Canada Elevator and Escalator Market Overview, 2029

Canada’s aging population contributes to the increased demand for vertical transportation solutions, as older individuals often prefer elevators over stairs for mobility and convenience. Many existing buildings in Canada require modernization and upgrading of their elevator and escalator systems to meet safety standards, energy efficiency requirements, and improve performance. There is a growing focus on energy-efficient and eco-friendly elevator and escalator solutions. Manufacturers are incorporating advanced technologies to reduce energy consumption and minimize environmental impact. The industry is witnessing technological advancements, such as smart elevators and connected escalators, which offer features like predictive maintenance, remote monitoring, and improved user experience. The Canadian government has established stringent safety regulations and codes for elevators and escalators to ensure user safety and compliance with industry standards. The market caters to various sectors, including residential buildings, commercial complexes, hospitals, airports, shopping malls, and public transportation facilities. Canada's construction of tall buildings and skyscrapers, particularly in cities like Toronto and Vancouver, requires advanced elevator systems capable of handling increased vertical transportation demands. The elevator and escalator market in Canada also supports a robust service and maintenance industry. Regular servicing, repairs, and modernization of existing installations contribute to the overall growth and sustainability of the market. According to the research report, "Canada Elevators and Escalators Market Outlook, 2029," published by Bonafide Research, the Canada elevators and escalators market is anticipated to add to more than USD 670 Million by 2024–29. The elevator and escalator market in Canada consists of both domestic and international companies. While international giants like Otis, KONE, and Schindler have a significant presence, there are also established Canadian manufacturers and service providers operating in the market. Elevators and escalators are utilized in various sectors across Canada, including residential buildings, commercial complexes, hospitals, airports, shopping malls, and public transportation facilities. The market caters to the diverse needs of different industries. Canada is home to several tall buildings and skyscrapers, particularly in cities like Toronto and Vancouver. The construction and maintenance of these high-rise structures require advanced elevator systems capable of handling increased vertical transportation demands. The elevator and escalator market in Canada also supports a robust service and maintenance industry. Regular servicing, repairs, and modernization of existing installations contribute to the overall growth and sustainability of the market. Accessibility features in elevators and escalators are of utmost importance in Canada. The market strives to meet the needs of individuals with disabilities, ensuring inclusive vertical transportation for everyone.

The Canadian elevator and escalator market comprises a diverse range of products, including passenger elevators, escalators, and moving walkways. Passenger elevators are primarily used in residential and commercial buildings, providing essential vertical transportation. Innovations in this segment include smart technology integration, which enhances user experience through features like touchless controls and real-time monitoring. Freight elevators, designed for transporting goods, have also evolved, with advancements aimed at improving load capacity and energy efficiency, catering to the needs of warehouses and industrial facilities. Escalators continue to be a staple in commercial spaces, with new designs focusing on energy efficiency and user safety. Manufacturers are incorporating features such as regenerative drives and LED lighting, which not only reduce energy consumption but also contribute to sustainability goals. The trend towards smart escalators, equipped with sensors that adjust speed based on passenger flow, is gaining traction in urban transit systems and shopping malls. Moving walkways are increasingly utilized in airports and large commercial complexes to facilitate the movement of passengers over long distances. The market for moving walkways in Canada is projected to grow, driven by the expansion of transportation hubs and retail spaces. Innovations include energy-efficient designs that reduce operational costs and advanced safety features that enhance user experience. In the Canadian elevator and escalator market, three primary service types—new installation, maintenance and repair, and modernization—play crucial roles in ensuring the efficiency, safety, and longevity of vertical transportation systems. New installation refers to the deployment of elevators and escalators in newly constructed buildings, driven by urbanization and the increasing number of high-rise structures across Canada. As cities expand and populations grow, the demand for efficient vertical transportation solutions has surged. This trend is particularly evident in urban centers like Toronto and Vancouver, where the construction of residential and commercial buildings necessitates advanced elevator and escalator systems to accommodate higher foot traffic and improve accessibility. Maintenance and repair services are essential for the ongoing safety and functionality of existing systems. Canadian companies emphasize preventative maintenance programs that not only enhance the reliability of elevators and escalators but also contribute to cost savings over time. For instance, routine inspections and servicing can prevent significant malfunctions that disrupt operations in busy environments such as shopping malls, airports, and office buildings. Modernization involves upgrading existing elevator and escalator systems to incorporate new technologies and improve performance. This service is increasingly important in Canada, where many older buildings require enhancements to meet current safety standards and energy efficiency requirements. The modernization trend is driven by the integration of smart technologies, such as IoT connectivity, which allows for predictive maintenance and real-time monitoring of system performance. The end-user types are primarily categorized into residential, commercial, and others. Residential applications involve the installation of elevators in multi-family homes, condominiums, and private residences. The demand for residential elevators is increasing, driven by an aging population that requires mobility solutions and a growing preference for luxury amenities in new homes. As urban areas expand, more residential complexes are being constructed, necessitating efficient vertical transportation systems to enhance accessibility and convenience for residents. Commercial usage includes a variety of facilities such as office buildings, shopping malls, hotels, and hospitals. This segment is experiencing significant growth due to urbanization and the rise of high-rise structures in cities like Toronto and Vancouver. The commercial sector demands innovative elevator and escalator solutions that improve traffic flow and user experience, leading to increased investments in modern systems equipped with smart technology, such as IoT connectivity and energy-efficient designs. The others category encompasses industrial applications, infrastructure projects, and marine industries. Industrial elevators are crucial for transporting goods in warehouses and manufacturing facilities, while infrastructure projects, including public transportation systems and airports, require reliable escalators and moving walkways to manage high foot traffic. The marine industry also utilizes specialized elevators and escalators in cruise ships and ports to facilitate the movement of passengers and cargo.

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Manmayi Raval

Research Consultant

COVID-19 impacts: The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in Canada due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of Canada prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years. Considered in this report • Geography: Canada • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Canada Elevator & Escalator Market with its value and forecast along with its segments • Application wise tire industry distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Based on By Types: • Elevator • Escalators • Moving Walkways Based on By Services: • New installation • Maintenance and repair • Modernization Based on by End use types: • Residential • Commercial • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & 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.