Global Elevator and Escalator Market Overview, 2024-29

The elevator and escalator market was valued at approximately USD 94.32 billion in 2023 and is expected to grow to nearly USD 134.2 billion by 2029, with a CAGR exceeding 6%.

Featured Companies

  • 1. Fujitec Corporation Limited
  • 2. Hitachi Group
  • 3. Hyundai Elevator Corporation Limited
  • 4. Kleemann Hellas
  • 5. Kone Corporation
  • 6. Mitsubishi Electric Corporation
  • 7. Otis Worldwide Corporation
  • 8. Schindler Group
  • 9. Sigma Elevator Company
  • More...

With the global population increasingly migrating to urban centers, the demand for efficient vertical transportation solutions is surging. Innovations such as smart elevators, which integrate Internet of Things (IoT) technology, enable remote monitoring and predictive maintenance, enhancing operational efficiency and user experience. These systems can adjust their operations based on real-time traffic patterns, thereby reducing wait times and energy consumption. Sustainability is a key focus in the industry, with manufacturers developing energy-efficient elevators and escalators that align with global environmental goals. These systems are designed to minimize energy consumption, often incorporating regenerative drives and energy recovery systems that allow them to generate power during operation. The rise of green building standards has further propelled the adoption of eco-friendly vertical transportation solutions, making energy efficiency a lucrative opportunity for manufacturers. In addition to technological advancements, safety regulations are becoming increasingly stringent. Compliance with international safety standards is essential, particularly in high-traffic environments like shopping malls and transit stations. Innovations in safety features, such as advanced monitoring systems and improved braking mechanisms, are critical to preventing accidents and ensuring reliable operation. However, the industry faces challenges, including a rising number of accidents, which can impede market growth and necessitate stricter regulatory compliance.

According to the report, "Global Elevator & Escalator Market Overview, 2029" published by Bonafide research, the market was valued at around USD 94.32 billion, which is anticipated to reach nearly USD 134.2 billion by 2029, registering a CAGR of more than 6% for 2024-2029. The elevator and escalator market is experiencing significant growth driven by several key trends and factors. One of the primary drivers is the rapid urbanization occurring globally, particularly in emerging economies like Asia pacific. As populations migrate to cities, the demand for high-rise buildings and efficient vertical transportation solutions is surging. This has fueled the installation of elevators and escalators in residential, commercial, and infrastructure projects. Another major trend shaping the market is the integration of smart technologies. Elevators and escalators are increasingly incorporating IoT, AI, and predictive analytics to enhance efficiency, safety, and user experience. Smart elevators can adjust operations based on real-time traffic patterns, reducing wait times and energy consumption. Destination dispatch systems optimize elevator operations by grouping passengers according to destination floors. These advancements are attracting customers seeking sustainable and reliable solutions. Innovations in safety features are also driving market growth. Elevators and escalators are integrating advanced monitoring systems, improved brake mechanisms, and enhanced door sensors to prevent accidents and ensure reliable service, particularly in high-traffic environments like shopping centers and transit stations. Compliance with stringent safety regulations is essential for market participants.

What's Inside a Bonafide Research`s industry report?

A Bonafide Research industry report provides in-depth market analysis, trends, competitive insights, and strategic recommendations to help businesses make informed decisions.

Download Sample


Elevators are categorized into several types, including passenger, freight, traction, hydraulic, and machine room-less elevators. Passenger elevators are primarily designed for transporting individuals, while freight elevators are used for moving goods. Recent trends indicate a growing preference for machine room-less elevators due to their space-saving design and energy efficiency. The integration of smart technology, such as IoT systems, is enhancing operational efficiency by allowing predictive maintenance and real-time monitoring of elevator performance. Escalators and moving walkways play a crucial role in high-traffic areas like airports and shopping malls. The escalator segment has been a significant contributor to market revenue, driven by the demand from commercial infrastructures. Innovations in escalator technology, including energy-efficient designs and enhanced safety features, are becoming increasingly important. The market for moving walkways is also expanding, particularly in transportation hubs, to facilitate the movement of large volumes of people efficiently. The increasing focus on sustainability and energy efficiency is pushing manufacturers to develop eco-friendly elevator and escalator systems. Moreover, the modernization of existing infrastructure is projected to grow at a CAGR of 8.8% during the forecast period, as older systems are upgraded to meet contemporary safety and performance standards.

