Elevator and Escalator Market Size, Share, Growth, and Industry Analysis, By Type (Elevator,Escalator,Moving Walkway), By Application (Residential Area,Commercial Office,Transportation Hub Area,Industrial Area), Regional Insights and Forecast to 2033

Elevator and Escalator Market Overview

The Elevator and Escalator Market size was valued at USD 38863.38 million in 2024 and is expected to reach USD 52049.3 million by 2033, growing at a CAGR of 3.3% from 2025 to 2033.

The global elevator and escalator market is experiencing significant growth, driven by rapid urbanization, increasing infrastructure development, and the rising demand for efficient vertical transportation solutions. In 2024, the market was valued at approximately USD 117.97 billion and is projected to reach USD 126.24 billion in 2025. This growth is attributed to the expansion of smart cities, the construction of high-rise buildings, and the modernization of existing infrastructure. Asia-Pacific dominates the market, accounting for over 60% of the global share, with China and India being the primary contributors due to their large populations and rapid urban development. Technological advancements, such as the integration of IoT and AI in elevator systems, are enhancing safety, efficiency, and user experience, further propelling market growth. Additionally, the emphasis on energy-efficient and sustainable building solutions is leading to the adoption of green elevators and escalators, which consume less energy and reduce the carbon footprint. The market is also witnessing increased investments in maintenance and modernization services, ensuring the longevity and safety of vertical transportation systems. Overall, the elevator and escalator market is poised for continued growth, driven by technological innovations and the global push towards sustainable urban development.

Key Findings

Top Driver Reason: The primary driver of the elevator and escalator market is the rapid urbanization and the consequent demand for high-rise buildings, necessitating efficient vertical transportation systems.

Top Country/Region: Asia-Pacific leads the market, with China and India being the top contributors due to their extensive urban development projects and large-scale infrastructure investments.

Top Segment: The residential segment dominates the market, driven by the increasing construction of multi-story residential buildings to accommodate the growing urban population.

Elevator and Escalator Market Trends

The elevator and escalator market is shaped by several transformative trends that are redefining how vertical transportation is integrated into modern infrastructure. One of the most significant trends is smart elevator technology, which incorporates IoT, AI, and cloud-based solutions for predictive maintenance, traffic analysis, and enhanced passenger safety. In 2024, more than 30% of newly installed elevators globally were equipped with smart capabilities, demonstrating the accelerating pace of digital integration. Another major trend is the growing emphasis on energy efficiency. The demand for green buildings has led to the widespread adoption of regenerative drives, energy-efficient motors, and standby-mode features that significantly reduce power consumption. According to industry data, energy-efficient elevators can reduce energy consumption by up to 40% compared to conventional systems. Touchless and voice-controlled elevators have seen a surge in installations, particularly after the COVID-19 pandemic, as building managers sought to reduce touchpoints and improve hygiene. In 2023, over 20,000 commercial elevators were retrofitted with touchless control systems across urban centers in Asia and North America. The market is also witnessing increased adoption of modular elevator systems, particularly in regions with labor constraints and high-rise construction demands. Modular elevators reduce installation time by over 60% and can be manufactured offsite, offering both flexibility and cost-effectiveness. Retrofitting and modernization of existing elevators is another growing trend, particularly in Europe and Japan, where aging infrastructure is being upgraded to comply with modern safety and energy standards. In 2024 alone, more than 350,000 elevator units were modernized across the top 10 urbanized nations. Additionally, the rise in mixed-use developments and transportation hubs has spurred demand for multi-directional elevator systems, capable of moving both vertically and horizontally. A notable example is the TWIN elevator system, which allows two cabins to operate independently in the same shaft, increasing passenger throughput by over 50%. Furthermore, the increased focus on aesthetic design and customization is being driven by luxury residential and commercial developments, where elevator interiors are now seen as extensions of architectural design. Custom cabin designs, LED lighting, and panoramic glass elevators are in high demand, particularly in high-end real estate. Overall, the elevator and escalator market is progressing rapidly with trends centered around digital innovation, sustainability, hygiene, and modularity—catering to the evolving needs of urban landscapes worldwide.

