Elevators and Escalators Market Size

Elevators and Escalators Market Overview

Global Elevators and Escalators Market size is forecasted to be worth USD 34327.58 million in 2024, expected to achieve USD 41388.04 million by 2033 with a CAGR of 2.1%.

The global elevators and escalators market includes more than 18 million elevators and 1.5 million escalators currently in operation worldwide . Yearly, approximately 1.2 million new elevator units are installed, rising at a rate of roughly 1.3% per annum . Installed base distribution by region shows China holds around 50% of global elevators and escalators by 2030, while Europe, Middle East & Africa (EMEA) and Americas account for under 30% and 10%, respectively .

In 2016, the U.S. installed roughly 590 000 elevators, with 40 000 of those in North America, equating to 1 elevator per 317 riders in the U.S. . Notably, the Burj Khalifa features 57 elevators and 8 escalators, with elevators capable of moving 12–14 people at speeds up to 10 m/s . The Empire State Building operates 73 elevators, including 4 express and 54 local passenger cars, some reaching 1200 ft/min during modern operation .

Escalator installations are widespread in transit hubs, malls, and airports, frequently rising over 60 ft and operating at speeds of 1–2 m/s . The global installed base of elevators and escalators exceeded 19.5 million units by 2024, comprising both passenger and freight vertical transport equipment. The elevators and escalators market operates across residential, commercial, infrastructure and industrial sectors, with continuous modernization and smart integration driving demand for updated units.

Key Findings

Top Driver: Urbanization and rising high‑rise building construction fueled demand for elevators and escalators.

Top Country/Region: China holds the largest installed base at approximately 50% of global units.

Top Segment: New elevator installations are the leading segment with ~1.2 million units added annually.

Elevators and Escalators Market Trends

Elevators and escalators market trends demonstrate significant numerical growth across smart, modernization, regional, and segment dimensions. In 2023, elevator market size reached approximately USD 81.91 billion, while overall elevator‑escalator installations numbered more than 19 million units . Annual escalator installations in transit hubs, malls, and airports add up to a sizeable share within the 1.5 million operational units.

Smart elevators featuring IoT connectivity now account for a growing portion of modernization installations. By 2025, IIoT‑enabled service integration is projected to expand across 50% of global maintenance contracts, especially in China where mandatory bi‑weekly maintenance is being adopted . Globally, modernization services are expected to more than double from 2020 to 2030, with China alone driving a 700% increase in retrofit activity . Energy‑efficient features such as regenerative drives are being fitted in an increasing share of new elevators; traction models with regenerative capabilities now represent over 60% of new installations in developed markets .

Regional trends show Asia‑Pacific dominating adoption. In 2024, Asia‑Pacific comprised 43.77% of global elevator‑escalator market share, with China and India leading new installations Asia .

Maintenance and modernization form a rising trend. With annual attrition rate of 0.5%, maintenance contracts are projected to expand to nearly €50 billion per year by 2030 from around €30 billion in 2020 . Demand for predictive maintenance, remote diagnostics and sensor integration has risen by 35% since 2020 in tier‑1 urban centers. Meanwhile, new installations continue at approximately 1.2 million elevator units annually, with China accounting for roughly 600 000 of those orders.
In summary, market trends reflect rising units (new, retrofit, maintenance), technological integration, and regional shifts toward China‑led growth.

Elevators and Escalators Market Dynamics

Market dynamics in elevators and escalators are shaped by a mix of demand growth, regulatory environments, innovation opportunities, and cost pressures—all underscored by strong numerical data.

DRIVER

Rapid urbanization and high‑rise construction

Global urban population growth correlates with increasing elevator and escalator installations. There are currently over 18 million elevators and 1.5 million escalators in service globally . New elevator installations stand at about 1.2 million units per year, rising 1.3% annually . Asia‑Pacific alone accounts for 43.8% of the market in 2024 . The expanding stock of high‑rise residential and commercial buildings necessitates continued investment—evident in China's share exceeding 50% of global units by 2030 .

