Market Overview:

The Elevator and Escalator Market is experiencing robust expansion, driven by Rise in Construction Activities, Increasing Emphasis on Energy-Efficiency and Sustainability and The Growing Geriatric Population Requiring Higher Accessibility. According to IMARC Group's latest research publication, "Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025–2033", The global elevator and escalator market size was valued at USD 161.73 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 244.27 Billion by 2033, exhibiting a CAGR of 4.64% from 2025-2033.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

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Our Report Includes:

• Market Dynamics
• Market Trends and Outlook
• Competitive Analysis
• Industry Segmentation
• Strategic Recommendations

Growth Factors in the Elevator and Escalator Industry:

• Rise in Construction Activities

The crucial role of infrastructure development in propelling the elevator and escalator market cannot be overstated. As cities continue to grow vertically, the essential need for efficient vertical transport systems becomes increasingly pronounced. The construction sector which includes real estate, infrastructures, and industrial buildings, accounts for 13 percent of world GDP, as per world bank. This is particularly evident in fast-developing economies where construction activities are at a peak, driven by both the government and private sectors. Infrastructure projects like airports, railway stations, shopping malls, and even educational institutions require state-of-the-art vertical and horizontal transportation systems to accommodate the heavy footfall and ensure the safety of people.

• Increasing Emphasis on Energy-Efficiency and Sustainability

The boosting emphasis on creating energy-efficient and sustainable elevators and escalators is increasingly becoming a major driving force in market growth. According to industrial reports, the energy use in elevators usually counts for 2–10% of a building's total energy consumption, which means that there is a great potential of saving the energy through innovative technology. Companies are now incorporating smart technologies like regenerative drives that return energy back into the building grid, LED lighting that consumes less electricity, and standby modes that significantly reduce power usage when the systems are not in operation. These innovations not only offer cost-effective solutions by decreasing operational expenses but also appeal to a consumer base that is progressively environmentally conscious.

• The Growing Geriatric Population Requiring Higher Accessibility

The global demographic is experiencing a shift with the steady increase in the geriatric population. According to UN data, the aging population of 65 years or older across the globe is forecasted to more than double, rising from 761 million in 2021 to 1.6 billion in 2050. The growth rate for people aged 80 years or older is even more rapid, accentuating the demand for better accessibility. In this context, the role of elevators and escalators in promoting accessibility in public and private spaces becomes even more pivotal. An older population presents unique challenges, such as reduced mobility and a greater need for safety features.

Key Trends in the Elevator and Escalator Market

• Innovations in Elevators and Escalators

Innovations in elevators and escalators are greatly driving market expansion by improving safety, accessibility, and energy efficiency. Intelligent functionalities like touch-free controls, AI-driven predictive maintenance, and real-time monitoring enhance operational reliability and decrease downtime. These advancements enhance energy use by integrating regenerative drives and sophisticated sensors, reducing both environmental effects and operational expenses. Additionally, new accessibility innovations, such as voice-controlled operations, automatic entrance systems, and improved cabin layouts, are facilitating navigation for people with mobility challenges, particularly among the elderly. For instance, in 2024, Otis introduced its Gen3™ connected elevator platform during the recent 'Platform for Possibility' launch event held in Bangkok.

• Smart Technology Integration

The acceptance of smart elevators installed with Internet of Things (IoT), energy-efficient models, and automation control systems increases in terms of sustainability and convenience. These systems provide predictive maintenance capabilities, energy optimization, and enhanced user experiences through mobile connectivity and artificial intelligence integration. Smart elevators can learn usage patterns, optimize travel times, and provide real-time information to users, making vertical transportation more efficient and user-friendly.

• Modernization and Infrastructure Development

Infrastructure development is gaining pace in developed and developing countries, which in turn improves the installation and maintenance of vertical transportation systems. Modernization and maintenance services form a significant component of the market because elevators and escalators in buildings more than two decades old require upgrade to meet minimum safety and regulatory standards. This trend is particularly prominent in urban areas where aging infrastructure requires updates to meet contemporary safety and efficiency standards.

We explore the factors driving the growth of the market, including technological advancements, consumer behaviors, and regulatory changes, along with emerging Elevator and Escalator Market trends.

Leading Companies Operating in the Global Elevator and Escalator Industry:

• Canny Elevator Co. Ltd.
• Electra Elevators
• Fujitec Co. Ltd.
• Gulf Elevators & Escalators Co. Ltd.
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.
• Johnson Lifts Private Limited
• Kleemann Group
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
• Schindler Holding Ltd.
• Sigma Elevator Company
• Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)

Elevator and Escalator Market Report Segmentation:

Breakup by Type:

• Elevators
• Escalators
• Moving Walkways

Elevator leads the market with around 87.8% of market share in 2024 due to continual technological advancements in speed, capacity, and energy efficiency, with features like touchless controls and air purification systems.

Breakup by Service:

• New Installation
• Maintenance and Repair
• Modernization

New installation represent a major segment influenced by expanding urban centers, surge in skyscraper constructions, and increased emphasis on making public spaces more accessible.

Breakup by End Use:

• Commercial
• Residential
• Institutional
• Infrastructure

The commercial segment is a major driving force owing to rapid infrastructure development, particularly in office buildings, shopping malls, and airports, with integration of smart technologies enhancing user experiences.

Breakup by Region:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific accounted for the largest market share of over 63.6% driven by rapid urbanization, particularly in China and India, government initiatives and public-private partnerships in infrastructure development, and presence of manufacturing powerhouse countries.

Leading Companies Operating in the Global Elevator and Escalator Industry:

• Canny Elevator Co. Ltd.
• Electra Elevators
• Fujitec Co. Ltd.
• Gulf Elevators & Escalators Co. Ltd.
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.
• Johnson Lifts Private Limited
• Kleemann Group
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
• Schindler Holding Ltd.
• Sigma Elevator Company
• Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)

Elevator and Escalator Market Report Segmentation:

By Type:

• Elevators
• Escalators
• Moving Walkways

Elevators represented the largest segment due to the rising number of high-end residential spaces.

By Service:

• New Installation
• Maintenance and Repair
• Modernization

New installation accounted for the majority of the market share as advanced elevator and escalator systems align with stringent safety regulations.

By End Use:

• Residential
• Commercial
• Offices
• Hospitality
• Mixed Block
• Others

Commercial holds the biggest market share due to the increasing number of office buildings, shopping malls, and airports.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific enjoys a leading position in the elevator and escalator market on account of the rising demand for more advanced and comfortable elevator and escalator systems.

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