Elevator and Escalator Market Size, Share, and Trends 2025 to 2034

Elevator And Escalator Market Size and Forecast 2025 to 2034

The global elevator and escalator market size was estimated at USD 98.18 billion in 2024 and is anticipated to reach around USD 194.77 billion by 2034, expanding at a CAGR of 7.09% from 2025 to 2034. The rising development of high-rise buildings and commercial complexes in developed and emerging countries contributes to the growth of the elevator and escalator market.

Elevator and Escalator Market Key Takeaways

• Asia Pacific led the market with the biggest market share of 61% in 2024.
• Europe is estimated to expand at the fastest CAGR during the forecast period.
• By Product, the escalators segment is expected to grow at a notable CAGR during the forecast period.
• By Business, the equipment segment registered the maximum market share in 2024.

Impact of AI on the Elevator and Escalator Market

The incorporation of artificial intelligence has changed the way elevators and escalators operate by improving their mechanical functions. As elevators and escalators have become smarter and more intelligent, AI helps operators resolve problems better and manage the traffic flow. It analyzes data from elevator and escalator systems to predict when maintenance is required. AI also detects faults in these systems and resolves them as early as possible, reducing downtime and improving reliability.

Asia Pacific Elevator and Escalator Market Size and Growth 2025 to 2034

The Asia Pacific elevator and escalator market size was evaluated at USD 59.89 billion in 2024 and is predicted to be worth around USD 119.78 billion by 2034, rising at a CAGR of 7.18% from 2025 to 2034.

The Asia Pacific region is projected to grow at a significant growth rate in the global elevators and escalators market over the projection period. The growth of this regional market is accredited owing to improvements and advancements in the construction industry. Furthermore, the region is anticipated to continue with its regional pre-eminence over the forecast timeframe. In addition, the Asia Pacific region is a manufacturing hub. The growing number of a high rise in building infrastructure and the growth of smart cities is expected to further boost the industry growth in the region over the prediction period.

Europe region is expected to have a significant revenue share in the elevators and escalators market. The vendors in the region are implementing IoT in the elevators and escalators since it reduces operating costs significantly. Additionally, IoT integration in elevators and escalators also upsurges the service efficiency as it diminishes the downtime effectively. Such factors are anticipated to drive the elevators and escalators market growth across the world over the forecast period.

Elevator and Escalator Market Growth Factors

The rising need for mass rapid transit alongside the increasing focus of state towards high rise infrastructures is anticipated to propel the expansion of worldwide elevators and escalators market. Additionally, continuous investment for the development of infrastructure publicly places, for instance, railway station, shopping malls, airports, etc. is further projected to extend the demand for elevators and escalators during the projection period. Furthermore, the main factors pouring the expansion of the elevators and escalators market is that the growing demands from the end-use sectors like residential, commercial, hospitals, etc. Moreover, tourism is another sector which increases the demand for elevators and escalators in places of importance for the convenience and convenience of the tourists visiting the respective nations.

The dearth of skilled labour for after-sales maintenance is anticipated to hinder the expansion of elevators and escalators market. Furthermore, a rise within the consumption of energy and power by elevators and escalators is projected to impede the expansion of the market over the forecast period. Moreover, a high initial cost of installation of the elevators and escalators may be a key factor restraining the market growth.

Furthermore, the current concern over the spread of the novel coronavirus is also expected to have a negative impact on the elevator & escalator market. The construction industry is one among those industries who once flourishing with augmented investments, are harshly suffering from the suspension of the development activities within the wake of the continued COVID-19 contagion. The scarcity of laborers along side potential supply chain blockages of materials and equipment is anticipated to cause project postponements within the currently funded projects and should cause condensed spending within the forthcoming projects.

Market Scope

Product Insights

Depending on the product, the global elevator & escalator market is classified into elevators, escalators, & moving walkways. The escalators segment is anticipated to be the fastest-growing segment in the market. This is accredited to the increasing demand from the commercial infrastructures comprising shopping malls, commercial parks, and several others.

Furthermore, the escalating aerospace infrastructure development is resulting in the rise in demand for escalators and moving walkways. Moreover, the demand for elevators is projected to experience stable growth as a result of their high saturation in the market.

Business Insights

Based on the business, the global elevator & escalator market is categorized into new equipment, maintenance, and modernization. Among these, the new equipment segment has considerably contributed to the growth of the market revenue and is anticipated to remain dominant during the forecast period. This is attributed to the changing demographics, rise in urbanization, and rise in construction activities. Further, maintenance and modernization of the existing equipment is projected to showcase substantial growth over the projection period.

Application Insights

Depending on the application, the global elevator & escalator market is characterized into residential, commercial, and industrial. Escalators and elevators have a high penetration in the commercial centers, for example, malls, retail centers, and co-working places. The rising shift towards flexible design, safety, and eco-efficiency is driving the commercial segment. However, the upsurge in self-employment has led to the demand for multiple co-work places over the past few years. Hence, evolving investments in office space are further anticipated to contribute to the growth of the escalator and elevator market.

In addition, the industrial segment is contributing to the elevator & escalator market growth because of the increasing demand for freight transport needs across various verticals. Furthermore, increasing residential construction activities are further projected to propel market demand.

Industry Leader Announcement 

• In March 2023, Hyundai Elevator Co. joined a South Korean government-led team to bid for smart city projects in Indonesia. Jo Jae-cheon, CEO of Hyundai Elevator, stated that the company has been developing non-contact elevator buttons using infrared sensors and open API services that allow various functions like calling an elevator with a smartphone or providing customized information on signage inside an elevator.

Recent Developments

• In March 2024, Otis worldwide corporation, the world's leading manufacturer of elevators and escalators, has been selected by Emaar Properties to modernize 34 of the 57 elevators and all eight escalators in the Burj Khalifa.
• In January 2024, Otis Brazil, a subsidiary of Otis worldwide corporation, has completed the renovation and modernization of 13 elevators in the iconic Birmann 21 building in São Paulo, Brazil.

Elevator and Escalator Market Companies

• Otis Elevator Company
• Kone Corporation
• Schindler Group
• Thyssenkrupp AG
• Fujitec
• Hitachi, Ltd.
• Mitsubishi Electric Corporation
• Toshiba Elevators and Building Systems Corporation
• Hyundai Elevator Co., Ltd.
• SJEC Corporation

Segments Covered in the Report

By Product

• Elevators
• Moving Walkways
• Escalators

By Business

• Maintenance
• New Equipment
• Modernization

By Application

• Industrial
• Residential
• Commercial

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World