RESTRAINT

High initial installation costs

Installing a new elevator or escalator unit can cost tens to hundreds of thousands of dollars. Many buildings stagger new installations and retrofits over time. High costs lead to elongated depreciation cycles—global modernization activity is increasing, but maintenance ASP remains broadly stable due to cost containment . Elevated entry costs in developing regions can delay installations—especially in lower‑rise residential developments—mitigating near‑term market expansion.

OPPORTUNITY

Smart and energy‑efficient modernization

Adoption of IoT‑enabled smart elevator systems is gaining momentum: around 50% of new modernization contracts include connected diagnostics . Regenerative drives are used in over 60% of new traction installations . Modernization market value doubled from 2020 to 2030 in China, rising by 700% . Preventive maintenance contracts are extending from 1‑ to 3‑year terms, and predictive analytics reduce downtime by 30% in key metros, unlocking repeat service opportunities.

CHALLENGE

Aging installed base and compliance pressures

Roughly 33 834 units operated in the U.S. by 2023 require frequent modernization . Global attrition of about 0.5% per year creates maintenance demand . In EMEA and Americas, attrition represents approximately 1.5% of total installed systems . Stricter safety codes such as ASME A17.1, EN 115, and ADA accessibility updates in North America and Europe drive modernization surges—but legacy systems often require expensive retrofits, making compliance a capital‑intensive challenge.

Elevators and Escalators Market Segmentation

Segmentation by type and application provides insight into the structure of the elevators and escalators market. The market splits into two types—Elevators and Escalators—each accounting for millions of installed units globally. Applications span Residential, Commercial, and Industrial sectors, covering high-rise apartments, office towers, hospitals, manufacturing plants, warehouses, and logistics centers. Across all segments, unit counts range from thousands in industrial settings to over 10 million units in residential and commercial buildings combined. Annual sales distribution reflects demand breakdown by installation type and usage context, highlighting growth pockets where functionality and building codes drive unit density and modernization needs.

By Type

Elevators : Elevators represent the majority of units in the vertical transportation sector, with over 18 million installed globally by 2024. China alone contributes more than 9 million elevators, representing around 50% of global installed base. Annually, approximately 1.2 million elevator units are installed worldwide, with mid-rise traction models accounting for a significant share. In the United States, there are around 917,000 elevators, serviced under modern safety standards. Elevators come in hydraulic, traction, and machine-room-less designs. Machine-room-less traction elevators constitute at least 20% of new installations, driven by space-saving demands in buildings under 12 stories. Elevator usage spans passenger transport in residential, commercial and medical facilities, and freight movement in industrial complexes.
Escalators : Escalators, numbering around 1.5 million units globally, serve passenger flow in transit hubs, shopping malls, airports, and public infrastructure. In 2023 alone, over 100,000 escalator units were installed worldwide, with Asia-Pacific accounting for nearly 60,000 of these. Standard escalator speeds range at 0.75–1.0 m/s, and models covering vertical rises above 20 m can transport over 9,000 passengers/hour. Europe’s escalator base totals around 400,000 units, while North America holds nearly 250,000. Escalators are categorized into indoor, outdoor, spiral, and step lifts. Large-capacity transit escalators with widths of 1.27 m or wider are widely deployed in mass transit systems subject to heavy footfall and regulatory load requirements.