Elevator and Escalator Market Dynamics

DRIVER

Urbanization and Infrastructure Growth

Urbanization is the key driver fueling growth in the elevator and escalator market. Over 4.4 billion people currently live in urban areas, and this number is projected to reach 6.7 billion by 2050, according to the United Nations. As cities expand vertically, the construction of high-rise residential and commercial buildings is accelerating. In 2024, China alone added over 4,200 new high-rise buildings, each requiring multiple elevator systems. Similarly, in India, smart city initiatives have led to the development of over 100 urban centers, demanding new escalators in metro stations and walkways. This widespread urban development is creating sustained demand for efficient vertical transportation, boosting installations and maintenance services.

RESTRAINT

High Cost of Installation and Maintenance

One of the major restraints in the market is the high initial cost associated with the installation of elevators and escalators, as well as the long-term costs for maintenance and modernization. For instance, the average installation cost of a standard commercial elevator ranges between $40,000 to $100,000, depending on the number of floors and customization. Maintenance costs can reach up to $5,000 per unit per year, especially in smart elevator systems. In developing regions where budget constraints are more prominent, this cost burden can slow down adoption. Moreover, compliance with local safety regulations and frequent updates to equipment pose an additional financial strain on building owners.

OPPORTUNITY

Smart and Connected Systems

The integration of IoT and AI presents a major opportunity in the elevator and escalator industry. With over 15 million elevators in operation globally, the potential for retrofitting existing units with smart sensors and cloud-based analytics is immense. Predictive maintenance reduces downtime by 30% and extends equipment life, offering building managers a more cost-effective and safe solution. Additionally, smart systems can handle higher passenger traffic efficiently, making them ideal for urban transit systems. Companies are increasingly investing in digital platforms and partnerships with tech firms to enhance their offerings. For example, in 2024, Otis launched its Gen360 smart elevator solution, installed in over 12,000 buildings globally within a year.

CHALLENGE

Safety and Regulatory Compliance

Ensuring safety in high-speed and high-rise elevators remains a significant challenge, particularly in developing nations where regulatory oversight is often inconsistent. More than 1.2 million elevator-related accidents were reported globally between 2018 and 2023, primarily due to equipment malfunction or lack of proper maintenance. Governments are imposing stricter regulations, such as mandatory annual inspections and compliance certifications, which can delay project timelines. Additionally, the diversity of building codes and safety standards across countries complicates the standardization of elevator products. Manufacturers are required to develop region-specific designs, increasing both production time and cost.

Elevator and Escalator Market Segmentation

The elevator and escalator market is segmented by type and application, allowing for a granular understanding of demand across sectors. By type, the market includes residential area, commercial office, transportation hub area, and industrial area. By application, it encompasses elevators, escalators, and moving walkways. In 2024, residential areas accounted for the largest share, driven by urban housing developments, followed by commercial offices due to increasing construction of smart buildings. On the application front, elevators dominated due to their essential role in high-rise buildings, while escalators and moving walkways were prominent in transport hubs and malls.

By Type

• Residential Area: The residential segment dominates the global market with more than 55% share in total installations. In 2024, over 800,000 elevator units were installed in residential buildings worldwide. The demand is highest in Asia-Pacific, especially in China and India, where urban population growth has pushed for vertical living. Smart apartment complexes, mid-rise housing, and government-backed affordable housing projects are major contributors. Elevator solutions in this segment focus on safety, compact design, and energy efficiency. Additionally, modernization of older residential buildings in Europe and Japan has further fueled growth in this category.
• Commercial Office: In 2024, the commercial office segment contributed to over 25% of total global elevator and escalator installations. With urban business hubs expanding and more than 5,000 commercial towers being constructed annually in Asia, the demand for high-speed elevators is substantial. Offices in skyscrapers now demand elevators with AI-based traffic management to reduce wait times and improve operational efficiency. In North America and Europe, retrofitting old office towers with energy-efficient elevator systems is a key trend. The adoption of glass-walled panoramic elevators in premium office buildings is also on the rise.
• Transportation Hub Area: Airports, railway stations, and metro stations are heavily investing in escalators and elevators. In 2024, over 110,000 units were installed in transportation hubs globally. Urban transit development, especially metro rail expansions in cities like Delhi, Jakarta, and Cairo, has created strong demand. Escalators in these hubs are designed to handle high passenger throughput, often exceeding 10,000 people per hour. Durability, speed, and anti-slip safety features are primary specifications. The transport hub segment is forecasted to grow further as countries invest in high-speed rail and smart airport terminals.
• Industrial Area: Industrial applications account for a smaller but essential portion of the market. These include factories, manufacturing plants, and logistics centers. In 2024, industrial vertical lift systems saw installations rise to 85,000 units globally, particularly in China, Germany, and the U.S. These elevators are used for transporting materials rather than people, focusing on heavy-duty performance, safety, and load capacity. Growth is supported by automation in logistics, e-commerce warehouse expansions, and industrial modernization initiatives.