New installations involve the deployment of elevators and escalators in newly constructed buildings or infrastructure projects. This segment is particularly robust due to the increasing urbanization and the construction of high-rise buildings worldwide. As cities expand, there is a growing demand for efficient vertical transport solutions to accommodate rising populations. For instance, in developing countries like India and China, significant investments in urban infrastructure are driving the need for new installations, with projections indicating a substantial increase in demand through 2032. Maintenance and repair services are essential for ensuring the safety and reliability of elevators and escalators. Regular maintenance checks can prevent minor issues from escalating into major problems, which can lead to costly repairs and safety hazards. The maintenance market is currently the largest segment, driven by stringent safety regulations and the necessity for operational efficiency. Companies like TK Elevator emphasize the importance of routine maintenance to avoid accidents and ensure smooth operations, highlighting that neglect can lead to significant downtime and safety risks. The increasing number of aging elevators and escalators in existing buildings further propels the demand for these services. Modernization refers to upgrading existing elevator and escalator systems to enhance their performance, energy efficiency, and safety features. This service is gaining traction as building owners recognize the value of retrofitting older systems with advanced technologies, such as IoT integration and energy-efficient drives. Modernization projects not only improve operational efficiency but also align with global sustainability trends by reducing energy consumption and carbon footprints.

The residential segment is the largest and fastest-growing sector in the elevator and escalator market. As urbanization accelerates, the demand for high-rise residential buildings increases, leading to a greater need for vertical transportation solutions. Elevators are increasingly viewed as essential rather than luxury items, particularly in multi-family homes and high-rise apartments. This trend is driven by demographic shifts, including an aging population seeking greater accessibility and convenience in their living environments. The commercial sector, encompassing office buildings, shopping malls, hotels, and educational institutions, represents a significant portion of the elevator and escalator market. This segment is characterized by a moderate growth rate, driven by the ongoing construction of new commercial spaces and the modernization of existing facilities. As businesses prioritize energy efficiency and customer experience, there is an increasing demand for smart elevators that optimize traffic flow and reduce waiting times. The rise of adaptable and eco-friendly designs is also influencing purchasing decisions in this sector, with many commercial properties opting for sustainable solutions to meet regulatory standards and consumer expectations. The industrial segment includes elevators and escalators used in manufacturing, logistics, and marine applications. This sector is witnessing steady growth, fueled by industrialization in regions like Europe and North America. There is a rising demand for freight elevators and specialized lifts designed for heavy materials and equipment transport. Additionally, infrastructure projects, such as airports and transportation hubs, are increasingly incorporating moving walkways and escalators to enhance passenger flow and accessibility. The focus on customized industrial solutions is becoming more pronounced as companies seek to improve operational efficiency and safety in their facilities.

Make this report your own

Have queries/questions regarding a report

Take advantage of intelligence tailored to your business objective

Manmayi Raval

Manmayi Raval

Research Consultant



Asia-Pacific is to have the largest market share and dominate the elevators & escalators market, expected to cover larger market share by the end-of-year 2029. The region offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the region the fastest-growing market. The expansion of the elevators & escalators market in this region is propelled by factors such as the growth of the residential, commercial, institutional, and infrastructure industries. The increasing population and economic development are other factors that further drive the growth of this region.

COVID-19 Impacts:
The COVID-19 pandemic triggered a global health emergency that was unprecedented and difficult to manage. As a precaution, most of the region's major economies enforced a harsh and abrupt nationwide lockdown, effectively halting financial activity in the region. The abrupt closure wreaked havoc on the labor-intensive and highly unpredictable construction industry. This aspect also hampered global market sales and development by reducing new construction and upgrading operations. The market's expansion was slowed by lower cash liquidity, uncertainty in state investments, and a gloomy attitude among established potential investors. The disruption and complete breakdown of the manufacturing ecosystem's supply chain shifted the market's decline across numerous areas. A temporary prohibition has been imposed by a number of federal governments. The government issued urgent measures to halt non-essential commodity movement, resulting in a large gap between the procurement of raw materials for products and actual production at manufacturing facilities. The industry's efficiency and productivity have been harmed by a complete mismatch between supply and demand for basic resources.