By Application

Residential : The residential application segment includes elevator usage in apartment buildings, condominiums, and single-family homes. Globally, multi‑residential buildings house over 7 million elevators, with China, India, and South Korea installing over 400,000 residential lift units annually. MRL traction and hydraulic models are most common. In North America, around 60,000 residential elevators are used in multi‑family housing, with retrofit modernization taking place in approximately 8,000 units per year. Rising adoption of smart controls in luxury residences has reached over 15% penetration. Residential units typically travel between 2–5 stops, with rated speeds of 0.5–1 m/s, mostly for up to 1,000 kg capacity.
Commercial : Commercial sectors—offices, hotels, hospitals, malls—utilize more than 8 million elevators and 1 million escalators globally. Office towers alone account for around 600,000 elevator units, with hospitals contributing 150,000 units specially fitted with rated capacities up to 4,000 kg for stretchers. High‑rise buildings in major cities install traction elevators with speeds reaching 10 m/s; for example, Burj Khalifa elevators operate at this speed. Shopping mall installations include escalators with up to 60 ft rises. In Europe, commercial escalator stock comprises 350,000 units, while North America holds 200,000 escalators serving office complexes and retail centers.
Industrial : Industrial applications deploy elevator units for freight, goods transport, and personnel movement in factories, warehouses, and construction sites. Globally, the installed industrial elevator base exceeds 300,000 units, including heavy-duty freight elevators rated at up to 10,000 kg capacity. In manufacturing hubs like Germany and Japan, more than 50,000 industrial lifts are in use, with vertical travel up to 50  Warehousing facilities in North America deploy nearly 20,000 industrial elevators and vertical conveyors to expedite goods. Escalators are rare in industrial settings but appear in conveyor-style step lifts in distribution centers, with around 5,000 units globally. Industrial lift modernization is frequent due to safety code updates and heavy usage—nearly 30% of industrial units undergo retrofit every five years.

Elevators and Escalators Market Regional Outlook

The regional outlook highlights varied distribution and performance across North America, Europe, Asia-Pacific, and Middle East & Africa. Combined global unit count now exceeds 19.5 million—1.5 million consisting of escalators—while annual installation continues at around 1.3 million elevator units plus nearly 100,000 escalators, mainly in urban infrastructure and transit facilities. Asia-Pacific leads both in existing installations and yearly additions, with more than half the global share. Europe maintains a mature installed base with high modernization activity. North America shows strong steady replacement trends. Middle East & Africa registers rapid growth driven by infrastructure projects tied to events and tourism hubs.

North America

North America holds an installed elevator base of around 1.2 million units, including approximately 250,000 escalators. In the U.S. alone, there are 917,000 registered elevators as of 2023, distributed across commercial offices, residential buildings, hospitals, and universities. Annual installation of new elevator units averages 40,000 per year, along with around 10,000 escalator installations in transit and commercial hubs. The market sees systematic modernization, with nearly 250,000 elevators scheduled for retrofit over a 10‑year life cycle. Compliance activity under ASME A17.1 and ADA updates generates persistent modernization volume, representing about 15% of all maintenance contracts each year.

Europe

Europe’s installed stock includes over 1 million elevator units and nearly 400,000 escalators as of early 2024. Spain alone contributes more than 200,000 elevators, while Germany and France follow with over 180,000 each. Annual installations amount to approximately 50,000 new elevators and 12,000 escalators, predominantly machine‑room‑less traction units for mid‑rise constructions. Modernization remains active due to EN 115 escalator safety updates and lift regulations; around 120,000 units undergo full retrofit annually. Infrastructure investments in metro systems and airports drive demand for transit escalator projects and renewal of units over 20 years old.

Asia‑Pacific

Asia‑Pacific accounts for about 43.8% of the global elevators and escalators installed base—more than 8.5 million elevators and 650,000 escalators. China remains dominant with over 9 million units, while India contributes over 1.2 million elevators in residential and commercial buildings. Annual installation volume exceeds 700,000 elevator units and 60,000 escalator units, together over 760,000 new units per year. MRL traction systems represent 25% of new elevator installations, reflecting space limitations in dense urban settings. Maintenance modernization projects in China are expected to increase retrofit volume by 700% by 2030, with predictive maintenance penetration now at 50%.

Middle East & Africa

Middle East & Africa (MEA) maintains an installed base of around 600,000 elevators and 70,000 escalators, with rapid growth in Gulf Cooperation Council (GCC) states. Major urban centers like Dubai and Riyadh host thousands of high-rise installations—Dubai has more than 3,000 elevator units in towers over 100 m high. Annual installation includes about 15,000 new elevator units and 3,500 escalators in MEA. Demand is driven by tourism, hospitality, and transport sector expansion—megaprojects such as Expo 2020 and Riyadh metro added over 5,000 vertical transportation units. Retrofitting older buildings remains ongoing, with 8,000 units scheduled for upgrade over a 5‑year period.