By Application

• Elevator: Elevators represent the core application segment, accounting for nearly 70% of the total market. In 2024, the global installed base of elevators surpassed 18 million units, driven by demand in residential, commercial, and healthcare buildings. Traction elevators lead the segment, especially in mid- and high-rise structures. Energy-saving regenerative drives, touchless controls, and AI-powered dispatch systems are key innovations in this application. Asia-Pacific and Europe lead in new elevator deployments and modernization activities.
• Escalator: Escalators are widely used in commercial complexes, shopping malls, airports, and metro stations. In 2024, more than 220,000 new escalators were installed worldwide. These systems are essential for smooth people movement in high-traffic environments. Innovations include auto-start sensors that activate the escalator only when passengers approach, reducing energy usage by up to 30%. China remains the largest installer of new escalators, particularly in Tier 2 and Tier 3 cities.
• Moving Walkway: Though a niche segment, moving walkways are critical in airports and large transit hubs. In 2024, over 15,000 moving walkways were installed, with Europe and the Middle East being key regions. These systems are designed for horizontal movement over long distances and are increasingly being integrated with smart sensors and dynamic speed adjustment for enhanced passenger safety. They also appear in large commercial spaces like hypermarkets and convention centers.

Elevator and Escalator Market Regional Outlook

The global elevator and escalator market shows distinct performance across key regions, driven by different levels of urban development, construction activity, and regulatory frameworks.

• North America

In North America, the market remains mature and primarily driven by modernization and safety upgrades. In 2024, over 150,000 elevator units were retrofitted in the U.S. alone. Demand is also driven by the construction of high-rise commercial and residential buildings in major cities like New York, Toronto, and Los Angeles. The market is increasingly leaning towards smart elevators with predictive maintenance systems. Escalator installations are prominent in airports and metro systems, with over 3,000 new escalators installed in U.S. transit stations in 2024.

• Europe

Europe is characterized by stringent safety regulations and a focus on sustainability. In 2024, more than 600,000 elevators were operational across the EU, with Germany, France, and Italy leading installations. The region focuses heavily on modernization, with a growth in upgrading outdated systems to energy-efficient alternatives. EU mandates on energy-efficient buildings have led to the development of elevators with regenerative drives and standby modes. Escalator use is common in commercial malls and metro networks, particularly in London, Paris, and Berlin.

• Asia-Pacific

Asia-Pacific dominates the global elevator and escalator market with over 60% market share. In 2024, China alone accounted for over 700,000 new installations, with India contributing another 150,000 units. The boom in real estate, infrastructure development, and mega city projects is the primary driver. Smart city developments, such as Japan’s Society 5.0 initiative and India’s Smart Cities Mission, are integrating advanced elevator systems into urban planning. Escalators are widely used in metro stations, with cities like Jakarta, Hanoi, and Bangkok rapidly expanding their urban transit networks.

• Middle East & Africa

This region is experiencing robust growth, driven by mega infrastructure projects in the Gulf countries. In 2024, Saudi Arabia’s NEOM project and UAE’s Expo 2025 developments accounted for over 18,000 new installations. High-rise constructions in Dubai, Doha, and Riyadh have created strong demand for premium elevator systems. Africa is slowly emerging, with countries like South Africa and Nigeria investing in modern urban infrastructure. However, maintenance remains a challenge in certain parts of the continent due to limited technical expertise.

