Market Overview:
According to IMARC Group's latest research publication, "Elevator and Escalator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026-2034", The global elevator and escalator market size was valued at USD 169.2 Billion in 2025. Looking forward, IMARC Group estimates the market to reach USD 258.8 Billion by 2034, exhibiting a CAGR of 4.59% from 2026-2034.
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.
How Smart Mobility and Urbanization Are Reshaping the Elevator and Escalator Market
- The Asia Pacific dominated the market in 2025‚ holding a market share of above 63․6%‚ owing to rapid urbanization‚ increased construction of high-rise buildings‚ and growing demand for smart mobility solutions․
- Elevators account for an estimated 87․8% of the type segment market share in 2025‚ mainly due to a growing number of high-rise buildings and demand for more modern‚ efficient vertical transportation systems․
- In February 2025‚ Alat (a subsidiary of Saudi Arabia's Public Investment Fund) and TK Elevator announced a joint venture worth EUR 160 million to manufacture elevators and escalators in Saudi Arabia‚ the first such joint venture in Saudi Arabia by an international elevator manufacturer․ Alat also acquired a 15% stake in TK Elevator․
- Energy use by lifts typically accounts for 2 to 10% of a building's energy use and it can be reduced by using regenerative lifts‚ LED lighting or standby modes․
- With the construction industry‚ including real estate‚ infrastructure‚ and industrial buildings‚ accounting for 13% of world GDP‚ the opportunities for vertical transport systems are huge․
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Key Trends in the Elevator and Escalator Market
- Construction of infrastructures such as airports‚ railway stations‚ shopping centers‚ universities‚ hospital etc․ requires safe and large capacity vertical and horizontal transport systems․ The European construction sector cumulatively expanded as the number of companies reached 728420 in 2020‚ a 4․4% increase from 2010․ There was an increase of 47․3% in real estate activities‚ part of the construction sector‚ and an increase of 7․2% in architectural and engineering activities․The elevator and escalator industry is driven by rapid urbanization, high-rise construction, and infrastructure development, with increasing focus on energy efficiency, safety, and smart mobility solutions.
- Smart technologies: Many companies use smart technology in their buildings such as regenerative drives which return energy to the building grid‚ LED lighting which uses less energy‚ and standby power that puts systems in idle mode when not in use․ This saves them money‚ and answers the demand for environmentally sustainable products and global sustainability goals․
- The world's ageing population is also expected to drive the demand for accessibility․ The UN estimates that the number of people aged 65 years or over will double from 761 million in 2021 to 1․6 billion in 2050․ The growth of those aged 80 years or over is expected to be even higher․ There is an increase in demand for elevators and escalators that are more accessible to this population through easier controls‚ emergency call buttons and slower speeds․
- Modern solutions such as touch-free operation‚ AI predictive maintenance‚ and real-time monitoring‚ as well as touchless voice commands‚ automated doors‚ and improved cabin design‚ are proving helpful for those with limited mobility․ In 2024‚ Otis launched the Gen3 connected elevator platform at its 'Platform for Possibility' event in Bangkok‚ Thailand․
- Urbanization Drives Growth in Latin America and MEA: More than 80% of Latin America's population lives in cities‚ a figure likely to exceed 90% by 2050‚ making it the world's most urbanized region․ In the MEA region‚ Abu Dhabi Projects and Infrastructure Centre has in principle approved 144 projects valued at AED 66 Billion (USD 17․8 Billion) to support housing‚ education‚ tourism‚ and natural resources investments in Abu Dhabi․
Growth Factors in the Elevator and Escalator Market
- Government initiatives in the Asia-pacific region: The USD 1․3 Trillion Gati Shakti national master plan for infrastructure development by the Government of India is the world's largest project of its kind․ Gati Shakti seeks to bring about systemic‚ holistic and multi-modal reforms across the entire infrastructure spectrum in-road‚ rail‚ airport‚ shipping‚ power‚ urban infrastructure etc․ and is expected to have a positive impact on the vertical transportation market in high-rise buildings‚ commercial buildings and transportation hubs․
- North American Workplace Safety Regulations: In the United States‚ there were 5‚283 fatal work injuries in 2023‚ a 3․7% decrease from the 5‚486 fatal work injuries in 2022‚ mainly due to safety measures taken in construction‚ manufacturing‚ and heavy pedestrian traffic areas․ (US Bureau of Labor Statistics; United States Department of Labor)․ Stringent safety requirements are prompting modernization of vertical transport in tall and multi-storey buildings and spurring industry growth․