Major Companies Present In the Market
Fujitec Corporation Limited, Hitachi Group, Hyundai Elevator Corporation Limited, Kleemann Hellas, Kone Corporation, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Group, Sigma Elevator Company, Stannah Lifts Holdings Limited, Thyssenkrupp AG, Toshiba Elevator And Building System Corporation

Don’t pay for what you don’t need. Save 30%

Customise your report by selecting specific countries or regions

Specify Scope Now
Manmayi Raval


Considered In the Report
• Geography: Global
• Historical year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecasted year: 2029

Countries covered:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Aspects Covered In the Report
• Market Size By Value for the historic time period (2018-2023)
• Market Size By Value for the forecast time period (2024-2029)
• Market Share by Type (Elevator, Escalator & Moving Walkways)
• Market Share by Service (New Installation, Maintenance & Repair, Modernization )
• Market Share by End Users (Residential, Commercial & Others)

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations; validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Companies Mentioned

  • Fujitec Corporation Limited
  • Hitachi Group
  • Hyundai Elevator Corporation Limited
  • Kleemann Hellas
  • Kone Corporation
  • Mitsubishi Electric Corporation
  • Otis Worldwide Corporation
  • Schindler Group
  • Sigma Elevator Company
  • Stannah Lifts Holdings Limited
  • Thyssenkrupp Ag
  • Toshiba Elevator And Building System Corporation

Table of Contents

  • 1. Executive Summary
  • 2. Market Dynamics
  • 2.1. Market Drivers & Opportunities
  • 2.2. Market Restraints & Challenges
  • 2.3. Market Trends
  • 2.3.1. XXXX
  • 2.3.2. XXXX
  • 2.3.3. XXXX
  • 2.3.4. XXXX
  • 2.3.5. XXXX
  • 2.4. Covid-19 Effect
  • 2.5. Supply chain Analysis
  • 2.6. Policy & Regulatory Framework
  • 2.7. Industry Experts Views
  • 3. Research Methodology
  • 3.1. Secondary Research
  • 3.2. Primary Data Collection
  • 3.3. Market Formation & Validation
  • 3.4. Report Writing, Quality Check & Delivery
  • 4. Market Structure
  • 4.1. Market Considerate
  • 4.2. Assumptions
  • 4.3. Limitations
  • 4.4. Abbreviations
  • 4.5. Sources
  • 4.6. Definitions
  • 5. Economic /Demographic Snapshot
  • 6. Global Elevators and Escalators Market Outlook
  • 6.1. Market Size By Value
  • 6.2. Market Share By Region
  • 6.3. Market Size and Forecast, By Type
  • 6.4. Market Size and Forecast, By Service
  • 6.5. Market Size and Forecast, By End-User
  • 7. North America Elevators and Escalators Market Outlook
  • 7.1. Market Size By Value
  • 7.2. Market Share By Country
  • 7.3. Market Size and Forecast, By Type
  • 7.4. Market Size and Forecast, By Service
  • 7.5. Market Size and Forecast, By End-User
  • 8. Europe Elevators and Escalators Market Outlook
  • 8.1. Market Size By Value
  • 8.2. Market Share By Country
  • 8.3. Market Size and Forecast, By Type
  • 8.4. Market Size and Forecast, By Service
  • 8.5. Market Size and Forecast, By End-User
  • 9. Asia-Pacific Elevators and Escalators Market Outlook
  • 9.1. Market Size By Value
  • 9.2. Market Share By Country
  • 9.3. Market Size and Forecast, By Type
  • 9.4. Market Size and Forecast, By Service
  • 9.5. Market Size and Forecast, By End-User
  • 10. South America Elevators and Escalators Market Outlook
  • 10.1. Market Size By Value
  • 10.2. Market Share By Country
  • 10.3. Market Size and Forecast, By Type
  • 10.4. Market Size and Forecast, By Service
  • 10.5. Market Size and Forecast, By End-User
  • 11. Middle East & Africa Elevators and Escalators Market Outlook
  • 11.1. Market Size By Value
  • 11.2. Market Share By Country
  • 11.3. Market Size and Forecast, By Type
  • 11.4. Market Size and Forecast, By Service
  • 11.5. Market Size and Forecast, By End-User
  • 12. Competitive Landscape
  • 12.1. Competitive Dashboard
  • 12.2. Business Strategies Adopted by Key Players
  • 12.3. Key Players Market Positioning Matrix
  • 12.4. Porter's Five Forces
  • 12.5. Company Profile
  • 12.5.1. Company 1
  • 12.5.1.1. Company Snapshot
  • 12.5.1.2. Company Overview
  • 12.5.1.3. Financial Highlights
  • 12.5.1.4. Geographic Insights
  • 12.5.1.5. Business Segment & Performance
  • 12.5.1.6. Product Portfolio
  • 12.5.1.7. Key Executives
  • 12.5.1.8. Strategic Moves & Developments
  • 12.5.2. Company 2
  • 12.5.3. Company 3
  • 12.5.4. Company 4
  • 12.5.5. Company 5
  • 12.5.6. Company 6
  • 12.5.7. Company 7
  • 12.5.8. Company 8
  • 12.5.9. Company 9
  • 12.5.10. Company 10
  • 13. Strategic Recommendations
  • 14. Annexure
  • 14.1. FAQ`s
  • 14.2. Notes
  • 14.3. Related Reports
  • 15. Disclaimer