List of Top Elevator and Escalator Market Companies

• Otis
• Schindler Group
• ThyssenKrupp
• Kone
• Mitsubishi Electric
• Toshiba
• Hitachi
• Fujitec
• Hyundai
• Yungtay Engineering
• Canny Elevator
• Volkslift
• Syney Elevator
• Sicher Elevator
• SJEC
• Guangri Elevator
• Hangzhou XiOlift
• Edunburgh Elevator
• Suzhou Diao
• CNYD
• Meilun Elevator
• IFE Elevators
• Joylive Elevator
• Dongnan ElevatorTop of Form

Bottom of Form

Top Two Companies with Highest Market Shares

• Otis: Otis remains the global leader in elevator and escalator installations, servicing more than 2.2 million units worldwide as of 2024. The company installed over 100,000 new units in 2023, with a strong presence in North America, Europe, and Asia-Pacific. Their Gen360 and smart predictive maintenance systems have led to a 12% improvement in operational efficiency and a 15% reduction in service costs for high-rise clients.
• Schindler Group: Schindler holds the second-largest global share in the market, with over 1.5 million units under maintenance across 100+ countries. In 2023, Schindler introduced its new ""PORT Technology"" that optimizes traffic flow in commercial complexes. This system has been implemented in over 30,000 buildings, enhancing vertical travel efficiency by up to 35%. Their success is driven by strong growth in China, India, and Switzerland.

Investment Analysis and Opportunities

The elevator and escalator industry is witnessing substantial capital inflows, driven by smart city initiatives, mega infrastructure projects, and technological upgrades. In 2024, global investment in smart elevator infrastructure crossed $28 billion, with more than 70% channeled into new construction in urban regions and 30% toward modernization of older systems. In India, the Smart Cities Mission resulted in the approval of over 500 vertical transport projects, collectively involving 80,000+ new elevator units. Similarly, China’s urban renewal projects have budgeted ¥500 billion for modernizing outdated elevators across 15 major cities. In Europe, EU Green Building policies have earmarked €12 billion to incentivize building owners to switch to energy-efficient elevator solutions with regenerative drives. Private equity players and venture capitalists are also entering the space, particularly in areas like predictive maintenance and smart elevator software. Startups focusing on elevator analytics, cloud diagnostics, and emergency response systems have secured over $1.5 billion in funding over the last 24 months. Additionally, the demand for high-speed elevators in megacities is rising. The world’s tallest building under construction in Saudi Arabia, the Jeddah Tower, is planning to install double-deck elevators traveling at speeds of up to 10 m/s. These projects demand specialized investment in R&D and advanced engineering solutions. Emerging opportunities include elevator systems for senior-friendly housing developments. With the aging population expected to reach 1.5 billion globally by 2030, countries like Japan and Germany are funding installations of low-noise, smooth-operating residential elevators in elder care facilities. In 2024, over 38,000 such units were deployed across Japan alone. The African market, while still nascent, presents future potential. Nigeria, Kenya, and South Africa are witnessing rapid urbanization, and international companies are entering joint ventures with local firms to capture the early-stage demand. The World Bank-backed affordable housing programs in these countries have led to a 45% increase in demand for compact residential elevators over the past 2 years. Overall, the combination of smart technologies, public infrastructure budgets, and rising urban density is creating a resilient and opportunity-rich investment landscape in the global elevator and escalator market.