- Saudi Arabia's Vision 2030 and MENA Giga-Projects: In addition to supplying products and services for Saudi giga-projects and economic diversification in line with Saudi Vision 2030‚ Alat & TK Elevator also plans local production‚ research & development‚ training‚ and sales of urban mobility solutions for infrastructure in the MENA region․
- Modernization: Most of this market is for the replacement of elevators‚ escalators and moving walks in buildings older than 20 years so they will comply with minimum safety and code requirements․ These modernization projects are particularly important in the old North American and European markets where many existing systems are reaching the end of their life cycle․
- Smart technology increasing operational efficiency: In January 2025 KONE Australia installed the next generation KONE High-Rise MiniSpace DX elevator system in BLVD tower of Melbourne Square․ KONE High-Rise MiniSpace DX elevator system saves one usable floor with fast and high-capacity performance with a reduced pit depth and headroom․ The system also lowers carbon emissions with predictive maintenance and an ISO 25745 A class energy efficiency with UltraRope․
Leading Companies Operating in the Global Elevator and Escalator Industry:
- Canny Elevator Co. Ltd.
- Electra Elevators
- Fujitec Co. Ltd.
- Gulf Elevators and 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
Elevators account for the largest share at approximately 87.8% in 2025, owing to continual technological advancements in speed, capacity, and energy efficiency, as well as the growing indispensability of elevators in commercial and high-end residential spaces.
Breakup By Service:
- New Installation
- Maintenance and Repair
- Modernization
New installation represents the leading service segment, influenced by the expanding urban centers, a surge in skyscraper constructions, and an increased emphasis on making public spaces more accessible, alongside advances in gearless and machine-room-less elevator technology.
Breakup By End Use:
- Residential
- Commercial (Offices, Hospitality, Mixed Block, Others)
The commercial segment is the major driving force owing to rapid infrastructure development, particularly in office buildings, shopping malls, and airports, along with the integration of IoT and AI technologies that optimize energy usage and enhance user experiences.
Breakup By Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific holds the leading position with over 63.6% market share in 2025, supported by rampant urbanization in countries like China and India, government initiatives and public-private partnerships in infrastructure development, and the presence of major manufacturing powerhouse countries that significantly contribute to both domestic and global supply chains.
Recent News and Developments in the Elevator and Escalator Market
- January 2025: KONE Australia launched KONE High-Rise MiniSpace DX elevator system to service the BLVD tower at Melbourne Square‚ Australia․ The system features an extra usable floor‚ increased speed and capacity‚ as well as shallower pit and headroom‚ ISO 25745 A class energy efficiency via UltraRope technology‚ and predictive maintenance for reduced downtime and lower operating costs․
- In February 2025‚ Alat‚ a subsidiary of Saudi Arabia's PIF‚ and German elevator manufacturer TK Elevator formed a EUR 160 million joint venture to manufacture elevators and escalators in Saudi Arabia․ The joint venture would be the first elevator manufacturing plant in Saudi Arabia to be opened by an international elevator manufacturer․ In addition‚ Alat acquired a 15% stake in TKE․
- In March 2025‚ Fujitec Co․‚ Ltd․ built Wisdom Square‚ a test facility for elevator/escalator quality assurance in the company's headquarters in Hikone in the Shiga Prefecture‚ Japan․ The facility has 11 test elevators and one test escalator‚ covering an area of 1000 square meters‚ to test and verify products around the world․
- In April 2025‚ Otis announced the purchase of eight Urban Elevator branches in the United States‚ allowing it to expand its service presence in key cities and metropolitan areas as part of Otis's urban infrastructure‚ service differentiation‚ and sustainable urban mobility strategy․
- In April 2025‚ Mitsubishi Electric Corporation completely owned subsidiary Motum AB acquired all of the shares of Irish-based elevator company Ascension Lifts Limited․ The acquisition is part of Mitsubishi Electric's strategy to grow its elevator maintenance and modernization business in Ireland‚ where the demand is growing as the existing building stock ages and environmental issues are becoming more important․
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