List of Top Elevators and Escalators Market Companies

Kone Corporation
Otis Elevator Company
Thyssenkrupp AG
Schindler Group
Hitachi Ltd.
Fujitec
Toshiba Elevators and Building Systems Corporation
Mitsubishi Electric Corporation
SJEC Corporation
Hyundai Elevator
Kleeman Hellas SA
Canny Elevator

Top Two companies with Highest Share

Kone Corporation: Kone ranks highest in market share, operating over 600,000 elevator and escalator units globally. In 2023, Kone supplied more than 150,000 elevator units globally and maintained service across 450 major cities.

Otis Elevator Company: Otis holds the second-largest market share with a fleet of over 500,000 elevators and 70,000 escalators. In 2023, Otis installed around 110,000 new elevator units, including projects for office towers and transit hubs.

Investment Analysis and Opportunities

Elevators and escalators represent a capital-intensive infrastructure sector with ongoing new-unit deployments and modernization cycles. In the U.S. alone, the installed unit count reached 37,026 in 2024, with projections indicating 43,321 units by 2030 . This gap of roughly 6,300 units translates into significant procurement and installation activity through 2029. Further, the current U.S. installed base of 1.26 million units by 2030 equates to recurring modernization opportunities . Globally, Asia-Pacific holds about 43.8% of active units, with annual installations exceeding 760,000 units (700,000 elevators + 60,000 escalators) . This scale presents compelling opportunity for foreign and domestic investors in manufacturing, maintenance, and retrofit services.

Public infrastructure outlays further fuel investment potential. In 2024, U.S. public and private construction withdrawals reached approximately USD 2.195 trillion, with 6% growth year-to-date, fueling vertical transportation demand in transit, airport, and rail projects Additionally, Amtrak increased annual investment by 50% to reach USD 6 billion in 2025—translating into escalator and elevator replacements at stations . Likewise, data-center retrofits and commercial conversions, such as San Diego’s 200-unit Alara complex, contribute to sustained elevator orders .

On the market side, machine-room-less (MRL) traction elevators represent approximately USD 12.36 billion of global elevator market in 2023, evidencing a strong shift in mid-rise markets . Investors can target production capacity, component supply chains (e.g., UltraRopes), and smart asset maintenance platforms. Predictive maintenance adoption—adopted by over 50% of retrofit contracts—reduces downtime by 30%, unlocking recurring service revenue .

In emerging markets, urbanization is accelerating: China’s urban population rose from circa 45% in 2010 to 70% by 2030, driving demand for vertical transportation equipment . Similarly, Fujitec is expanding presence in India and Indonesia, with potential private equity acquisition to support such geographic growth . This highlights investment opportunity in regional production, installation networks, and retrofit financing.

Tariff pressures and onshoring in North America also open investment avenues. U.S. tariffs affect import costs, but the U.S. government’s USD 5.4 trillion infrastructure plan through 2033 can offset this via stimulus on domestic elevator manufacturing . This opens capital opportunity across manufacturing expansion, digital retrofit tech, and expansion of service fleets. Investors can therefore capture long-term value by targeting both equipment and infrastructure modernization undertakings, especially in transit, commercial, and residential verticals.

New Product Development

Innovation in elevators and escalators is seeing rapid expansion across smart technology, rope-less systems, green features, and advanced safety mechanisms. In 2024 alone, smart materials and IoT-based diagnostics have been introduced in over 50% of modernization contracts , including sensor systems monitoring door operations and emergency communication upgrades requiring video and two-way messaging in multiple U.S. states such as Florida .

Rope-less and electromagnetic propulsion technologies have moved from concept to reality. Companies like ThyssenKrupp’s MULTI enable multi-directional movement and horizontal travel, now under experimental deployment in Germany and planned for Atlanta . Similarly, Hitachi elevators at Guangzhou CTF Finance Centre reach 75.6 km/h, enabling super‑high‑rise travel .

