrial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Others