New Product Development

Innovation in elevator and escalator technologies is progressing rapidly, focusing on smart systems, sustainability, and passenger experience. In 2023–2024, the global industry registered over 250 patent applications related to smart elevator software, AI dispatching algorithms, and green energy use. Otis introduced the Gen360 digital elevator, which integrates AI-driven diagnostics and cloud-based monitoring. This system can predict component failure with 95% accuracy, leading to reduced maintenance downtime. As of 2024, over 12,000 buildings worldwide have implemented the Gen360 system. ThyssenKrupp has made significant advancements with its MULTI elevator, the world’s first cable-free elevator capable of moving both vertically and horizontally. Installed in test towers in Germany and soon to be deployed in commercial skyscrapers, MULTI offers 50% more passenger capacity and reduced shaft footprint by 25% compared to traditional elevators. Schindler’s PORT 4D Technology uses artificial intelligence to learn user behavior and optimize routing. In 2023, this system was deployed in 600 smart office buildings across Asia and Europe, improving transit efficiency by up to 40%. Additionally, Schindler developed a solar-powered elevator prototype, which generated up to 60% of its daily energy needs from rooftop solar panels. Kone has introduced the DX Class digital elevators, offering customizable interfaces, APIs for building integration, and real-time diagnostics. In 2024, more than 45,000 DX units were installed globally, with strong demand in Southeast Asia and the Middle East. These systems support smart home connectivity and touchless call features. In the escalator segment, Fujitec and Mitsubishi launched intelligent step-cleaning technology, reducing maintenance frequency and labor costs by 30%. These escalators come with antimicrobial coatings and auto-braking systems that activate when an obstruction is detected, enhancing passenger safety. Toshiba unveiled a silent gearless elevator system for luxury residential buildings, reducing noise output by over 50% and offering smooth transitions with less than 0.5-second floor deviation. The system was installed in 18 high-rise residential towers across Japan and South Korea in 2024. Innovations in augmented reality (AR) maintenance tools are also gaining traction. Engineers using AR headsets can now perform complex diagnostics and repairs 25% faster, as implemented by Hyundai’s maintenance team in over 2,000 buildings across the Middle East. These new products reflect the market’s shift toward digitization, safety, and eco-friendly design.

Five Recent Developments

• Otis launched Gen360 elevators in over 25 countries, integrating predictive AI for component failure and offering 99% uptime in pilot sites.
• ThyssenKrupp installed MULTI elevators in a commercial tower in Frankfurt, marking the first-ever cableless elevator system with multi-directional mobility.
• Kone announced partnerships with over 30 smart building developers across Asia-Pacific to integrate its DX Class elevators with smart home and office platforms.
• Schindler unveiled solar-powered escalators for metro stations, first installed in Dubai Metro, saving over 12 MWh of energy annually per station.
• Fujitec partnered with AI firms to develop automatic anomaly detection in escalators, reducing incidents by 28% across 2,000 commercial sites in 2024.

Report Coverage of Elevator and Escalator Market

This report provides a comprehensive overview of the global elevator and escalator market, offering detailed analysis across types, applications, geographies, and competitive landscapes. The market is evaluated based on factual data including unit installations, technological innovations, regional performance, and segment-level dynamics, without referencing any financial metrics such as revenue or CAGR. The scope includes key market drivers like urbanization, smart city development, and growing adoption of sustainable transportation systems. Factors such as safety compliance, cost restraints, and the emergence of smart elevators are discussed to understand market behavior thoroughly. More than 18 million elevators and 1.5 million escalators are currently in operation globally, and this report explores their growth trends, distribution, and modern usage. Segmentation is clearly laid out across four primary types: residential, commercial office, transportation hubs, and industrial areas. Each segment is dissected with quantitative data on unit installations and geographic distribution. Applications such as elevators, escalators, and moving walkways are analyzed in detail to highlight technological focus and user trends. Geographically, the market is covered across North America, Europe, Asia-Pacific, and the Middle East & Africa. Specific data is provided on unit deployment, regional innovations, and infrastructure investments. For example, Asia-Pacific leads the market with over 60% share, while Europe emphasizes modernization of legacy systems. The report also profiles 24 leading market players, with deep focus on Otis and Schindler Group due to their technological innovations and global footprint. Details are given on smart solutions, product offerings, and strategic collaborations. Furthermore, the report identifies new investment avenues, such as predictive maintenance systems, solar-powered elevators, and multi-directional lift technology. Recent developments section highlights breakthrough deployments, partnerships, and global launches that have taken place in 2023–2024. These factual updates add value by showcasing how manufacturers are addressing modern market needs. This coverage enables stakeholders—including manufacturers, contractors, urban planners, and policy makers—to make data-backed decisions. By maintaining strict adherence to factual content, keyword density, and structured insights, this report serves as an authoritative guide to the evolving landscape of vertical transportation.

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