Smart control systems have matured: destination dispatch AI optimizes traffic flows, reducing wait and travel times. Transformer network-based predictive scheduling can cut average waiting time by up to 50% in light traffic and 15% in peak periods . Additionally, TinyML-based person detection systems now offer elevator start delays under 5 seconds, with 83% detection accuracy and 80% keyword spotting efficacy .

Energy-efficiency remains a focus: regenerative drives recapture energy during descent or light loads, with LED lighting and standby power cutting consumption by over 20% in MRL and traction systems . Sustainable materials, including recyclable cabin panels and low-emission finishes, are now standard in 2 in 5 new units .

Safety innovations include fall detection via AI camera systems with precision at 85% and recall at 82%, enabling instant alerts for elderly or impaired passengers . Enhanced elevator communications support video and two-way audio as mandated by updated standards in multiple jurisdictions .

In summary, new product development features: rope-less multi-directional travel, high-speed and high-rise cabling, predictive AI management, energy recovery systems, touchless control interfaces, smart safety monitoring, and sustainable materials. These technologies are being adopted across hundreds of thousands of units globally, representing a material rise in market penetration and enhancement of user experience.

Five Recent Developments

In April 2025, Schindler: launched the ""Schindler 5000"" MRL elevator in the U.S., tailored for low- to mid-rise offices, hospitals, and multifamily units .
Also in April 2025, Otis :acquired eight Urban Elevator locations, expanding its U.S. service portfolio to include over 70,000 escalators and elevators already under Otis maintenance .
February 2023 saw Hyundai Elevator: deploy AI-driven predictive systems across 1,100 lifts, reducing stoppage times by nearly 43% .
Kone’s UltraRope-equipped :elevators continue deployment, including the Jeddah Tower’s 660 m travel distance using carbon-fiber ropes .
In June 2024, U.S. states including Florida: adopted ASME standards with two-way video communications in elevators, driving retrofits in thousands of units .

Report Coverage of Elevators and Escalators Market

This comprehensive report delivers an in-depth analysis of the elevators and escalators market, covering product categories, technology advancements, and end-user applications. The scope includes both elevators—segmented into traction (including high-rise, mid-rise, MRL) and hydraulic systems—and escalators such as parallel, spiral, outdoor, and moving walkways. Quantitatively, it addresses the 19.5 million global installed units (≈18 million elevators, 1.5 million escalators) and the ~1.3 million annual new elevator installations, providing a full landscape of equipment deployment .

Technology coverage spans rope-less MULTI systems, carbon-fiber UltraRope, high‑speed cabins exceeding 75 km/h, predictive maintenance via IoT in over 50% of retrofits, and TinyML systems achieving 83–85% safety detection accuracy . Safety features include fall detection models, two-way video comms, and emergency protocols implemented in thousands of units following updated codes .

Geographical breakdown offers detailed insights into North America (1.2 million elevator units, 250,000 escalators, 40,000 new elevators/year), Europe (1 million elevators, 400,000 escalators, 50,000 new elevators/year), Asia-Pacific (8.5 million elevators, 650,000 escalators, 760,000 new units/year), and Middle East & Africa (600,000 elevators, 70,000 escalators, 15,000 new elevators/year) . Regulatory coverage includes standards such as ASME A17.1, EN 81, ADA, and new state-level mandates for video communication.

Report also addresses competitive landscape, spotlighting firms like Kone (600,000+ units installed), Otis (500,000+ elevators and 70,000 escalators), Hyundai, Schindler, Fujitec, and Mitsubishi Electric. It tracks investments, including Fujitec’s private equity exploration and Otis expansion under infrastructure initiatives of USD 5.4 trillion .

Finally, it includes investment analysis—examining U.S. installed base growth, retrofit cycles, and infrastructure funding of USD 2.195 trillion—and identifies end-use markets in residential, commercial, industrial, and transit sectors. With coverage of emerging technologies, safety innovations, and regional performance metrics, the report serves as a strategic guide .