Table 1: Global Elevators and Escalators Market Snapshot, By Segmentation (2023 & 2029) (in USD Billion)
Table 2: Influencing Factors for Elevators and Escalators Market, 2023
Table 3: Top 10 Counties Economic Snapshot 2022
Table 4: Economic Snapshot of Other Prominent Countries 2022
Table 5: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 6: Global Elevators and Escalators Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 7: Global Elevators and Escalators Market Size and Forecast, By Service (2018 to 2029F) (In USD Billion)
Table 8: Global Elevators and Escalators Market Size and Forecast, By End-User (2018 to 2029F) (In USD Billion)
Table 9: North America Elevators and Escalators Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 10: North America Elevators and Escalators Market Size and Forecast, By Service (2018 to 2029F) (In USD Billion)
Table 11: North America Elevators and Escalators Market Size and Forecast, By End-User (2018 to 2029F) (In USD Billion)
Table 12: Europe Elevators and Escalators Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 13: Europe Elevators and Escalators Market Size and Forecast, By Service (2018 to 2029F) (In USD Billion)
Table 14: Europe Elevators and Escalators Market Size and Forecast, By End-User (2018 to 2029F) (In USD Billion)
Table 15: Asia-Pacific Elevators and Escalators Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 16: Asia-Pacific Elevators and Escalators Market Size and Forecast, By Service (2018 to 2029F) (In USD Billion)
Table 17: Asia-Pacific Elevators and Escalators Market Size and Forecast, By End-User (2018 to 2029F) (In USD Billion)
Table 18: South America Elevators and Escalators Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 19: South America Elevators and Escalators Market Size and Forecast, By Service (2018 to 2029F) (In USD Billion)
Table 20: South America Elevators and Escalators Market Size and Forecast, By End-User (2018 to 2029F) (In USD Billion)
Table 21: Middle East & Africa Elevators and Escalators Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 22: Middle East & Africa Elevators and Escalators Market Size and Forecast, By Service (2018 to 2029F) (In USD Billion)
Table 23: Middle East & Africa Elevators and Escalators Market Size and Forecast, By End-User (2018 to 2029F) (In USD Billion)

Figure 1: Global Elevators and Escalators Market Size (USD Billion) By Region, 2023 & 2029
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Elevators and Escalators Market Share By Region (2023)
Figure 6: North America Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: North America Elevators and Escalators Market Share By Country (2023)
Figure 8: Europe Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Europe Elevators and Escalators Market Share By Country (2023)
Figure 10: Asia-Pacific Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Asia-Pacific Elevators and Escalators Market Share By Country (2023)
Figure 12: South America Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: South America Elevators and Escalators Market Share By Country (2023)
Figure 14: Middle East & Africa Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 15: Middle East & Africa Elevators and Escalators Market Share By Country (2023)
Figure 16: Competitive Dashboard of top 5 players, 2023
Figure 17: Porter's Five Forces of Global Elevators and Escalators Market

Market Research FAQs

The base year considered in the escalator market is 2020.

On the basis of components, the controller segment is expected to be the most influencing segment.

The market value of global escalator market is $12.9 billion in 2021.

Key companies in the Global Elevator and Escalator Market include ThyssenKrupp AG, Kone Corporation, Otis Worldwide Corporation, Schindler Group, Fujitec Co. Ltd., Mitsubishi Electric Corporation, Hyundai Elevator Co. Ltd., Hitachi Ltd. and Orona Group.

Asia-Pacific region is leading the Global Elevator and Escalator Market.
Logo

Global Elevator and Escalator Market Overview, 2024-29

Contact usWe are friendly and approachable, give us a call.