Elevator and Escalator Market Forecast, Growth Factors, Segments And Emerging Trends 2025-2034

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How has the elevator and escalator grown historically, and what trends indicate future expansion?

The elevator and escalator market size has grown strongly in recent years. It will grow from $117.58 billion in 2024 to $126.73 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to supportive government initiatives, increased focus on energy-efficient elevators, and an increase in infrastructure investment.

The elevator and escalator market size is expected to see strong growth in the next few years. It will grow to $175.42 billion in 2029 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to the rising construction of skyscrapers, a boost in construction spending, rising urbanization, and increasing smart cities. Major trends in the forecast period include focusing on Internet of Things (IoT) technology, focus on gearless technology-powered elevators, focus on green home elevators, focus on product innovations and developing new products, and undergoing partnerships to reach new geographies and incorporate advanced technologies.

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Which key factors are driving the expansion of the elevator and escalator industry?
The increase in infrastructure investment is expected to propel the growth of the elevator and escalator market going forward. Infrastructure refers to the construction of real assets such as bridges, roads, and buildings. With the increasing heights of buildings, the requirement for elevators and escalators has also increased, to save time and provide effectiveness for people. For instance, in September 2024, according to the US Census Bureau, a US-based government agency, construction spending was estimated at a seasonally adjusted annual rate of $2,162.7 billion in July 2024, marking a 6.7 percent increase (±1.8 percent) compared to the $2,027.4 billion spent in July 2023. Additionally, total public construction increased to $270,803 million in July 2024 compared to $243,948 in 2023. Therefore, the increase in infrastructure investments is driving the growth of the elevator and escalator markets.

How is the elevator and escalator market segmented by product, application, and end-user?
The elevator and escalator market covered in this report is segmented –

1) By Product: Elevators, Escalators, Moving Walkway
2) By Business: New Equipment, Maintenance, Modernization
3) By Elevator Technology: Traction Elevator, Machine Room Less Traction Elevator, Hydraulic
4) By End User: Residential, Commercial, Institutional, Infrastructure, Other End Users

Subsegments:
1) By Elevators: Passenger Elevators, Freight Elevators, Service Elevators, Dumbwaiters
2) By Escalators: Commercial Escalators, Industrial Escalators, Escalators for Public Transport
3) By Moving Walkways: Parallel Moving Walkways, Inclined Moving Walkways, Automated Walkways

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What are the top market trends driving innovation in the elevator and escalator industry?
Major companies operating in the elevator and escalator market are focusing on technological innovations, such as digitally connected elevators, to provide enhanced user experiences and improve operational efficiency in modern buildings. Digitally connected elevators refer to elevators integrated with advanced digital technologies, such as the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), to enhance their functionality, safety, and efficiency. For instance, in April 2022, Kone Oyj, a Finland-based Engineering company, launched the ground-breaking digitally connected KONE DX Class elevator line, which applied the most advanced API (Application Programming Interface) technology . The KONE DX Class elevators are equipped with advanced digital features that allow for seamless integration with building management systems. This connectivity enables real-time monitoring and data analytics, improving maintenance and operational efficiencies.

Which leading companies are dominating the elevator and escalator market landscape?
Major companies operating in the elevator and escalator market include Schindler Group, Otis Worldwide Corporation, Kone Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Toshiba Corporation, Fijutec Co. Ltd, Hyundai Elevator Ltd, Canny Elevator Co. Ltd., WINONE Elevator Co. Ltd, Symax Lift (China) Co. Ltd, Nantong Fuji Elevator Co. Ltd, Volkslift, Ningbo Hosting Elevator Co. Ltd, General Elevator Co. Ltd, SAIL Intelligent Elevator (Suzhou) Co. Ltd, Huzhou Fuji Elevator Co. Ltd, Suzhou Towards Elevator Co. Ltd, SEPL India Ltd, Orbis Elevator, IEC LIFTS, IFE Elevators CO. LTD, Expert Lift ltd, Liftronic, Brilliant Lifts Australia, Orbitz Elevators, Yusaki Elevator, Blue Star Elevators, Omega-Elevators, MAS Industries, Escon Elevators Pvt. Ltd, Sanei Manufacturing Co. Ltd, Vintec Elevator, Thyssenkrupp AG, GMV Poland, Schmitt + Sohn, United Technologies, Nu-Line, Delta Elevator Co Ltd, AVT Beckett Elevators, True Canadian Elevator, Alphalift Ltd., Arabian Elevators & Engineering Co LLC, Gulf Tech Elevators LLC, Orient Lines Elevators, HAUSLIFT, Logan Davex, Trent Park Engineering

Which geographic areas are expected to offer the highest growth opportunities in theelevator and escalator market?
Asia-Pacific was the largest region in the elevator and escalator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

How Can Companies Use The Elevator and Escalator Market Report to Drive Business Results?
This report provides actionable insights tailored for business use—not academic analysis. Companies can leverage the data to:
• Time market entry or expansion using growth forecasts and CAGR trends.
• Develop competitive products by tracking key technology shifts and user preferences.
• Tailor regional strategies with in-depth geographic data and local market dynamics.
• Benchmark and plan partnerships using competitive landscape insights.

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