The United States elevator and escalator market is estimated at approximately USD 16.1 billion in 2025 and is projected to grow at a CAGR of 6.4% to reach approximately USD 23.4 billion by 2031. The estimate is built from US-specific sources and reconciles to the US figure in the companion Global Elevator & Escalator report. Volume and installed-base analysis is included alongside value.
The market is segmented by equipment type into traction elevators (about 36% of 2025 value), MRL elevators (26%), hydraulic elevators (14%), escalators (17%) and moving walkways (7%), and by application across residential, commercial, transport, retail, healthcare and industrial buildings. Regional forecasts cover the four US Census regions, and state-level forecasts cover the ten largest state markets: California, New York, Texas, Florida, Illinois, New Jersey, Washington, Massachusetts, Pennsylvania and Georgia, plus a Rest of United States line.
Demand is supported by modernization of an aging installed base, accessibility and safety codes, commercial, healthcare and transit construction, and the growth of service and maintenance contracts. The report examines the announced KONE and TK Elevator combination, which matters to US customers because TK Elevator earns about a third of its revenue in North America, as well as tariff and supply chain effects and labor constraints. It profiles 10 companies: Otis, Schindler, KONE, TK Elevator, Mitsubishi Electric, Hitachi, Hyundai Elevator, Fujitec, Toshiba Elevator and CANNY Elevator, and includes Porter's Five Forces, PESTLE and SWOT analyses and an outlook to 2035.
The market is segmented by equipment type into traction elevators (about 36% of 2025 value), MRL elevators (26%), hydraulic elevators (14%), escalators (17%) and moving walkways (7%), and by application across residential, commercial, transport, retail, healthcare and industrial buildings. Regional forecasts cover the four US Census regions, and state-level forecasts cover the ten largest state markets: California, New York, Texas, Florida, Illinois, New Jersey, Washington, Massachusetts, Pennsylvania and Georgia, plus a Rest of United States line.
Demand is supported by modernization of an aging installed base, accessibility and safety codes, commercial, healthcare and transit construction, and the growth of service and maintenance contracts. The report examines the announced KONE and TK Elevator combination, which matters to US customers because TK Elevator earns about a third of its revenue in North America, as well as tariff and supply chain effects and labor constraints. It profiles 10 companies: Otis, Schindler, KONE, TK Elevator, Mitsubishi Electric, Hitachi, Hyundai Elevator, Fujitec, Toshiba Elevator and CANNY Elevator, and includes Porter's Five Forces, PESTLE and SWOT analyses and an outlook to 2035.
Table of Contents
1. Executive Summary2. Industry Overview & Forecast
3. Market Segmentation by Type
4. Market Segmentation by Application
5. Regional Market Forecast
6. Country-Level Market Forecast
7. Growth Drivers & Inhibitors
8. Key Company Profiles (Otis, Schindler, KONE, TK Elevator, Mitsubishi Electric, Hitachi Building Systems, Hyundai Elevator, Fujitec, Toshiba Elevator, CANNY Elevator)
9. Competitive Landscape
10. Porter's Five Forces Analysis
11. PESTLE Analysis
12. SWOT Analysis
13. Future Trends & Outlook
Companies Mentioned
- Otis Worldwide Corporation
- Schindler Group
- KONE Corporation
- TK Elevator (TKE)
- Mitsubishi Electric Corporation (Building Systems)
- Hitachi Building Systems (Elevator & Escalator Business)
- Hyundai Elevator Co., Ltd.
- Fujitec Co., Ltd.
- Toshiba Elevator and Building Systems Corporation
- CANNY Elevator Co., Ltd.
