The global elevator and escalator market is estimated at approximately USD 103.0 billion in 2025 and is projected to grow at a CAGR of 6.6% to reach approximately USD 151.1 billion by 2031. Unit volume is estimated at about 3.10 million units in 2025, rising to about 3.78 million units by 2031 at a 3.4% CAGR. The 2025 value is anchored on the median of six independent estimates restated to a common base, and the reconciliation is documented in the report.
The market is segmented by type into traction elevators, hydraulic elevators, machine-room-less (MRL) elevators, escalators, and moving walkways and autowalks, and by application. Asia Pacific is the largest region at about 45.1% of 2025 value, followed by North America (19.1%), Europe (18.9%), Middle East & Africa (9.2%) and Latin America (7.8%). Country forecasts cover 16 countries, each with value and volume.
Urbanization and high-rise construction, rising modernization demand from an aging installed base, the high-margin service and maintenance annuity, and the move to smart, energy-efficient and connected equipment support growth. The report also covers the pending KONE and TK Elevator combination and other structural developments, alongside restraints such as construction-cycle exposure, raw material costs and regulatory complexity. It profiles 10 companies, with 2023-2025 financials, strategy, SWOT and 2025-2031 implications for each: Otis, Schindler, KONE, TK Elevator, Mitsubishi Electric, Hitachi, Hyundai Elevator, Fujitec, Toshiba Elevator and CANNY Elevator.
The market is segmented by type into traction elevators, hydraulic elevators, machine-room-less (MRL) elevators, escalators, and moving walkways and autowalks, and by application. Asia Pacific is the largest region at about 45.1% of 2025 value, followed by North America (19.1%), Europe (18.9%), Middle East & Africa (9.2%) and Latin America (7.8%). Country forecasts cover 16 countries, each with value and volume.
Urbanization and high-rise construction, rising modernization demand from an aging installed base, the high-margin service and maintenance annuity, and the move to smart, energy-efficient and connected equipment support growth. The report also covers the pending KONE and TK Elevator combination and other structural developments, alongside restraints such as construction-cycle exposure, raw material costs and regulatory complexity. It profiles 10 companies, with 2023-2025 financials, strategy, SWOT and 2025-2031 implications for each: Otis, Schindler, KONE, TK Elevator, Mitsubishi Electric, Hitachi, Hyundai Elevator, Fujitec, Toshiba Elevator and CANNY Elevator.
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.
